SB 0728 Revises laws pertaining to mortgage brokers
LR Number:2663S.02I Fiscal Note:2663-02
Committee:Financial and Governmental Organization
Last Action:03/20/02 - Hearing Conducted S Financial & Governmental Journal page:
Organizations Committee
Effective Date:August 28, 2002
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Current Bill Summary

SB 728 - This act modifies several provisions pertaining to Residential Mortgage Brokers. After January 1, 2003, individuals applying or renewing a mortgage broker license will have to show proof of completion of a continuing education course. The act modifies the process for appointment to the Residential Mortgage Brokers Board. Effective January 1, 2003, the required net worth for a licensed mortgage broker from $25,000 to $50,000.