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House advances Utah Residential Mortgage Practices Act after long floor debate and amendments
Summary
After hours of debate and several floor amendments, the House passed the First Substitute of HB 107 — a bill to regulate mortgage brokers and create a licensing/oversight structure — by a recorded vote of 63–1. Sponsors framed the measure as a response to widespread loan fraud; opponents pressed exemptions and oversight placement.
The Utah House passed the First Substitute to House Bill 107 on a 63–1 vote, moving the Utah Residential Mortgage Practices Act forward to the Senate.
Representative Jerry Adair, who sponsored the bill, told colleagues the measure responds to “rampant loan fraud” and would place mortgage-broker oversight under a state regulator with licensing, enforcement authority, and a mechanism to route attorney complaints to the Utah State Bar. “We need some type of regulation,” Adair said in floor remarks…
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