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House accepts amendment to Mortgage Practices Act language, circles bill for further review
Summary
Lawmakers accepted an amendment to the Mortgage Practices Act to clarify rule-making authority recommended by the Department of Financial Institutions and circled House Bill 23 for additional consideration; staff agreed to a grammatical correction and proponents said the change protects consumers from unconscionable lending practices.
During floor discussion on Jan. 21, the House accepted an amendment to House Bill 23 — which refines the Mortgage Practices Act — and then voted to 'circle' the bill to allow further consideration. Representative Adair introduced the amendment and moved that it be adopted; Representative Vadair (identified in the motion) explained that the Department of Financial Institutions recommended the clarification.
Discussing the amendment, Representative Vadair said the change would clarify rule-making authority and help regulators and industry align enforcement practices. Representative Adair said the amendment 'protects us and it's a good amendment and I urge your support.' House staff indicated they would make a grammatical change on the pink amendment sheet and the motion to circle the bill carried.
Members asked detailed questions about administrative rule-making authority and how broadly the amendment delegates rule-writing power; the sponsor compared the proposed authority to existing arrangements for real estate brokers and appraisers and said the structure had 'proved well' in other areas.
The bill will be revisited after the House's committee and staff edits; no final passage of the underlying bill was recorded in the provided excerpt.
