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House advances bill to shift composition of residential mortgage commission
Summary
House members moved House Bill 203 forward after a sponsor explained it grants the residential mortgage industry three seats on the Residential Mortgage Regulatory Commission while reducing general public seats to one; sponsor said the measure had broad industry support.
Representative Philpott presented House Bill 203 on behalf of Representative Gordon Snow, explaining the bill would give the residential mortgage industry three seats on the Residential Mortgage Regulatory Commission and reduce general public membership to a single member. The sponsor framed the change as consistent with other commissions where the industry holds a majority of seats to help govern itself.
The sponsor said the proposal enjoyed broad consensus in the industry and urged support. The clerk opened the vote and the House recorded sufficient support for the measure to be referred to the Senate for further consideration.
