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House approves mortgage‑licensing overhaul after heated debate over provisional practice and regulator assignment
Summary
The Utah House passed first substitute Senate Bill 178 to restructure mortgage licensing and require pre‑licensure education. Floor amendments that would have moved certain mortgage banks to the Department of Financial Institutions or allowed 90‑day provisional practice for new hires were defeated after extended debate.
Representative Webb presented first substitute Senate Bill 178 as a measure to add structure to mortgage regulation by creating principal lending managers who would supervise loan officers and by establishing pre‑licensure education and testing requirements. He told members the change mirrors real‑estate licensing and aims to provide clear supervision and enforcement for an industry with more than 13,200 licensees.
Representative Phil Pott offered…
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