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Senate debates Mortgage Lending and Servicing Act, sponsors and critics clash over scope
Summary
Senate debate focused on SB 37, which would register mortgage lenders/servicers, require borrower notices on assignment and account statements, and give the Department of Financial Institutions enforcement powers; critics called it a 'bankers' bill' and a motion to pause negotiations failed.
Senators spent an extended portion of the floor session debating Senate Bill 37, the Mortgage Lending and Servicing Act, which sponsors said aims to bring mortgage lenders, brokers and servicers under state oversight and give homeowners more information and remedies.
Sponsor Senator Beatty described the bill as a substantive consumer-protection measure that would require mortgage lenders and servicers not already regulated by federal or state banking authorities to register with the Department of Financial Institutions; disclose in writing whether a loan is assignable; and, if servicing is assigned, provide the homeowner with written notice at least 10 days before the next payment is due that…
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