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Committee OKs Fair Mortgage Lending updates to add transitional licenses and align control-person rules with national standards
Summary
Senators approved SB188 to add a temporary transitional loan-officer license reflecting recent federal changes, raise the ownership threshold defining a 'control person' from 10% to 25% for clarity, and streamline other registration rules; department staff said the changes ease licensing transitions and reduce administrative burden.
The Senate Insurance & Commerce Committee approved SB188, which makes amendments to the Fair Mortgage Lending Act. Sponsor testimony and department counsel said the measure implements a federal change creating a transitional license for loan officers moving between institutions, adjusts the statutory…
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