HB1153:

Mortgage brokers; dual compensation.

Bill Summary:

Mortgage brokers; dual compensation. Removes provisions prohibiting a person from acting as a mortgage broker in connection with any real estate sales transaction in which such person has acted as a real estate broker or real estate salesperson and has received or will receive compensation in connection with such transaction. The bill provides that if a mortgage broker negotiates, places, or finds a mortgage loan and acts as a real estate broker or real estate salesperson in connection with the sale of the real estate that secures such loan, the mortgage broker is required to conspicuously provide to the borrower a written disclosure at the time the mortgage broker services are first offered to the borrower. This bill is identical to SB 303.

Bill Patron: Ware

Last Action(s):
(House) Enrolled Bill communicated to Governor on March 11, 2022 March 11, 2022
(Senate) Signed by President February 28, 2022
(Governor) Acts of Assembly Chapter text (CHAP0400)

Bill Status:
Passed House
Passed Senate

Approved