Date: 02/17/2006

Final
BILL SUMMARY for HB06-1161

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer House Bill 06-1161 to the Committee on ApproPASS


01:52 PM -- House Bill 06-1161 - Concerning the Regulation of Mortgage Brokers

Representatives Vigil and Massey, prime sponsors, explained the provisions in the bill. Representative Vigil said that House Bill 06-1161 establishes the regulatory requirements for mortgage brokers. The bill defines the responsibilities and requirements of both the Department of Regulatory Agencies (DORA), and the Division of Real Estate and Mortgage Brokers. It also creates the Mortgage Broker Registration Cash Fund to collect fee revenue. By January 1, 2007, mortgage brokers are required to register with the Division of Real Estate.

Representative Massey said that the benefits in the bill outweigh the costs and asked the committee to support the legislation. After a brief committee discussion, the bill was placed on the table for action.
BILL:HB06-1161
TIME: 02:11:55 PM
MOVED:Vigil
MOTION:Refer House Bill 06-1161 to the Committee on Appropriations. The motion passed on a 12-0-1 vote.
SECONDED:Massey
VOTE
Benefield
Yes
Cloer
Yes
Crane
Yes
Frangas
Yes
Garcia
Yes
Harvey
Excused
Jahn
Yes
Kerr
Yes
Marshall
Yes
Massey
Yes
McCluskey
Yes
Judd
Yes
Vigil
Yes
Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS