WA People
BILL · 2005–06 SESSION · LATEST VERSION ESSB 6166

SB 6166: Mortgage brokers

Regulating mortgage brokers and loan originators.

Summary

  • Requires the annual expiration of mortgage broker licenses and creates a renewal process.
  • Expands the time-frame during which the Director of the Department of Financial Institutions (Director) may conduct a compliance examination of mortgage broker licensees.
  • Requires licensing of loan originators.
  • Applies prohibited practice standards to loan originators.
  • Provides the Director with various specific grants of rule-making authority.

From the Substitute House Bill Report (SSB 6166), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House
  1. IntroducedJan 9, 2006
  2. Out of committeeJan 27, 2006
  3. Passed SenateFeb 9, 2006
  4. Passed Housestopped here
  5. Governor
  6. Law
Prime sponsor
Darlene Fairley (D-32)
Introduced
January 9, 2006 in the Senate
Last action
March 8, 2006
Requested by
Other
Companion bill
EHB 2340
Budget
Has a fiscal note
Versions
SB 6166, ESSB 6166

AN ACT Relating to mortgage brokers and loan originators;

Sponsors

Prime sponsor: Darlene Fairley (D-32)

7 co-sponsors (4 Democrats, 3 Republicans)

Don Benton R-17Margarita Prentice D-11Karen Keiser D-33Rosa Franklin D-29Jean Berkey D-38Dale Brandland R-42Brad Benson R-6

Votes

Senate · 3rd Reading & Final Passage

Passed February 9, 2006
Version voted on: ESSB 6166
42 Yea 0 Nay 1 Absent 6 Excused
PartyYeaNayAbsentExcused
Democrat21014
Republican21002
How each member voted

Absent (1)

Permalink to this vote

History

  1. By resolution, returned to Senate Rules Committee for third reading. (ESSB 6166)
  2. Passed to Rules Committee for second reading. (ESSB 6166)
  3. APP - Majority; do pass. (ESSB 6166)
  4. APP - Executive action taken by committee. (ESSB 6166)
  5. Referred to Appropriations. (ESSB 6166)
  6. FII - Majority; do pass. (ESSB 6166)
  7. FII - Executive action taken by committee. (ESSB 6166)
  8. First reading, referred to Financial Institutions & Insurance. (ESSB 6166)
  9. Third reading, passed; yeas, 42; nays, 0; absent, 1; excused, 6. (ESSB 6166)
  10. Rules suspended. Placed on Third Reading. (ESSB 6166)
  11. Floor amendment(s) adopted. (ESSB 6166)
  12. 1st substitute bill substituted. (ESSB 6166)
  13. 1st substitute bill substituted.
  14. Placed on second reading by Rules Committee. (ESSB 6166)
  15. Placed on second reading by Rules Committee.
  16. FHC - Majority; 1st substitute bill be substituted, do pass. (ESSB 6166)
  17. Passed to Rules Committee for second reading. (ESSB 6166)
  18. Passed to Rules Committee for second reading.
  19. FHC - Majority; 1st substitute bill be substituted, do pass.
  20. First reading, referred to Financial Institutions, Housing & Consumer Protection.
  21. Prefiled for introduction.

SB 6166 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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