WA People
BILL · 2009–10 SESSION

SB 6406: Residential mortgage loaning

Concerning regulation and licensing of residential mortgage loan servicers and services.

Summary

  • Consumer Loan Act (CLA). The definition of mortgage loan originator is altered to include persons who, for compensation, perform or hold themselves out as being able to perform residential loan modifications.

From the Senate Bill Report (SB 6406), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · stalled on the Senate floor
  1. IntroducedJan 13, 2010
  2. Out of committeeFeb 5, 2010
  3. Passed Senatestopped here
  4. Passed House
  5. Governor
  6. Law
Prime sponsor
Rosa Franklin (D-29)
Introduced
January 13, 2010 in the Senate
Last action
March 15, 2010
Requested by
Other
Companion bill
HB 2608
Budget
Has a fiscal note

AN ACT Relating to licensing residential mortgage loan servicers through the national mortgage licensing service and clarifying the existing authority of the department of financial institutions to regulate residential mortgage loan modification services under the consumer loan act and mortgage broker practices act;

Sponsors

Prime sponsor: Rosa Franklin (D-29)

4 co-sponsors (3 Democrats, 1 Republican)

Don Benton R-17Steve Hobbs D-44Joe McDermott D-34Jean Berkey D-38

Votes

No recorded floor votes.

History

  1. By resolution, reintroduced and retained in present status.
  2. Senate Rules "X" file.
  3. Placed on second reading by Rules Committee.
  4. Made eligible to be placed on second reading.
  5. Passed to Rules Committee for second reading.
  6. Minority; without recommendation.
  7. FIHI - Majority; do pass.
  8. First reading, referred to Financial Institutions, Housing & Insurance.

SB 6406 in other sessions

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

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