HB0034 Copeland, Gene et al

P R E F I L E D

HB 34 -- Mortgage Brokers

Co-Sponsors: Copeland, Leake

This bill expands the list of entities exempt from the mortgage brokers law to include the following: banks, trust companies, savings and loans, credit unions, finance, loan and insurance companies, small business investment corporations, attorneys, real estate brokers, mortgage loan companies, individuals who provide investment funds on secured real property, the United States, State of Missouri, and any other state, county or political subdivision.

The bill also repeals sections 443.700 through 443.712 relating to mortgage brokers. These sections relate to the definition of a mortgage broker, exemptions, payment of fees by mortgage brokers to the now defunct Division of Savings and Loan Supervision, escrow accounts for third party expenses, and audits of escrow accounts