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Senate Bill 0526


Senate Bill 0526

ARCHIVE (2001)

Latest Information

 

DIGEST OF SB526 (Updated April 12, 2001 9:33 AM - DI 84)


Loan brokers and broker dealers. Specifies that a supervised lender or a nonsupervised automatic lender of the United States Department of Veterans Affairs is not included in the definition of "loan broker" for purposes of the law regulating loan brokers. Requires the securities commissioner to retain the initial or renewal application fee paid for any license application that is withdrawn or denied. Creates the loan broker regulation account in the state general fund. Provides that all of the fees and funds, other than the costs of investigations and civil penalties recovered under the loan broker statute, must be used for the regulation of loan brokers. Provides that the anti-fraud provisions of the loan broker laws apply to registered and unregistered loan brokers.
    Current Status:
     Law Enacted
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