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DIGEST OF INTRODUCED BILL
Loan broker commission. Creates the 13 member loan broker commission, consisting of the securities commissioner and 12 members appointed by the governor, including one member representing each of the state's congressional districts. Requires the commission to oversee the: (1) licensing of loan brokers; (2) registration of originators; and (3) registration of principal managers. (Current law requires the securities commissioner of the office of the secretary of state to oversee the licensing and registration of loan brokers, originators, and principal managers.) Sets forth procedures for the appointment of the initial members of the commission.