Bill
HB 2656
85(R) - 2017
House Investments & Financial Services
House Investments & Financial Services
Finance
Mortgages & Liens
Property Rights
Vote Recommendation
Neutral
-
Neutral
-
Neutral
-
Neutral
-
Neutral
-
Neutral
Author(s)
Oscar Longoria
Bill Caption
Relating to the regulation of residential mortgage loan companies, including the registration of mortgage lot lender companies; authorizing a fee.
Fiscal Notes
No fiscal implication to the State is anticipated.
Bill Analysis
HB 2656 would establish requirements to apply for a mortgage lot lender company registration and procedures for the approval of an application. No such registration currently exists. Approved applicants must renew their registration annually, and must pay the annual renewal fee of up to $500.
Vote Recommendation Notes
The mortgage lenders affected by this legislation are already required to register with the state. This breaks out a subcategory of small mortgage lenders who specialize in financing lots that have not yet been built on. The idea is to tailor some of the registration and reporting requirements to that subset of lenders rather than lump them in with other lenders that have reporting requirements that are not relevant to mortgage lot lenders. This is an administrative bill which produces no net change to the size, scope, or cost of government. We remain neutral.
Read Bill & Check Bill Status