HB 1950 -- Residential Mortgage Brokers

Co-Sponsors:  Scheve, Whorton, Davis

This bill:

(1)  Requires that any rules promulgated by the Director of the
Division of Finance to administer the Residential Mortgage
Brokers License Act comply with the provisions of the act and
revokes the director's rulemaking authority if any of the General
Assembly's powers to delay or refuse these rules are held
unconstitutional;

(2)  Requires the president of the Missouri Association of
Mortgage Professionals to provide names of potential candidates
for the Residential Mortgage Board to the director;

(3)  As of January 1, 2003, requires applicants to provide proof
of completion of the residential mortgage license certification
course and renewal applicants to provide evidence of completion
of 24 hours of continuing education; and

(4)  As of January 1, 2003, increases the required minimum net
worth of licensees from $25,000 to $50,000.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:03 am