Mortgage loan originators; prohibits SCC from issuing provisional licenses on or after July 1, 2011. (SB1009)

Introduced By

Sen. John Watkins (R-Midlothian)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Mortgage lenders, mortgage brokers, and mortgage loan originators.  Prohibits the State Corporation Commission (SCC) from issuing provisional licenses to mortgage loan originators on or after July 1, 2011, and repeals the provision that authorized the SCC to issue such provisional licenses effective July 1, 2012. The measure authorizes the SCC to issue cease and desist orders with regard to mortgage loan originators that have violated requirements of applicable law. Finally, the measure requires applicants for a mortgage lender or mortgage broker license to pay an application fee of $150 for each office at which the business to be licensed is to be conducted. Read the Bill »


Bill Has Passed


01/11/2011Prefiled and ordered printed; offered 01/12/11 11103784D
01/11/2011Referred to Committee on Commerce and Labor
01/17/2011Reported from Commerce and Labor (14-Y 0-N) (see vote tally)
01/18/2011Impact statement from SCC (SB1009)
01/19/2011Constitutional reading dispensed (38-Y 0-N) (see vote tally)
01/20/2011Read second time and engrossed
01/21/2011Read third time and passed Senate (35-Y 0-N) (see vote tally)
01/21/2011Reconsideration of passage agreed to by Senate (35-Y 0-N) (see vote tally)
01/21/2011Passed Senate (35-Y 0-N) (see vote tally)
02/07/2011Placed on Calendar
02/07/2011Read first time
02/07/2011Referred to Committee on Commerce and Labor
02/15/2011Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/17/2011Read second time
02/18/2011Read third time
02/18/2011Passed House BLOCK VOTE (95-Y 0-N)
02/18/2011VOTE: BLOCK VOTE PASSAGE (95-Y 0-N) (see vote tally)
02/24/2011Impact statement from SCC (SB1009ER)
02/24/2011Bill text as passed Senate and House (SB1009ER)
02/24/2011Signed by Speaker
02/24/2011Signed by President
03/24/2011G Approved by Governor-Chapter 435 (effective 7/1/11)
03/24/2011G Acts of Assembly Chapter text (CHAP0435)


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 1 minute.