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Senate Bill Report SB 5077 — Senate Committee on Business, Financial Services & Trade (As of January 11, 2021)

Summary

This Senate Bill Report on SB 5077, as of January 11, 2021, is for the Senate Committee on Business, Financial Services & Trade. The bill is an act providing authority to licensed companies to allow licensed mortgage loan originators to work from their residences without the company licensing the residence as a branch office; the sponsors are Senators Dozier and Mullet, by request of Department of Financial Institutions. The report states that under existing statute, licensed mortgage loan originators must originate loans from a licensed location, and that the bill provides flexibility to work from home provided state security requirements are in place, physical business records are not kept at the residence, and work is conducted through the licensed company's secure operating system.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Issuer
Congressional materials
Document type
Report
Date
2021-01-12
Case
2021 01 12 A28147 D224230 Bill Report 5077 Sba Bfst 21

Cite this document

“Senate Bill Report SB 5077 — Senate Committee on Business, Financial Services & Trade (As of January 11, 2021).” Original at app.leg.wa.gov, dated 2021-01-12. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-01-12-2021-01-12-a28147-d224230-bill-report-5077-sba-bfst-21/, SHA-256 3d702952558dec1e2401776481cce8423702880a1d292bb5ed7df875ea6d2c8b.

Full text

                            SENATE BILL REPORT
                                  SB 5077

                                      As of January 11, 2021

Title: An act relating to providing authority to licensed companies to allow licensed mortgage
     loan originators to work from their residences without the company licensing the residence
     as a branch office of the company.

Brief Description: Providing authority to licensed companies to allow licensed mortgage loan
     originators to work from their residences without the company licensing the residence as a
     branch office of the company.

Sponsors: Senators Dozier and Mullet; by request of Department of Financial Institutions.

Brief History:
     Committee Activity: Business, Financial Services & Trade: 1/12/21.


                                     Brief Summary of Bill
           • Provides mortgage loan originators the flexibility to work from their
             residence under certain circumstances.


SENATE COMMITTEE ON BUSINESS, FINANCIAL SERVICES & TRADE

     Staff: Clinton McCarthy (786-7319)

     Background: Under existing statute, mortgage loan originators licensed by the Department
     of Financial Institutions must originate mortgage loans from a licensed location. If a
     mortgage loan was originated from someone's residence, it would be a violation of the
     Consumer Loan Act, unless the residence is licensed for mortgage loan origination.

     Summary of Bill: Mortgage loan originators are provided the flexibility to work from their
     home without licensing their home as a branch location, provided:
        • state security requirements are in place;
        • physical business records may not be kept at the residence; and




     This analysis was prepared by non-partisan legislative staff for the use of legislative
     members in their deliberations. This analysis is not part of the legislation nor does it
     constitute a statement of legislative intent.

Senate Bill Report                              -1-                                             SB 5077
         • work is conducted through the licensed company’s secure operating system.

     Appropriation: None.

     Fiscal Note: Available.

     Creates Committee/Commission/Task Force that includes Legislative members: No.

     Effective Date: Ninety days after adjournment of session in which bill is passed.




Senate Bill Report                            -2-                                        SB 5077

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Original
app.leg.wa.gov
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