Sponsor: CA Senate Committee on Banking and Financial Institutions
Summary: Current version (4/21/2014): Requires an applicant for a mortgage loan originator license to complete two hours of approved education related to relevant state law and regulation. Requires a current licensee to complete one hour of continuing education related to relevant state law.
Amendment #2 (4/21/2014): http://www.leginfo.ca.gov/pub/13-14/bill/sen/sb_1451-1500/sb_1459_bill_20140421_amended_sen_v97.pdf
Amendment #1 (3/28/2014): http://www.leginfo.ca.gov/pub/13-14/bill/sen/sb_1451-1500/sb_1459_bill_20140328_amended_sen_v98.pdf
Introduced version (2/25/2014): http://www.leginfo.ca.gov/pub/13-14/bill/sen/sb_1451-1500/sb_1459_bill_20140225_introduced.pdf
Status: Introduced; referred to Senate Rules Committee 2/25/2014. Referred to Senate Banking and Financial Institutions Committee 3/17/2014. Amended 3/28/2014. Amended 4/21/2014. Hearing held; passed committee, referred to Senate Appropriations Committee 4/30/2014.
Outlook: The measure was reported favorably by a unanimous vote and referred to the Appropriations Committee for further consideration April 30. During the hearing the measure received support from the California Mortgage Bankers Association.
This measure was amended March 28. The amendment removes the increase in the number of hours of approved education and continuing education that must be completed prior to licensure. The measure now awaits a hearing in its committee of referral.
This measure was introduced by the Senate Banking and Financial Institutions Committee which also serves as the committee of referral. The measure has not gained the support of any cosponsors. Democrats control both chambers of the Legislature.
*Information provided by www.stateside.com