LRBa2007/1
ARG:cjs:pg
2003 - 2004 LEGISLATURE
SENATE AMENDMENT 2,
TO SENATE SUBSTITUTE AMENDMENT 1,
TO 2003 SENATE BILL 279
January 28, 2004 - Offered by Senator Schultz.
SB279-SSA1-SA2,1,4
3"(b) One person who is an agent of a mortgage broker registered under s. 224.72
4(1m).
SB279-SSA1-SA2,1,65
(c) One person who is an agent of a mortgage banker registered under s. 224.72
6(1m).
SB279-SSA1-SA2,1,87
(d) One person who is a loan solicitor, as defined in s. 224.71 (1u), registered
8under s. 224.72 (1m).".
SB279-SSA1-SA2,2,2
1224.71
(1u) "Loan solicitor" means a type of loan originator as defined by rule
2by the division under s. 224.72 (7p) (a).".
SB279-SSA1-SA2,2,4
34. Page 4, line 4: after "hours" insert ", or, if the applicant is a loan solicitor,
4at least the minimum number of hours established by rule by the division,".
SB279-SSA1-SA2,2,8
6"224.72
(7p) Rules relating to loan solicitors, competency examinations,
7and continuing education. The division shall promulgate rules that do all of the
8following:
SB279-SSA1-SA2,2,119
(a) Define loan solicitor, which definition shall reflect the limited scope of duties
10and activities performed by loan solicitors in comparison with loan originators who
11are not loan solicitors.
SB279-SSA1-SA2,2,1812
(b) Establish standards for the approval by the loan originator council of
13examinations in the law of mortgage banking and mortgage brokering under subs.
14(3) (b) and (7) (d) 2. The rules shall require that a separate examination be available
15for loan solicitors, the standards for which reflect the limited scope of duties and
16activities performed by loan solicitors in comparison with loan originators who are
17not loan solicitors and reflect the reduction in hours of education required of loan
18solicitors under par. (c) and sub. (7) (d) 1.
SB279-SSA1-SA2,3,219
(c) Establish standards for the approval by the loan originator council of the
20curricula of education under sub. (7) (d) 1. and the minimum number of hours, which
21shall be less than 16, of education required of loan solicitors under sub. (7) (d) 1. The
22rules shall establish separate standards for curricula for loan solicitors that reflect
23the limited scope of duties and activities performed by loan solicitors in comparison
1with loan originators who are not loan solicitors and reflect the reduction in hours
2of education required of loan solicitors under this paragraph and sub. (7) (d) 1.".
SB279-SSA1-SA2,3,65
224.73
(4) Signature by loan originator. Every loan application shall be
6signed by a registered loan originator.".
