Honorable Burt R. Solomons, Chair, House Committee on Financial Institutions
FROM:
John Keel, Director, Legislative Budget Board
IN RE:
SB1578 by Carona (relating to an examination requirement for mortgage broker and loan officer license applicants. ), Committee Report 2nd House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would require applicants for a new mortgage broker license to pass a pre-licensing test offered by the American Association of Residential Mortgage Regulators. The bill does not require the testing for renewal of a license. The Savings and Loan Department indicates the cost of the test would be paid directly to the testing administrator by the applicant.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
450 Savings and Loan Department, 451 Department of Banking