TO: | Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce |
FROM: | John Keel, Director, Legislative Budget Board |
IN RE: | SB1578 by Carona (Relating to a prelicense test requirement for mortgage broker applicants.), As Introduced |
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 to demonstrate knowledge of the mortgage industry. The bill does not require the testing for renewal of a license.
The Savings and Loan Department indicates that the cost of the pre-licensing test would be paid directly to the testing administrator by the applicant.
Source Agencies: | 450 Savings and Loan Department, 451 Department of Banking
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LBB Staff: | JK, JRO, RT, RB
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