SB 785

Abstract

Mortgage loan originators; exemption. Exemptsretailers of manufactured or modular homes and employees of suchretailers from the licensing and other requirements applicable tomortgage loan originators. The exemption applies if the retaileror employee (i) does not receive compensation or gain for engagingin certain activities that exceeds any compensation or gain receivedin a comparable cash transaction; (ii) makes certain disclosures;and (iii) does not directly negotiate loan terms with the consumeror lender.