Wyoming Residential Mortgage Practices Act Amendments
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Official record
2008 General Session Summary for SF0044 Bill No.: SF0044 Drafter: MRW LSO No.: 08LSO-0049 Effective Date: 7/1/2008 Enrolled Act No.: SEA0047 Chapter No.: <chptnum> Prime Sponsor: Joint Minerals, Business and Economic Development Interim Committee Catch Title: Residential Mortgages Practices Act. Subject: Residential Mortgages Practices Act. Summary/Major Elements: The Wyoming Residential Mortgages Practices Act was enacted in 2005. This bill refines that act and addresses issues that have arisen since that date. This act: Provides amendments to the Residential Mortgages Practices Act. Provides for restitution to the borrower for undisclosed or incorrectly disclosed fees. Requires background checks as determined necessary by the banking commissioner. Provides for fees for utilizing a nationwide database processing system. Modifies license expiration and renewal dates. Modifies bond requirements to cover any violation on the bond. Modifies disclosure requirements. Limits collection of certain fees and requires a redisclosure if the fee is increased by more than $1,000, unless the fees as a percentage of the mortgage loan amount does not change. Expands conditions to suspend or revoke a license. Repeals certain application and disclosure requirements.
Public statements
Last checked Aug 11, 6:56 PM
Why they voted this way
The lawmaker supports the bill to ensure the state has legislation on mortgage brokers, despite disagreeing with a specific compromise amendment regarding appraiser information that was necessary to pass other parts of the act.
Why they voted this way
The speaker supports the bill because clarifying language regarding appraisal forms and sales contracts resolved concerns between chambers, resulting in unanimous concurrence.
Why they voted this way
The lawmaker requested a vote against concurring because they could not clearly track or understand the intent of two pages of amendments returned by the House. They stated that further discussion with the sponsor is needed to determine if any harm was done.
H36
Why they voted this way
The lawmaker supports the amendment because lenders and appraisers engage in practices where they ask to raise appraisal values, which can cause financial hardship for borrowers.
Why they voted this way
The lawmaker supports the amendment because limiting influence only to payment is unrealistic and fails to address other ways appraisers can be influenced.
Why they voted this way
The lawmaker supports Amendment No. 2 because he believes the language clarifies the bill and improves it.
If a lawmaker is not listed, we couldn't find a published reason.
Wyoming roll calls
8 roll calls
Official activity
Changes
6 stored
Corrected 2nd reading by SIMPSON
Adopted, Corrected 2nd reading by SIMPSON
Failed, Corrected 2nd reading by SIMPSON
Failed, Corrected 3rd reading by LOCKHART
Adopted 3rd reading by SIMPSON
Adopted, Corrected 3rd reading by SIMPSON