PEO BROKER LICENSE EXEMPTION S.B. 290: FLOOR ANALYSIS
Senate Bill 290 (as reported by the Committee of the Whole)
Sponsor: Senator Randy Richardville
Committee: Banking and Financial Institutions
CONTENT
The bill would amend the Secondary Mortgage Loan Act to exempt from the Act's licensure and registration requirements an individual employed by a professional employer organization and solely acting as a secondary mortgage loan originator of only one mortgage broker or lender.
The broker or lender for whom the individual was working would be required to direct, control, and be responsible for the activities of the individual and assume responsibility for all of the individual's actions covered by the proof of financial responsibility deposit required of applicants for a license or registration.
MCL 493.52 Legislative Analyst: Craig Laurie
FISCAL IMPACT
The bill would have no fiscal impact on State or local governmet.
Date Completed: 3-13-07 Fiscal Analyst: Elizabeth Pratt
Maria Tyszkiewicz
floor\sb290 Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb290/0708