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Legislation watch
2006 House Bill 2340: Regulating loan originators
Introduced by Rep. Steve Kirby (Tacoma) (D) on December 20, 2005
To regulate loan originators in the brokering of residential real estate loans. Federally-insured depository institutions doing business under the laws of Washington any other state are exempt from the regulations in this bill. See companion SB 6166. Official Text and Analysis.
Referred to the House Financial Institutions & Insurance Committee on January 9, 2006
Referred to the House Appropriations Committee on January 16, 2006
Amendment offered by Rep. Steve Kirby (Tacoma) (D) on February 10, 2006
To narrow the definition of "loan originator" excluding persons who perform only administrative and clerical duties and do not hold themselves out as having the ability to obtain a loan. The cost of the retention of professionals and specialists to conduct or assist in conducting examinations for investigations only must be billed under RCW 19.146.228. The original bill provided that examinations were also billed under RCW 19.146.228. The department of financial institutions may take actions to ensure that the act can be implemented when it becomes effective. H AMD 806.
The amendment passed by voice vote in the House on February 11, 2006
To regulate loan originators in the brokering of residential real estate loans.
Received in the Senate on February 14, 2006
Referred to the Senate Financial Institutions, Housing, and Consumer Protection Committee on February 14, 2006
Signed by Gov. Christine Gregoire on March 9, 2006
To regulate loan originators in the brokering of residential real estate loans.