BANKING AND FINANCE Financial Institutions: Provide for Licensing of Mortgage Lenders and Mortgage Brokers

The Act sets forth guidelines for the licensing and regulation of mortgage brokers and mortgage bankers by the state Department of Banking and Finance (Department). The Act calls for the Department to investigate mortgage companies and individual bankers applying for licenses and to review their lending practices before renewing licenses. A person convicted of violating the Act is guilty of a misdemeanor punishable by imprisonment for less than a year, by a fine not exceeding $1000, or by both