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(April 25, 2007) The Senate Banking and Financial Institutions Committee unanimously reported out Senate Bill 432 this morning. The bill is the last in a series of mortgage fraud bills and is tie-barred to two of them, Senate Bills 343 and 356. The bill deletes penalties in the Code of Criminal Procedures for general violations of the Mortgage Brokers, Lenders, and Services Licensing Act and a licensing violation of the Secondary Mortgage Loan Act. This change is intended to make the penalties provided for violations of the acts consistent with their classification as misdemeanors. DLEG supports the bill. Senate action on the mortgage fraud bills may occur next week.
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