"For years there have been many dishonest people creating deals that put hard working Hoosiers in over their heads," said Rep. Burton. "We have to keep pursuing the individual violators who choose illegal actions and end this dishonesty through tougher restrictions." House Bill 1646 requires: # Mortgage loan originators and principle managers to be licensed, rather than registered, by the securities commissioner. # Licensed mortgage loan operators, principle managers and individuals associated with licensed loan brokers to submit fingerprints to the commissioner every three years for use in criminal history background checks. # Mortgage loan operators or principle applicants to take a written examination and instructional courses and makes license renewals annual rather than biannual. "We need stricter rules for mortgage companies and loan officers, along with tougher penalties for those who choose to break the rules," Rep. Burton said. "Legitimate brokers in our community have contacted me in favor of stricter licensing regulations with hopes of weeding out any bad seeds. I believe this bill will do exactly that." House Bill 1646 will also increase the criminal penalty for violating the loan broker statute from a Class D to a Class C felony. Class C felonies carry a minimum sentence of two years in prison. Contact Rep. Burton by phone at 1-800-382-9841, e-mail at h58@iga.in.gov or by writing him at the Statehouse, 200 W. Washington St., Indianapolis, IN 46204. -30- |
