AI Bill Tracker

House Bill 762, Session Law 2025-43, modernizes the North Carolina Secure and Fair Enforcement (S.A.F.E.) Mortgage Licensing Act by extensively revising and updating the statutory framework governing the licensing, registration, and regulation of mortgage lenders, brokers, servicers, and loan originators in North Carolina. The legislation clarifies and expands definitions, strengthens consumer protections, and aligns state law more closely with federal standards, including those set by the Consumer Financial Protection Bureau and the Federal Housing Finance Agency. Key changes include the introduction of new licensing and registration categories, updated educational and testing requirements for mortgage loan originators, enhanced surety bond and net worth requirements, and more robust recordkeeping, reporting, and compliance obligations. The bill also establishes prudential standards for large mortgage servicers ("covered institutions"), mandating minimum capital and liquidity requirements, corporate governance structures, internal and external audits, and comprehensive risk management programs. Additionally, the act amends G.S. 24-10 to modify the maximum permissible fees or discounts that certain lenders may charge on second or junior lien real estate loans, capping them in accordance with federal qualified mortgage standards (the lesser of the federal threshold or 3% of the total loan amount). The law provides for annual license and registration renewals, sets out fee schedules for applications and renewals, and grants the Commissioner of Banks broad authority for rulemaking, enforcement, and emergency waivers. Section 1 of the act takes effect October 1, 2025, while the remainder is effective upon enactment, with the new fee limitations applying to loans made on or after that date. The legislation is designed to enhance consumer protection, ensure industry integrity, and maintain regulatory alignment with federal mortgage lending and servicing standards.

The legislation amends Title 7 of the Official Code of Georgia Annotated, focusing on banking and finance, with the primary aim of modernizing terminology and revising procedures and requirements for financial institutions. Key provisions include updates to incorporation procedures for credit unions and adjustments to licensure requirements for money transmissions, mortgage lenders, and brokers. The legislation introduces new auditing and corporate governance requirements, mandating that mortgage brokers submit annual financial statements, which may be unaudited but must adhere to generally accepted accounting principles. Mortgage lenders are required to undergo external audits annually, with provisions allowing for unaudited statements based on specific criteria set by the Department of Banking and Finance. The bill also revises background check procedures for merchant acquirer limited purpose banks and establishes new liquidity requirements for mortgage lenders and brokers, including maintaining a minimum net worth and liquidity levels. Definitions for terms such as "disqualifying crime" and "liquidity" are introduced, with the legislation specifying that licenses may be revoked if an applicant or licensee has been convicted of a disqualifying crime within the past seven years or at any time if the crime is particularly severe. The legislation allows for the administrative withdrawal of license applications if required information is not submitted within 30 days of a notice of deficiency. Additionally, the bill mandates that applications for incorporation must be published within a specific timeframe and outlines conditions under which the Department may withdraw deficient applications. It sets criteria for the approval of credit unions, emphasizing the need for a common bond among members and adequate capital structure. Mortgage brokers and lenders are required to submit quarterly and annual reports to the Nationwide Multistate Licensing System and Registry, detailing residential mortgage loan origination, servicing, and financial information. The legislation also addresses the regulation of foreign banking institutions, revising application procedures and requirements for establishing branches or agencies in Georgia. It mandates that foreign banks pledge assets held by unaffiliated banks in the state and comply with specific capital and liquidity requirements. The bill empowers the Department to enforce compliance and address risks in mortgage lenders and brokers, including the authority to impose additional conditions or suspend certain requirements based on risk assessments. Finally, the legislation repeals any conflicting laws, ensuring a cohesive regulatory framework for Georgia's financial institutions.

The legislation amends the Fresh Start Act to facilitate workforce reintegration for individuals with criminal records by revising licensing requirements across various professions in Mississippi. It prohibits disqualification from licensed occupations based solely on criminal convictions unrelated to the occupation's duties, ensuring that only crimes directly related to the occupation can be considered. Licensing authorities must remove vague terms like "moral turpitude" or "good character" from their qualifications, focusing solely on relevant criminal records. These changes must be implemented by licensing authorities within 120 days after July 1, 2025, and apply to new licenses created after this date. Individuals with criminal records can petition licensing authorities to determine if their record disqualifies them from obtaining a license, with a required response within 30 days. The legislation aligns various sections of the Mississippi Code with these provisions, affecting professions such as public safety telecommunicators, jail officers, law enforcement officers, architects, attorneys, and dental professionals. It introduces the concept of "disqualifying crimes" as defined by the Fresh Start Act, replacing previous terms in the statutes. The legislation does not allocate new funding or specify financial figures. Additionally, it addresses conflicts with Sections 93-11-157 and 93-11-163, ensuring that these sections control in case of any discrepancies. The legislation outlines grounds for disciplinary actions, including fines and costs, applicable to any license or permit issued under the revised chapter. It establishes procedures for complaints, hearings, and appeals, ensuring due process for licensees. The legislation emphasizes the importance of clear standards and fair treatment in licensing, aiming to reduce barriers for individuals with criminal records while maintaining public safety and professional integrity. Furthermore, the legislation incorporates the Interstate Medical Licensure Compact, which facilitates the streamlined licensing of physicians across member states, enhancing the portability of medical licenses and ensuring patient safety. This Compact allows for joint investigations and disciplinary actions across states, providing a coordinated approach to medical licensure and regulation. The Compact also establishes the Interstate Medical Licensure Compact Commission, which oversees the administration of the Compact, promulgates rules, and ensures compliance among member states. The Compact becomes effective upon legislative enactment by at least seven states and includes provisions for member states to withdraw or be terminated under certain conditions. The legislation aims to balance the need for professional integrity and public safety with the goal of reducing barriers for individuals with criminal records, while also enhancing access to healthcare through the Interstate Medical Licensure Compact. Additionally, the legislation revises the grounds for disciplinary actions across various professions, including medical, psychological, and veterinary fields, by incorporating the definition of "disqualifying crimes" as provided in the Fresh Start Act. This ensures a consistent approach to evaluating criminal records across different professional boards and aligns with the broader goal of facilitating workforce reintegration for individuals with criminal histories. The legislation also specifies that licenses can be revoked or suspended for reasons such as fraud, unethical conduct, or practicing with a contagious disease, and outlines the process for hearings and appeals, including the right to appeal to the chancery court. It mandates that any conflicts with existing support orders are governed by specific sections of the Mississippi Code, ensuring clarity in enforcement. Additionally, the legislation addresses standards for teachers and administrators, including education, certification, and licensure, with the approval of the State Board of Education. It allows for the hiring of expert consultants and the establishment of ad hoc committees to advise on specific areas. The legislation also sets standards for supplemental endorsements, providing teachers with multiple options to receive endorsements, including additional coursework or passing relevant assessments. It outlines the requirements for standard and nontraditional teaching licenses, including the Teach Mississippi Institute program, and establishes criteria for special licenses such as the Expert Citizen and Transitional Bilingual Education licenses. The legislation includes provisions for the renewal and reinstatement of licenses, reciprocity for out-of-state licenses, and disciplinary actions for educators and administrators, ensuring due process and maintaining professional standards. Additionally, the legislation revises the Board of Bar Admissions, establishing a nine-member board appointed by the Supreme Court of Mississippi to oversee bar admissions, examinations, and appeals, ensuring a fair and transparent process for aspiring lawyers. The legislation also includes provisions for temporary permits and licenses for nurses and practical nurses, allowing for practice pending examination results or licensure procedures, with specific fees and conditions outlined. It mandates criminal history checks for various professions, ensuring that applicants meet the necessary standards for licensure. The legislation aims to streamline processes, enhance professional standards, and ensure public safety while facilitating workforce reintegration for individuals with criminal records. Furthermore, the legislation provides for the renewal of medical licenses, with specific procedures and fees, and allows for reinstatement under certain conditions, including a fingerprint-based criminal history check. It also addresses the licensing of physician assistants and podiatrists, requiring criminal history checks and setting educational and professional standards. The legislation ensures confidentiality of criminal history information and outlines the process for reinstatement of licenses that have lapsed or been revoked, emphasizing the importance of maintaining professional standards and public safety. In addition to these provisions, the legislation revises the licensing process for mortgage brokers and lenders, requiring a qualifying individual responsible for operations and mandating criminal history checks for key personnel. It specifies financial requirements, such as surety bonds, and outlines the application process through the Nationwide Mortgage Licensing System and Registry. The legislation also addresses the licensing of insurance producers, bail agents, real estate appraisers, and alarm contractors, incorporating the Fresh Start Act's definition of "disqualifying crimes" and ensuring that applicants meet ethical and financial standards. It mandates criminal history checks and sets educational and professional criteria for these professions, aiming to maintain public trust and safety while facilitating workforce reintegration. The legislation further amends the eligibility criteria for title pledge lenders, check cashers, and credit availability licensees, requiring compliance with the Fresh Start Act's provisions on disqualifying crimes and financial responsibility, including the filing of bonds or alternative securities. It also mandates criminal history checks for school attendance officers and health care professional students, ensuring suitability for their roles and allowing for waivers in certain circumstances. The legislation aims to create a fair and transparent licensing process across various sectors, promoting workforce reintegration and maintaining public safety. The legislation also includes provisions for a Comprehensive Hurricane Damage Mitigation Program, which involves a cost-benefit study of construction techniques to reduce windstorm damage, offering wind insurance discounts for effective measures. It establishes a state program for wind certification and hurricane mitigation inspections, requiring inspectors to be trained and certified, and mandates criminal history checks in line with the Fresh Start Act. Financial grants are available for property retrofitting, with a cap of $10,000 per recipient, and public education efforts are mandated to raise awareness of mitigation techniques. An advisory council is created to assist with program administration, and the Department of Insurance is authorized to adopt rules and regulations for the program, which is funded through a special state treasury fund. The program is set to be repealed on July 1, 2025. The legislation also incorporates the Nurse Licensure Compact, which addresses the expanded mobility of nurses and the use of advanced communication technologies in healthcare delivery, requiring greater coordination among states. It facilitates the exchange of information between states regarding nurse regulation and adverse actions, promoting compliance with nursing laws and decreasing redundancies in nurse licensure. The Compact establishes a coordinated licensure information system and the Interstate Commission of Nurse Licensure Compact Administrators to oversee its implementation. It mandates criminal history checks for nurse licensure applicants and outlines procedures for adverse actions and dispute resolution among states. The Compact aims to enhance public safety and provide opportunities for interstate practice by nurses who meet uniform licensure requirements. The legislation includes provisions for amending the compacts, allowing party states to make changes that become effective only when enacted by all member states, ensuring flexibility and adaptability in response to evolving needs.

The legislation introduces comprehensive reforms to the regulation of mortgage loan originators in Mississippi, significantly impacting how these professionals operate. A key provision allows mortgage loan originators to conduct their activities from remote locations, including their homes, provided they adhere to stringent security measures. These measures include secure system access, regular security updates, and the ability to remotely lock or erase company data on devices, ensuring the protection of customer information. The bill amends the Mississippi Code of 1972 by adding definitions for terms such as "employee," "exclusive agent," "independent contractor," and "remote location." It also increases various fees associated with mortgage loan originator licenses, raising the initial license fee to $300, the annual renewal fee for mortgage brokers and lenders to $1,500, and the surety bond maximums to $50,000 for brokers and $250,000 for lenders. Licensees are required to notify the commissioner within three business days of any unauthorized access or misuse of consumer information and must conduct regular audits of information security measures. Mortgage loan originators working remotely must designate the licensee's main office as their registered location unless they choose a licensed branch. The legislation also outlines timelines for notifying the commissioner of security breaches and mandates annual certifications and audits. Continuing education requirements for mortgage loan originators are addressed, allowing education to be completed in various formats, including online, and requiring approval by the Nationwide Multistate Licensing System and Registry. The bill specifies that licensees cannot receive credit for the same course in successive years and allows instructors to receive credit for teaching. It details the process for maintaining and examining records, requiring licensees to keep books and records for five years and allowing the department to conduct examinations without notice. Examination fees are set, and the frequency of examinations is limited to once every two years unless there is cause. Certain individuals and entities are exempt from licensing requirements, such as registered mortgage loan originators acting for specific entities, attorneys negotiating loans as an ancillary service, and bona fide nonprofit organizations meeting specific criteria. The legislation prohibits practices such as employing schemes to defraud borrowers, misrepresenting loan terms, and charging excessive fees. It outlines conditions under which lock-in fees can be collected and mandates that advertisements for loans must not be misleading. Advertisements must include the name and office address of the licensee, and any quoted interest rates or monthly payments must provide detailed information, including the interest rate, whether it is fixed or adjustable, the term of the mortgage, and the APR as computed under federal guidelines. The legislation also mandates that individual borrower files contain specific documents, such as the mortgage origination agreement, loan application, closing statement, and disclosures required under federal regulations. Licensees must maintain a journal of mortgage transactions and serviced loans, ensuring detailed records of all activities. Funds paid to a licensee for taxes, insurance, or other purposes must be kept in a separate escrow account, and licensees must account for these funds upon request. The department has the authority to suspend or revoke licenses for violations and may issue cease and desist orders. Civil penalties may be imposed for non-compliance, and the commissioner is authorized to establish relationships with the Nationwide Mortgage Licensing System and Registry to facilitate licensing and regulatory oversight. The act takes effect on July 1, 2025, and aims to enhance consumer protection, streamline regulatory processes, and adapt to modern work environments by allowing remote operations under strict conditions.

The amendments to the Fresh Start Act in Mississippi introduce comprehensive reforms to the occupational licensing process, particularly benefiting individuals with past criminal convictions. The legislation ensures that such convictions do not automatically disqualify applicants unless the crime is directly related to the occupation's duties. It removes ambiguous terms like "moral turpitude" from licensure qualifications, urging licensing authorities to focus on specific crimes relevant to the occupation. A clear and convincing standard of proof is established to assess whether a criminal record should disqualify an applicant, considering factors such as the nature of the crime, the time elapsed since the offense, and evidence of rehabilitation. The act excludes certain professions, including those under the Nurse Licensure Compact and specific real estate and appraisal certifications. Individuals with criminal records can petition licensing authorities for eligibility determinations, with a mandated response within 30 days and a fee of up to $25 per petition. All licensing authorities must comply with these new standards by October 29, 2025, and the standards will apply to any new occupational licenses created after this date. The legislation also amends various sections of the Mississippi Code to ensure consistency across professional fields, addressing disciplinary actions such as license suspension for non-compliance with support orders, and outlining procedures for hearings and appeals. It mandates criminal history checks for licensure applicants and licensees under investigation, with confidentiality provisions for non-public information. Penalties for violations include fines and costs associated with investigations, and the recovery of attorney fees in cases where the board prevails. The act emphasizes maintaining public health and safety while providing a pathway for individuals with past convictions to reintegrate into the workforce. Additionally, the legislation incorporates the Interstate Medical Licensure Compact, facilitating a streamlined process for physicians to obtain licenses in multiple states, enhancing the portability of medical licenses, and ensuring patient safety. The Compact establishes an Interstate Commission to oversee its administration, with powers to enforce compliance, manage disputes, and coordinate education and public awareness. The Compact becomes effective upon enactment by at least seven states, with provisions for member states to withdraw or be terminated under specific conditions. The amendments reflect a comprehensive approach to reforming occupational licensing, balancing regulatory oversight with opportunities for rehabilitation and workforce reintegration. Furthermore, the legislation specifies that certain disqualifying crimes, as outlined in the Fresh Start Act, can lead to the revocation or suspension of licenses across various professions, including podiatry, psychology, veterinary medicine, and athlete agents, among others. This ensures that individuals with convictions for serious offenses, such as those involving controlled substances or unethical professional conduct, are appropriately regulated to protect public interest. The additional context provides further procedural details, such as the requirement for hearings to be conducted by a trial examiner or committee, with decisions rendered within 60 days, and the right to appeal to the chancery court within 30 days of a revocation or suspension. The legislation also addresses the suspension of licenses for non-compliance with support orders, with specific procedures for reissuance or reinstatement governed by existing sections of the Mississippi Code. In addition to these provisions, the legislation outlines specific requirements for teacher licensure, including the completion of accredited education programs and passing relevant examinations. It establishes pathways for nontraditional teaching routes and expert citizen licenses to address specialized or technical course needs. The act also provides for the licensure of school administrators, with specific categories and requirements for each. Reciprocity provisions are included to facilitate the licensure of individuals from other states or countries. The legislation mandates timely processing of licensure applications and renewals, ensuring that qualified individuals can enter the workforce without unnecessary delays. The amendments also address the licensure of professionals such as lawyers, auctioneers, chiropractors, dentists, funeral directors, engineers, surveyors, and nurses, detailing specific educational and examination requirements, fees, and procedures for licensure and renewal. Additionally, the legislation includes provisions for school attendance officers, outlining their duties, salary scales, and leave policies, ensuring they are equipped to enforce compulsory school attendance laws effectively. The act also provides the commission with the authority to manage its finances, including borrowing, accepting donations, and managing property, while ensuring transparency and accountability through regular audits. The commission is empowered to enforce compliance, resolve disputes, and manage the compact's operations, with provisions for immunity and indemnification for its members. Overall, the amendments to the Fresh Start Act represent a significant step towards modernizing Mississippi's occupational licensing framework, promoting fairness, and enhancing opportunities for individuals with past convictions to contribute positively to society.