Residential Mortgage Loan Amendments

Updated citation authority procedures to clarify when the Administrative Procedures Act applies and established fine amounts ranging from $1,000 for first offenses to $2,000 per day for continued offenses.

Added new prohibition against using prescreened trigger lead information to solicit consumers who applied with another financial institution without proper disclosure.

Expanded prohibited conduct to include specific loan modification assistance requirements, such as written agreements and restrictions on inducing borrowers to hire unlicensed assistance.

Clarified lending manager supervision responsibilities to include reasonable procedures for ensuring adequate oversight of affiliated licensees.

Added definitions for 'prescreened trigger lead information' and 'solicitation' to clarify prohibited conduct standards.

Set the effective date of the bill as May 7, 2025.

Added authority for the Division of Real Estate to issue citations specifically for violations related to trigger lead standards and consumer report solicitation rules.

Updated citation procedures to clarify that certain administrative provisions do not apply to citation issuance unless contested, and adjusted the numbering of prohibited conduct subsections.

Added new prohibition against using prescreened trigger lead information to solicit consumers who have already applied with another financial institution without proper disclosure.

Modified fine amounts for repeat offenses, increasing penalties for second and subsequent violations of citation-related provisions.

Made technical changes to bill formatting, section numbering, and citation references to align with current statutory language.