The bill amends the Mortgage Loan Originator Licensing Act by updating the terminology and structure related to the licensing process and associated fees. It replaces references to the "commissioner" with "director" and specifies that the director will establish an annual fee schedule to cover the costs of administering the act. The bill outlines various fees, including an annual fee for licensed mortgage loan originators, fees for amending or reissuing licenses, and costs incurred for out-of-state examinations. Additionally, it establishes penalties for late submissions of required reports and license renewal fees.

Furthermore, the bill mandates that all fees collected must be deposited into the newly defined "residential mortgage administration fund," replacing the previous "MBLSLA fund." It clarifies that the annual operating fees set by the director must not exceed the estimated costs of enforcement of the act. The bill also includes definitions for "department" and "director" to ensure clarity in the application of the law. The enactment of this bill is contingent upon the passage of House Bill No. 6177.

Statutes affected:
House Introduced Bill: 493.149