The bill amends Section 19-14.10-17 of the General Laws, which pertains to the "An Act Adopting the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2009." The new legal language introduces a prohibition against individuals who are licensed as both real estate agents and mortgage loan originators from being compensated for both roles in the same transaction. This addition aims to prevent potential conflicts of interest and ensure transparency in real estate and mortgage dealings.

Additionally, the bill removes the previous provision that allowed for certain actions related to property insurance coverage, specifically the requirement for borrowers to obtain insurance exceeding the replacement cost of improvements. The overall intent of the bill is to enhance consumer protection by establishing clearer boundaries for the conduct of licensed professionals in the mortgage and real estate sectors. The act will take effect upon passage.