The bill amends Section 19-14.10-17 of the General Laws, which pertains to prohibited acts and practices under the Federal Secure and Fair Enforcement for Mortgage Licensing Act. It introduces a new provision that specifically prohibits individuals who are licensed as both real estate agents and mortgage loan originators from being compensated for both roles in the same transaction. This aims to prevent potential conflicts of interest in real estate and mortgage dealings.

Additionally, the bill modifies existing language by removing a provision related to property insurance coverage and adding the new prohibition. The act is set to take effect immediately upon passage.

Statutes affected:
5811: 19-14.10-17