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 of 2009. 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 the sale of a property and the origination or referral of a loan in the same transaction. This addition aims to prevent potential conflicts of interest and ensure transparency in real estate transactions.

Additionally, the bill removes the phrase "or" from the list of prohibited acts, which previously concluded with the requirement to truthfully account for monies belonging to a party in a residential mortgage loan transaction. The new language now includes a comprehensive list of violations, culminating in the new prohibition against dual compensation for real estate agents and mortgage loan originators. The act is set to take effect upon passage.

Statutes affected:
936: 19-14.10-17