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 the loan associated with that property. This aims to prevent potential conflicts of interest and ensure transparency in financial transactions related to real estate.

Additionally, the bill removes the phrase "or" from the list of prohibited acts and adds a new item (15) to the list, which explicitly states the prohibition against acting in the capacity of and being compensated as both a real estate agent and mortgage loan originator in the same transaction. The act is set to take effect upon passage.

Statutes affected:
936: 19-14.10-17