Bill
HD 4708
Overview: Bill Number: HD 4708, Title: An Act exempting employees of charitable organizations from certain mortgage loan licensure requirements, Status: Referred to the committee o
Overview: Bill Number: HD 4708, Title: An Act exempting employees of charitable organizations from certain mortgage loan licensure requirements, Status: Referred to the committee on House Rules, Introduced: May 19, 2025
Purpose and Intent: The purpose of this bill is to exempt employees of charitable organizations from certain licensing requirements for providing mortgage loan assistance to their clients. The goal is to remove administrative barriers and enable these organizations to more effectively support individuals and families in need of housing and financial assistance.
Key Provisions:
- Exempts employees of registered charitable organizations from the requirement to obtain a mortgage loan originator license when providing mortgage-related services to their clients
- Specifies that the exemption applies only to activities directly related to the charitable organization's mission and services, and not to any independent mortgage lending or brokerage activities
- Requires charitable organizations to maintain appropriate policies and procedures to ensure their employees are properly trained and supervised when providing mortgage assistance
Affected Parties and Impacts:
- Employees of charitable organizations, such as housing counseling agencies and community development organizations, will benefit from the reduced licensing burden
- Clients of these charitable organizations, particularly low-income and vulnerable individuals, will have improved access to mortgage-related assistance and support
- State regulators may need to adjust their oversight and enforcement practices to accommodate the new exemption
Procedural and Timeline Considerations:
This bill has been referred to the House Rules committee for further consideration. The next step would be for the committee to schedule a hearing, where stakeholders and the public can provide input. Depending on the committee's recommendation and the subsequent legislative deliberations, the bill may advance to a full vote in the House.
Compiled from official sources — confirm details with the bill’s official record.
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