§ 599-A. Legislative purpose.
102 words·~1 min read·
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§ 599-a. Legislative purpose. The legislature deems it necessary, in
order to enhance consumer protection, reduce fraud and ensure the public
welfare, that mortgage loan originators who originate mortgage loans on
residential real property be subject to regulation by the superintendent
and that such regulation be consistent with Title V of The Housing and
Economic Recovery Act of 2008, also known as the S.A.F.E. Mortgage
Licensing Act, as it may be amended from time to time, and regulations
thereunder or interpretations thereof, that may be adopted from time to
time by the Secretary of the U.S. Department of Housing and Urban
Development.