SB 5077
C 15 L 21
Synopsis as Enacted
Brief Description: Providing authority to licensed companies to allow licensed mortgage loan originators to work from their residences without the company licensing the residence as a branch office of the company.
Sponsors: Senators Dozier, Mullet, Brown, Das, Warnick and Wilson, C.; by request of Department of Financial Institutions.
Senate Committee on Business, Financial Services & Trade
House Committee on Consumer Protection & Business

Under existing statute, mortgage loan originators licensed by the Department of Financial Institutions must originate mortgage loans from a licensed location.  If a mortgage loan originates from someone's residence, it is a violation of the Consumer Loan Act, unless the residence is licensed for mortgage loan origination.


Mortgage loan originators are provided the flexibility to work from their home without licensing their home as a branch location, provided:

  • state security requirements are in place;
  • physical business records may not be kept at the residence; and
  • work is conducted through the licensed company’s secure operating system.
Votes on Final Passage:
Senate 49 0
House 98 0

July 25, 2021