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Daily Real Estate News  |  January 3, 2008  |   Mortgage Broker-Licensing Laws Enacted
Seven states started the new year by announcing an Internet-based system to supervise mortgage brokers.

The system creates a uniform application for mortgage brokers and a database that banking regulators can use to track brokers who try to work in another state after being banned elsewhere. Consumers will have access by 2009.

Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York, and Rhode Island are the initial states participating. In total, 42 state agencies including those in Washington, D.C., and Puerto Rico have committed to join by the end of 2009.

The system is mandatory for brokers doing business in cooperating states, and regulators will be able to penalize brokers who operate without a license.

Source: The Associated Press, Alan Zibel (01/02/07)

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