Bill Description: Senate Bill 1014 amends the Idaho Collection Agency Act to add references to the "nationwide mortgage licensing system and registry." It also increases license fees.
Rating: -3
Amendment Analysis: The Amendment to Senate Bill 1014 does not change the rating or substantively change the analysis.
Does it give government any new, additional, or expanded power to prohibit, restrict, or regulate activities in the free market? Conversely, does it eliminate or reduce government intervention in the market?
Senate Bill 1014 amends Sections 26-2224 and 26-2227, Idaho Code, to remove the requirement that applicants for a license name and retain a "natural person with three (3) years of experience related to the type of business conducted by the licensee under this act to supervise each office from which business activities are conducted under this act."
(+1)
Does it increase barriers to entry into the market? Examples include occupational licensure, the minimum wage, and restrictions on home businesses. Conversely, does it remove barriers to entry into the market?
Senate Bill 1014 amends Section 26-2222, Idaho Code, to define the "nationwide mortgage licensing system and registry" or "NMLS" as "a licensing system for all entities required to be licensed under this chapter developed and maintained by the conference of state bank supervisors and the American association for residential mortgage regulators."
Senate Bill 1014 amends other sections of the Idaho Collection Agency Act with references to the "NMLS" and an "electronic system of licensing." These changes place Idahoans working in this industry under the jurisdiction of entities not under the control or purview of the Idaho legislature. Idahoans do not elect the "conference of state bank supervisors" or the "American association for residential mortgage regulators," and it is inappropriate for the Idaho Legislature to delegate its authority to such unelected entities.
The changes also force Idahoans to use an electronic licensing system; it provides no alternative for those seeking a paper-based system.
(-1)
Does it directly or indirectly create or increase any taxes, fees, or other assessments? Conversely, does it eliminate or reduce any taxes, fees, or other assessments?
Senate Bill 1014 amends Section 26-2224, Idaho Code, to increase a nonrefundable license application fee from $150 to $350, an increase of 133%.
(-1)
Senate Bill 1014 amends Section 26-2230, Idaho Code, to add a new nonrefundable registration fee of $350 for registering a branch location.
(-1)
Senate Bill 1014 amends Section 26-2231, Idaho Code, to increase license renewal fees from $100 to $150, an increase of 50%.
(-1)
