Intro: The Missouri Senate gives final approval on a new mandated registration program on lenders.
Chance Seales (SEALS) reports from the state Capitol.
Before approving mortgage loans in Missouri, lawmakers voted to require lenders to register with the state's Department of Finance.
Under the new program, banks and their employees must file with the state for an ID number that will be used to track their actions.
Sen. Rita Days of St. Louis County says the new regulations are necessary given the mortgage industry's bad practices and reliance on government.
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|Description: "When everybody's in trouble, who do they run to when they need some assistance? And they don't run to each other. They run to the federal government to help bail them out."|
The measure passed with overwhelming support in the House and Senate, and will become law with the governor's signature.
From Jefferson City, I'm Chance Seales.
Intro: New regulations requiring mortgage brokers to enroll in tracking system approved by the state legislature Tuesday.
Chance Seales (SEALS) reports from Jefferson City.
The bill will now be sent to the Governor's desk for final approval.
From the state Capitol, I'm Chance Seales.