In connection with any loan originated, brokered, negotiated or made by a licensee pursuant to the Mortgage Loan Company Act, a mortgage loan company shall not collect, charge or receive broker fees in excess of six percent of the principal amount of the loan. A licensee may charge reasonable settlement, origination, transaction and other fees or charges not otherwise prohibited or limited by applicable state or federal laws.
History: Laws 1983, ch. 86, § 18; 1984, ch. 15, § 2; 2001, ch. 251, § 11; 2001, ch. 264, § 11; 2009, ch. 122, § 40.
ANNOTATIONSThe 2009 amendment, effective July 31, 2009, changed the name of the act from the "Mortgage Loan Company and Loan Broker Act" to the "Mortgage Loan Company Act", changed "registrant" to "licensee"; after "Act, a", deleted "broker may" and added "mortgage loan company shall".
Severability. — Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2001 amendment, effective July 1, 2001, substituted "Permissible" for "Prohibited" in the section heading; and rewrote the section, which formerly stated that no charges other than interest could be made, except for specific exceptions.