B.__Is subject to the jurisdiction or regulatory supervision of the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, the Federal Deposit Insurance Corporation, the Federal Trade Commission or the United States Department of Housing and Urban Development;

C.__Is subject to the jurisdiction or regulatory supervision of a department or agency of another state; or

D.__Originates, purchases, sells, assigns, securitizes or services property interests or obligations created by financial transactions or loans made, executed or originated by a person referred to in paragraph A, B or C or assist or facilitate such transactions.

This subsection applies to all ordinances, resolutions, rules, regulations, orders, requests for proposals and request for bids pertaining to financial or lending activities, including any ordinances, resolutions, rules, regulations, orders, requests for proposals and request for bids disqualifying persons from doing business with a political subdivision based upon financial or lending activities or imposing reporting requirements or any other obligations upon persons regarding financial or lending activities.

This subsection applies retroactively to all ordinances, resolutions, rules, regulations, orders, requests for proposals and requests for bids in existence on the effective date of this subsection.

SUMMARY

This bill amends the law related to the provision of high- rate, high-fee mortgages. This bill enhances consumer protections, retains the State's already stringent regulatory oversight by the Office of Consumer Credit Regulation and preserves availability of such mortgages in the marketplace.