BILL NUMBER: SB 1284INTRODUCED BILL TEXT INTRODUCED BY Senator Lieu FEBRUARY 23, 2012 An act relating to residential mortgage lending. LEGISLATIVE COUNSEL'S DIGEST SB 1284, as introduced, Lieu. Residential mortgage lending: compliance with federal law. Existing law provides for the licensure and regulation of mortgage loan originators, as defined, by the Commissioner of Corporations under the California Finance Lenders Law and the California Residential Mortgage Lending Act. Existing law exempts from the provisions of the California Finance Lenders Law specified persons and entities, including any person doing business under any law of any state or of the United States relating to banks, trust companies, savings and loan associations, and insurance premium finance agencies. This bill would declare the intent of the Legislature to enact legislation that would enhance compliance with specified federal verification requirements for residential mortgage lending. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. It is the intent of the Legislature to enact legislation that would enhance compliance with income and employment verification requirements for residential mortgage lending.