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MORTGAGE REGULATORS RELEASE DRAFT OF MODEL LAW

 MORTGAGE REGULATORS RELEASE DRAFT OF MODEL LAW
 WASHINGTON, Sept. 22 /PRNewswire/ -- At its annual meeting in


Newport Beach, Calif., last week, the American Association of Residential Mortgage Regulators (AARMR) released a draft of model legislation to regulate the mortgage banking and brokerage industries.
 Provisions in the model act include the minimum and recommended legislative requirements on residential mortgage regulation, as proposed by AARMR's board of directors. A task force appointed by the AARMR board drafted the model act in conjunction with the American Legislative Exchange Council (ALEC).
 The model act covers basic areas such as applications procedures for licensing, disclosure requirements, permissible fees, and regulatory powers. It also includes recommended provisions on regulation of mortgage servicers.
 The act was presented for comment by other regulators and members of the mortgage banking and brokerage industries. Copies are available from the AARMR staff office in Washington at 202-466-7026. Comments are welcome through Sept. 28 and should be sent to AARMR, 1015 18th St. N.W., Suite 1100, Washington, D.C. 20036.
 -0- 9/22/92
 /CONTACT: Ellen Lamb for the American Association of Residential Mortgage Regulators, 202-728-5728, or John Seymour, Illinois Commissioner of Savings and Residential Finance, 217-782-6181, for AARMR/ CO: American Association of Residential Mortgage Regulators ST: District of Columbia IN: FIN SU: LEG


KD -- DC032 -- 2302 09/22/92 15:20 EDT
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Date:Sep 22, 1992
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