Today I really went digging to bills that have been proposed. Another bill caught my eye. HB 2320 would make loan originators obtain a license. Current in Arizona only the Mortgage broker needs to get licensed. Then the broker is liable for the people that they hire and keep under them. Making originators obtain a license only creates more government and will limit competition in the loan market. You may think that this bill was sponsored by Democrats, no it is sponsored by Republicans. Mind you most of the Republican sponsors are known to be more left leaning. The sponsors include McCLain, Reagan, Konopnicki and Crump. Crump is a freshman and hasn't gotten a name for himself yet. But in previous years was well connected to more moderate Republican Clancy Jayne.
2 comments:
Umm - which competition are you worried about limiting? The competition provided by Guido the loanshark down at the corner. Why shouldn't an industry prone to predatory lending techniques be government regulated to ensure a fair playing field for the consumer? Or are you one of those Republicans who thinks it's a good idea to let the free market handle everything and those people who get a bad loan or get ripped off just deserve it because they weren't as smart as you?
I do believe in free market forces, but as to your comment about people that get bad loans or ripped off there is still recourse now. Currently all originators are under a broker. That broker can lose his/her license and/or be heavly fined if bad practices occur with their orginators. So actually their is better control now.
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