1. The bill defines "loan officer" in a way that exempts clerical staff and loan processors. The definition also exempts sole proprietors and employees of banks and credit unions.

2. The bill requires that at the time a supervised lender applies for its license to make supervised loans the company request registration of its loan officers. In addition, those loan officer registrations would have to be updated during the licensing period.

3. The bill authorizes the Department of Professional and Financial Regulation, Office of Consumer Credit Regulation to suspend or revoke the registration of a loan officer independently of any action against the license or registration of a supervised lender or credit services organization. In effect, this would permit the State to track a specific individual loan officer.