(1) There is established the mortgage broker commission consisting of seven commission members who shall act in an advisory capacity to the director on mortgage broker issues.

     (2) The director shall appoint the members of the commission, weighing the recommendations from professional organizations representing mortgage brokers and loan originators. At least three of the commission members shall be mortgage brokers licensed under this chapter, at least one shall be exempt from licensure under RCW 19.146.020(1)(g), and at least two of the commission members shall be licensed loan originators under this chapter. No commission member shall be appointed who has had less than five years' experience in the business of residential mortgage lending. In addition, the director or a designee shall serve as an ex officio, nonvoting member of the commission. Voting members of the commission shall serve for two-year terms. The department shall provide staff support to the commission.

     (3) The commission may establish a code of conduct for its members. Any commissioner may bring a motion before the commission to remove a commissioner for failing to conduct themselves in a manner consistent with the code of conduct. The motion shall be in the form of a recommendation to the director to dismiss a specific commissioner and shall enumerate causes for doing so. The commissioner in question shall recuse himself or herself from voting on any such motion. Any such motion must be approved unanimously by the remaining six commissioners. Approved motions shall be immediately transmitted to the director for review and action.

     (4) Members of the commission shall be reimbursed for their travel expenses incurred in carrying out the provisions of this chapter in accordance with RCW 43.03.050 and 43.03.060. All costs and expenses associated with the commission shall be paid from the financial services regulation fund, unless the consumer services account is created as a dedicated, nonappropriated account, in which case all costs and expenses shall be paid from the consumer services account.

     (5) The commission shall advise the director on the characteristics and needs of the mortgage broker profession.

     (6) The department, in consultation with other applicable agencies of state government, shall conduct a continuing review of the number and type of consumer complaints arising from residential mortgage lending in the state. The department shall report its findings to the senate committee on financial institutions and house of representatives committee on financial institutions and insurance along with recommendations for any changes in the licensing requirements of this chapter, biennially by December 1st of each even-numbered year.

[2006 c 19 § 17; 2001 c 177 § 6; 1997 c 106 § 20; 1994 c 33 § 26; 1993 c 468 § 21.]

NOTES:

     Effective date -- 2001 c 177: See note following RCW 43.320.080.

     Severability -- 1997 c 106: See note following RCW 19.146.010.

     Adoption of rules -- Severability -- 1993 c 468: See notes following RCW 19.146.0201.

     Effective dates -- 1993 c 468: See note following RCW 19.146.200.