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November 9, 2009

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Bill to regulate mortgage companies fails to gather enough votes

Monday, March 29, 1999 | 8:58 a.m.

But Commerce and Labor Committee Chairwoman Barbara Buckley said she plans to bring the bill back for another vote before the full 14-member committee this week.

With several Democratic panel members out of town Friday, the bill fell two votes short of the necessary eight votes to send it to the Assembly floor for a vote.

It was recommended on a 6-4 vote, with all four dissenting votes cast by Republicans.

The bill, endorsed by Republican Secretary of State Dean Heller, comes in the wake of the collapse of the Harley Harmon Mortgage Co. in Las Vegas last year. Investors stand to lose up to $10 million in that case.

Buckley, D-Las Vegas, said the bill would require such companies to register with the state and spell out the risk involved to investors.

She said she doesn't understand the opposition to the bill after recent problems in the mortgage investment industry.

"I would have thought this bill was a no-brainer," she said.

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