2009 Regular Session

SENATE BILL 1036

CHAPTER NUMBER: 114
EMERGENCY BILL File Code: Commercial Law - Credit Regulation Crossfiled with: HOUSE BILL 1535
Sponsored By:
Senator Middleton
Entitled:
Credit Regulation - Mortgage Loans - Proof of Ability to Repay - Exception

Synopsis:

For specified mortgage loans that refinance an existing mortgage loan, establishing exceptions to the requirement that the due regard lenders and credit grantors must give to a borrower's ability to repay specified mortgage loans includes consideration of the borrower's debt to income ratio and verification in a specified manner of income and assets of the borrower; and making the Act an emergency measure.

History by Legislative and Calendar Date

Legislative date is used to record history occurring in the Chambers otherwise Calendar date is used.
Senate Action
3/9
First Reading Senate Rules
3/13
Re-referred Finance
3/16
Hearing 3/20 at 1:00 p.m.
3/26
Favorable with Amendments Report by Finance
3/27
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/28
Third Reading Passed (46-0)
4/6
Returned Passed
House Action
3/27
First Reading House Rules and Executive Nominations
4/2
Re-referred Economic Matters
4/7
Hearing 4/8 at 1:00 p.m.
4/9
Favorable Report by Economic Matters
4/3
Favorable Report Adopted
Second Reading Passed
4/4
Third Reading Passed (134-2)
Action after passage in Senate and House
4/14
Approved by the Governor
- Chapter 114

Bill indexed under the following Subjects:

Federal Government
Housing and Community Development, Department of
Mortgages

Bill affects the following Statutes:

Commercial Law
( 12-127 , 12-127 , 12-311 , 12-311 , 12-409.1 , 12-409.1 , 12-925 , 12-925 , 12-1029 , 12-1029 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled, Chapter
Fiscal and Policy Note (Displayed in PDF Format): Available
Amendments (Displayed in PDF Format):
Senate
Number: 957776/01     Offered on: March 27, 2009   at: 11:44 a.m.     Status: Adopted
Roll Call Votes (Legislative dates are shown):
Senate
March 28, 2009: Third Reading Passed (46-0)
House
April 4, 2009: Third Reading Passed (134-2)