SB1043

2013 Regular Session

 

Entitled:

Commercial Law - Acceleration of Loan Indebtedness Due to Death - Prohibited

Sponsored by:

Senator Frosh

Status:

In the Senate - Hearing cancelled


Synopsis:Prohibiting specified loan and credit agreements from containing a specified acceleration clause in which any part or all of the unpaid balance may be declared due and payable due solely to the death of a borrower, debtor, or guarantor; establishing, notwithstanding specified provisions of the Act, that a lender or credit grantor is not obligated to extend additional credit or make any cash advance to a specified person under specified circumstances; providing for the scope of specified provisions of the Act; etc.
Analysis:Not available at this time
All Sponsors:Senator Frosh
Additional Facts:Bill File Type: Regular
Effective Date(s): October 1, 2013
Committee(s):
Finance
Broad Subject(s):Commercial Law - Consumer Protection
Real Property
Narrow Subject(s):Consumer Protection -see also- Unfair Trade Practices
Contracts -see also- Land Installment Contracts; Procurement
Credit
Death -see also- Advance Medical Directives; Wrongful Death
Loans -see also- Mortgages
Real Property
Statutes:Article - Commercial Law
(12-409, 12-1023.2, 12-125.1, 12-311.1, 12-923.2)

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October 24, 2017 1:11 P.M.