2004 Regular Session

SENATE BILL 854

File Code: Commercial Law - Credit Regulation
Sponsored By:
Senator Stone
Entitled:
Credit Regulation - Escrow Accounts - Homeowners and Flood Insurance Premiums

Synopsis:

Requiring a specified lender or credit grantor to pay disbursements for specified homeowners insurance and flood insurance, as long as a specified payment is not more than 30 days overdue, on or before the deadline to avoid a payee from not issuing, not renewing, or cancelling an insurance policy for nonpayment; requiring a lender or credit grantor to advance funds to make disbursements in accordance with a specified provision; allowing a lender or credit grantor to seek repayment from the borrower for a deficiency; etc.

History by Legislative Date

Senate Action
2/20
First Reading Senate Rules
2/27
Re-referred Finance
3/2
Hearing 3/9 at 1:00 p.m.
3/17
Unfavorable Report by Finance
House Action
No Action
Bill indexed under the following Subjects:
ATTORNEYS
DAMAGES
ESCROW ACCOUNTS
FEES -see also- DEVELOPMENT FEES AND TAXES
FINANCIAL INSTITUTIONS -see also- BANKS; CREDIT UNIONS; etc.
INSURANCE -see also- HEALTH INS; MAIF; MOTOR VEHICLE INS
LOANS -see also- MORTGAGES
MORTGAGES
Bill affects the following Statutes:
Commercial Law
( 12-109.2 , 12-1026 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled
Fiscal Note: Available (PDF)
Amendments: None offered