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