Legislation - SB0689

Title: Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures
Sponsored by: Senator Gile
Status: In the Senate - Favorable with Amendments Report by Finance
Analysis: Fiscal and Policy Note

Synopsis

Requiring banking institutions, credit unions, mortgage lenders, mortgage lending businesses, and mortgage loan originators to include a certain provision in certain conventional home mortgage loans authorizing a certain borrower to purchase the property interest of a certain borrower in connection with a decree of absolute divorce if the lending entity determines that the assuming borrower qualifies for the loan; applying certain provisions of the Act retroactively; etc.

Committees

Original:: Finance Click to view Recorded Media

Details

Cross-filed with: HB1018

Bill File Type: Regular

Effective Date(s): October 1, 2025

History

Legislation History
Chamber Senate Calendar Date 1/30/2025 Legislative Date 1/26/2025 Action First Reading Finance Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures Proceedings
Chamber Senate Calendar Date 2/01/2025 Legislative Date 2/01/2025 Action Hearing 2/20 at 1:00 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - Senate - Committee - Finance Proceedings Click to view Recorded Media
Chamber Senate Calendar Date 3/12/2025 Legislative Date 3/12/2025 Action Favorable with Amendments Report by Finance Proceedings

Chamber	Calendar Date	Legislative Date	Action	Proceedings
Senate	1/30/2025	1/26/2025	First Reading Finance
			Text - First - Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures
Senate	2/01/2025	2/01/2025	Hearing 2/20 at 1:00 p.m.
			Vote - Senate - Committee - Finance	Click to view Recorded Media
Senate	3/12/2025	3/12/2025	Favorable with Amendments Report by Finance

File Code

Subjects

Statutes