HOUSE BILL 1535

Sponsored By:

Delegate Rudolph

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

House Action

3/9

First Reading House Rules and Executive Nominations

3/16

Re-referred Economic Matters

Hearing 3/25 at 1:00 p.m.

3/27

Favorable with Amendments Report by Economic Matters

3/24

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/25

Third Reading Passed (133-1)

4/5

Returned Passed

Senate Action

3/28

First Reading Finance

3/31

Hearing 4/2 at 1:00 p.m.

4/7

Favorable Report by Finance

4/5

Favorable Report Adopted

Second Reading Passed

4/6

Third Reading Passed (47-0)

Action after passage in House and Senate

4/14

Approved by the Governor

- Chapter 115

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):

House

Number: 723198/01     Offered on: March 27, 2009   at: 6:54 p.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

House

March 25, 2009: Third Reading Passed (133-1)

Senate

April 6, 2009: Third Reading Passed (47-0)