SENATE BILL 502

Sponsored By:

Senator Astle

Entitled:

Real Property - Disbursement of Loans Secured by Deeds of Trust or Mortgages

Synopsis:

Requiring a lender to disburse loan proceeds in specified loan transactions in the form of cash, wired funds, a certified check, or a check issued by a political subdivision or on behalf of a governmental entity; and authorizing specified financial institutions to disburse loan proceeds in the form of a teller's check, a cashier's check, or a check drawn on a financial institution insured by the Federal Deposit Insurance Corporation and located in the 5th Federal Reserve District.

Legislative History

Senate Action

1/30

First Reading Judicial Proceedings

2/5

Hearing 2/18 at 1:00 p.m.

3/10

Favorable with Amendments Report by Judicial Proceedings

3/11

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/13

Third Reading Passed (47-0)

House Action

3/14

First Reading Economic Matters

3/20

Hearing 3/26 at 1:00 p.m.

4/3

Unfavorable Report by Economic Matters

Bill indexed under the following Subjects:

FINANCIAL INSTITUTIONS -see also- BANKS & TRUST CO; CREDIT U

LOANS

MORTGAGES

Bill affects the following Statute:

Real Property

( 7-109 )

Documents:

Bill Text:

First Reading (PDF), Third Reading (PDF), Enrolled

Fiscal Note: Available (PDF)

Amendments:

Senate

Number: 708441/1 (PDF) Offered on: MARCH 11, 1997 at: 11:19 Status: Adopted