SENATE BILL 657

Sponsored By:

Senator Peters

Entitled:

Real Property - New Home Sales Contracts - Financing Contingency Clauses

Synopsis:

Requiring a contract for the sale of a new home to be contingent on the buyer obtaining a written commitment for a loan secured by the property unless the contract states otherwise; and requiring the contract to state the maximum loan interest rate the purchaser is obligated to accept if the contract is contingent on the buyer obtaining a written commitment for a loan secured by the property.

History by Legislative and Calendar Date

Senate Action

2/6

First Reading Judicial Proceedings

2/11

Hearing 2/19 at 1:00 p.m.

3/17

Favorable with Amendments Report by Judicial Proceedings

3/18

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/20

Third Reading Passed (44-0)

4/6

Returned Passed

House Action

3/20

First Reading Environmental Matters

3/25

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

4/9

Favorable Report by Environmental Matters

4/3

Favorable Report Adopted

Second Reading Passed

4/4

Third Reading Passed (134-0)

Action after passage in Senate and House

4/14

Approved by the Governor

- Chapter 92

Bill indexed under the following Subjects:

Consumer Protection -see also- Unfair Trade Practices

Contracts -see also- Land Installment Contracts; Procurement

Disclosure

Housing -see also- Apartments; Condominiums; Mobile Homes

Interest

Mortgages

Real Property

Bill affects the following Statutes:

Real Property

( 14-117 , 14-117 )

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):

Senate

Number: 658273/01     Offered on: March 18, 2009   at: 11:31 a.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

Senate

March 20, 2009: Third Reading Passed (44-0)

House

April 4, 2009: Third Reading Passed (134-0)