SENATE BILL 1036

Sponsored By:

Senator Middleton

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

Senate Action

3/9

First Reading Senate Rules

3/13

Re-referred Finance

3/16

Hearing 3/20 at 1:00 p.m.

3/26

Favorable with Amendments Report by Finance

3/27

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/28

Third Reading Passed (46-0)

4/6

Returned Passed

House Action

3/27

First Reading House Rules and Executive Nominations

4/2

Re-referred Economic Matters

4/7

Hearing 4/8 at 1:00 p.m.

4/9

Favorable Report by Economic Matters

4/3

Favorable Report Adopted

Second Reading Passed

4/4

Third Reading Passed (134-2)

Action after passage in Senate and House

4/14

Approved by the Governor

- Chapter 114

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):

Senate

Number: 957776/01     Offered on: March 27, 2009   at: 11:44 a.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

Senate

March 28, 2009: Third Reading Passed (46-0)

House

April 4, 2009: Third Reading Passed (134-2)