HB1802 Allows mortgage insurance for up to one hundred percent of the market value of the property.
Sponsor: Monaco, Ralph A. (49) Effective Date:00/00/0000
CoSponsor: Liese, Chris (85) LR Number: 3971L.01T
Last Action: 06/27/2000 - Approved by Governor (G)
06/27/2000 - Delivered to Secretary of State
HB1802
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
ACTIONS HEARINGS CALENDAR
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Available Bill Summaries for HB1802 Copyright(c)
* Truly Agreed * Perfected * Committee * Introduced

Available Bill Text for HB1802
* Truly Agreed * Introduced *

BILL SUMMARIES

TRULY AGREED

HB 1802 -- MORTGAGE INSURANCE

This bill allows mortgage insurers to insure mortgages for up to
100% of the fair market value of the property.  Current law
limits such insurance to 97% of the fair market value.


PERFECTED

HB 1802 -- MORTGAGE INSURANCE (Monaco)

This bill allows mortgage insurers to insure mortgages for up to
100% of the fair market value of the property.  Current law
limits such insurance to 97% of the fair market value.

FISCAL NOTE:  No impact on state funds.


COMMITTEE

HB 1802 -- MORTGAGE INSURANCE

CO-SPONSORS:  Monaco, Liese

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on Insurance by a vote of 13 to 0.

This bill allows mortgage insurers to insure mortgages for up to
100% of the fair market value of the property.  Current law
limits such insurance to 97% of the fair market value.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that Missouri is one of only 8
states that have a limit on mortgage insurance coverage of less
that 100% of value.  The FHA has been offering 100% for years.
There are now many programs that can get a family into a home
with little or no down payment, so there is no need for this
restriction on insuring the mortgage.  It has become the last
hurdle for many borrowers.  Also, this would not affect the cost
of the premium.  The premium for mortgage insurance for 100% of
the value would be the same as it is for 95% of the value.

Testifying for the bill were Representative Monaco; GE Private
Mortgage Insurance Company; and Mortgage Bankers Insurance of
America.

OPPONENTS:  There was no opposition voiced to the committee.

Richard Smreker, Legislative Analyst


INTRODUCED

HB 1802 -- Mortgage Insurance

Co-Sponsors:  Monaco, Liese

This bill allows mortgage insurers to insure mortgages for up to
100% of the fair market value of the property.  Current law
limits such insurance to 97% of the fair market value.


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Last Updated October 5, 2000 at 11:34 am