HB2096 Places certain restrictions and limitations on lenders in regards to certain high-cost home loans.
Sponsor: Thompson, Betty L. (72) Effective Date:01/01/2001
CoSponsor: Wilson, Yvonne S. (42) LR Number: 4603L.01I
Last Action: 03/09/2000 - Referred: Banks and Financial Institutions (H)
HB2096
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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BILL SUMMARIES BILL TEXT
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Available Bill Summaries for HB2096 Copyright(c)
* Introduced

Available Bill Text for HB2096
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 2096 -- Home Loans

Co-Sponsors:  Thompson (72), Wilson (42), Curls, Smith, Selby,
Carter, Riley, Days

This bill regulates high-cost home loans and establishes certain
lender reporting requirements.  It prohibits specific practices,
including issuing high-cost loans stipulating negative
amortization, making misleading statements in connection with a
residential home loan transaction, and compensating or
intimidating appraisers to influence their judgment with regard
to the value of the real estate.

The bill penalizes persons who in bad faith attempt to avoid
application of the provisions.  High-cost loan lenders acting in
good faith who fail to comply with the bill's provisions will
not be deemed violators if they take specified steps to
comply.   Lenders who violate the bill's provisions are subject
to forfeiture of all principal and interest on loans made in
violation.

Lenders exempt from certain federal reporting requirements must
report to the Director of the Division of Finance the number and
amounts of several types of loans made by the lender for the
calendar year and certain demographic information of mortgage
applicants such as census tract, income level, racial
characteristics, and gender.  These reports will be made in the
same format as reports required to be made to any federal agency.

The reporting requirements provisions will be effective on
January 1, 2002, and the other provisions of the bill will be
effective on January 1, 2001.


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