SB REFERENCE TITLE: home loans; prohibited activities. State of Arizona Senate Forty-fifth Legislature Second Regular Session 2002

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "SB 1343. REFERENCE TITLE: home loans; prohibited activities. State of Arizona Senate Forty-fifth Legislature Second Regular Session 2002"

Transcription

1 PLEASE NOTE: In most BUT NOT ALL instances, the page and line numbering of bills on this web site correspond to the page and line numbering of the official printed version of the bills. REFERENCE TITLE: home loans; prohibited activities. State of Arizona Senate Forty-fifth Legislature Second Regular Session 0 SB Introduced by Senators Valadez, Hartley, Lopez J; Representative Clark: Senators Cummiskey, Guenther, Jackson, Mitchell, Rios, Yrun; Representative Tom AN ACT AMENDING TITLE, ARIZONA REVISED STATUTES, BY ADDING CHAPTER ; RELATING TO HOME LOANS. (TEXT OF BILL BEGINS ON NEXT PAGE) - i -

2 SB Be it enacted by the Legislature of the State of Arizona: Section. Title, Arizona Revised Statutes, is amended by adding chapter, to read: CHAPTER HOME LOANS ARTICLE. GENERAL PROVISIONS -0. Definitions IN THIS CHAPTER, UNLESS THE CONTEXT OTHERWISE REQUIRES:. "AFFILIATE" MEANS ANY COMPANY THAT CONTROLS, IS CONTROLLED BY OR IS UNDER COMMON CONTROL WITH ANOTHER COMPANY AS SET FORTH IN THE BANK HOLDING COMPANY ACT OF (0 STAT. ; UNITED STATES CODE SECTIONS THROUGH 0).. "BONA FIDE DISCOUNT POINTS" MEANS LOAN DISCOUNT POINTS TO WHICH ALL OF THE FOLLOWING APPLY: (a) THE BORROWER KNOWINGLY PAYS THE DISCOUNT POINTS FOR THE EXPRESS PURPOSE OF LOWERING THE INTEREST RATE ON A HOME LOAN. (b) THE DISCOUNT POINTS DO IN FACT REDUCE THE INTEREST RATE OR THE TIME PRICE DIFFERENTIAL. (c) THE REDUCTION IN THE INTEREST RATE REDUCES THE INTEREST CHARGED SO THAT THE BORROWER S DOLLAR AMOUNT OF INTEREST SAVINGS OVER THE FIRST FOUR YEARS OF THE LOAN IS EQUAL TO OR GREATER THAN THE DOLLAR AMOUNT OF THE LOAN DISCOUNT POINTS PAID BY THE BORROWER.. "BORROWER" MEANS ANY NATURAL PERSON WHO IS OBLIGATED TO REPAY A HOME LOAN, INCLUDING A CO-BORROWER, COSIGNER OR GUARANTOR.. "CREDITOR" MEANS A PERSON WHO EXTENDS A HOME LOAN THAT IS SUBJECT TO A FINANCE CHARGE OR THAT, PURSUANT TO A WRITTEN AGREEMENT, IS PAYABLE IN MORE THAN FOUR INSTALLMENTS AND TO WHOM THE OBLIGATION IS PAYABLE AT ANY TIME.. "HIGH COST HOME LOAN" MEANS A HOME LOAN THAT EQUALS OR EXCEEDS THE RATE THRESHOLD OR THE POINTS AND FEES THRESHOLD AS CALCULATED PURSUANT TO SECTION -0.. "HOME LOAN" MEANS A LOAN, INCLUDING AN OPEN-END CREDIT PLAN, OTHER THAN A REVERSE MORTGAGE, FOR WHICH THE TOTAL LOAN AMOUNT DOES NOT EXCEED THE CONFORMING LOAN SIZE LIMIT FOR A SINGLE FAMILY DWELLING AS ESTABLISHED BY THE FEDERAL NATIONAL MORTGAGE ASSOCIATION AND THAT IS SECURED BY EITHER OF THE FOLLOWING: (a) A MORTGAGE OR DEED OF TRUST ON REAL ESTATE IN THIS STATE ON WHICH IS LOCATED A STRUCTURE THAT IS DESIGNED PRINCIPALLY FOR THE OCCUPANCY OF FROM ONE TO FOUR FAMILIES AND THAT IS OCCUPIED BY A BORROWER AS THE BORROWER S PRINCIPAL DWELLING. (b) A SECURITY INTEREST ON A MANUFACTURED HOME THAT IS OCCUPIED BY A BORROWER AS THE BORROWER S PRINCIPAL DWELLING.. "RATE" MEANS THE INTEREST RATE CHARGED ON A HOME LOAN BASED ON AN ANNUAL SIMPLE INTEREST YIELD. - -

3 SB "RESIDENTIAL CONTRACTOR" HAS THE SAME MEANING AS PRESCRIBED IN SECTION -0.. "REVERSE MORTGAGE" MEANS AN NONRECOURSE CONSUMER CREDIT OBLIGATION IN WHICH BOTH OF THE FOLLOWING ARE TRUE: (a) A MORTGAGE, DEED OF TRUST OR EQUIVALENT CONSENSUAL SECURITY INTEREST THAT SECURES ONE OR MORE ADVANCES IS CREATED IN THE BORROWER S PRINCIPAL DWELLING. (b) EXCEPT IN THE CASE OF DEFAULT, ANY PRINCIPAL, INTEREST OR SHARED APPRECIATION OR EQUITY IS DUE AND PAYABLE ONLY AFTER ONE OF THE FOLLOWING OCCURS: (i) THE BORROWER DIES. (ii) THE DWELLING IS TRANSFERRED. (iii) THE BORROWER CEASES TO OCCUPY THE DWELLING AS A PRINCIPAL DWELLING. 0. "SPECIAL MORTGAGE" MEANS A HOME LOAN THAT IS ORIGINATED, SUBSIDIZED OR GUARANTEED BY OR THROUGH A STATE, LOCAL OR TRIBAL GOVERNMENT OR A NONPROFIT ORGANIZATION AND THAT HAS SPECIAL LOW COST CHARACTERISTICS, INCLUDING: (a) AN INTEREST RATE OF ZERO. (b) A PROVISION FOR FORGIVING THE HOME LOAN. (c) NONSTANDARD PAYMENT TERMS THAT ARE BENEFICIAL TO THE BORROWER, INCLUDING PAYMENTS THAT ARE LIMITED TO A PERCENTAGE OF THE BORROWER S INCOME OR PAYMENTS THAT VARY WITH THE BORROWER S INCOME.. "TOTAL LOAN AMOUNT" MEANS THE PRINCIPAL OF THE LOAN LESS ANY POINTS AND FEES INCLUDED IN THE PRINCIPAL OR, IF THE LOAN IS AN OPEN-ENDED LOAN, THE TOTAL LINE OF CREDIT ALLOWED UNDER THE LOAN LESS ANY POINTS AND FEES INCLUDED IN THE TOTAL LINE OF CREDIT. -0. Definition of points and fees; open-ended loans A. IN THIS CHAPTER, UNLESS THE CONTEXT OTHERWISE REQUIRES, "POINTS AND FEES" MEANS:. SERVICE, TRANSACTION, ACTIVITY AND CARRYING CHARGES.. POINTS, LOAN FEES, ASSUMPTION FEES, FINDER S FEES AND SIMILAR CHARGES.. APPRAISAL, INVESTIGATION AND CREDIT REPORT FEES.. PREMIUMS OR OTHER CHARGES FOR ANY GUARANTEE OR INSURANCE PROTECTING THE CREDITOR AGAINST THE BORROWER S DEFAULT OR OTHER CREDIT LOSS.. CHARGES THAT ARE IMPOSED ON A CREDITOR BY ANOTHER PERSON FOR PURCHASING OR ACCEPTING A BORROWER'S OBLIGATION, IF THE BORROWER IS REQUIRED TO PAY THE CHARGES IN CASH, AS AN ADDITION TO THE OBLIGATION, OR AS A DEDUCTION FROM THE PROCEEDS OF THE OBLIGATION.. PREMIUMS OR OTHER CHARGES THAT ARE FINANCED BY THE CREDITOR, DIRECTLY OR INDIRECTLY, FOR CREDIT LIFE, CREDIT DISABILITY, CREDIT UNEMPLOYMENT, CREDIT PROPERTY OR OTHER CREDIT LIFE OR HEALTH INSURANCE. - -

4 SB PREMIUMS OR OTHER CHARGES FOR INSURANCE AGAINST LOSS OF OR DAMAGE TO PROPERTY, OR AGAINST LIABILITY ARISING OUT OF THE OWNERSHIP OR USE PROPERTY, THAT IS WRITTEN IN CONNECTION WITH A HOME LOAN.. DISCOUNTS FOR THE PURPOSE OF INDUCING PAYMENT BY MEANS OTHER THAN THE USE OF CREDIT.. CHARGES OR PREMIUMS THAT ARE FINANCED BY THE CREDITOR AND THAT ARE PAID FOR DEBT CANCELLATION OR SUSPENSION COVERAGE. 0. ANY OF THE FOLLOWING FEES IF THE CREDITOR RECEIVES DIRECT OR INDIRECT COMPENSATION IN CONNECTION WITH THE CHARGE OR THE CHARGE IS PAID TO AN AFFILIATE OF THE CREDITOR: (a) FEES FOR TITLE EXAMINATION, ABSTRACT OF TITLE, TITLE INSURANCE AND PROPERTY SURVEY. (b) FEES FOR PREPARING LOAN-RELATED DOCUMENTS AND RECONVEYANCE OR SETTLEMENT DOCUMENTS. (c) NOTARY AND CREDIT REPORT FEES.. ALL COMPENSATION PAID DIRECTLY OR INDIRECTLY TO A MORTGAGE BROKER, INCLUDING A BROKER THAT ORIGINATES A HOME LOAN IN ITS OWN NAME THROUGH AN ADVANCE OF MONIES AND SUBSEQUENTLY ASSIGNS THE HOME LOAN TO THE PERSON ADVANCING THE MONIES.. THE MAXIMUM PREPAYMENT PENALTIES OR FEES THAT MAY BE CHARGED UNDER THE LOAN AGREEMENT. B. POINTS AND FEES DOES NOT INCLUDE:. TAXES.. FILING FEES.. RECORDING AND OTHER FEES ACTUALLY PAID TO PUBLIC OFFICIALS FOR DETERMINING THE EXISTENCE OF OR FOR PERFECTING, RELEASING OR SATISFYING A SECURITY INTEREST.. THE FOLLOWING CHARGES PAID TO A PERSON OTHER THAN A CREDITOR, AN AFFILIATE OF A CREDITOR, A MORTGAGE BROKER OR AN AFFILIATE OF A MORTGAGE BROKER: (a) FEES FOR FLOOD CERTIFICATION OR PEST INFESTATION DETERMINATION. (b) APPRAISAL FEES, CREDIT REPORT FEES, SURVEY FEES AND FEES FOR INSPECTION PERFORMED BEFORE THE LOAN CLOSING. (c) ATTORNEY FEES. (d) TITLE INSURANCE PREMIUMS. (e) FIRE INSURANCE OR FLOOD INSURANCE PREMIUMS IF EITHER OF THE FOLLOWING IS TRUE: (i) THE INSURANCE COVERAGE MAY BE OBTAINED FROM A PERSON OF THE BORROWER S CHOICE AND THIS FACT IS DISCLOSED TO THE BORROWER. (ii) THE INSURANCE COVERAGE IS OBTAINED THROUGH THE CREDITOR AND THE PREMIUM FOR THE INITIAL TERM OF INSURANCE COVERAGE IS DISCLOSED. C. FOR OPEN-ENDED LOANS, THE POINTS AND FEES ARE CALCULATED BY ADDING THE TOTAL FEES CHARGED AT CLOSING PLUS THE MAXIMUM ADDITIONAL FEES THAT MAY BE CHARGED PURSUANT TO THE LOAN AGREEMENT DURING THE TERM OF THE LOAN. - -

5 SB D. FOR THE PURPOSES OF SUBSECTION A, PARAGRAPHS AND, INSURANCE PREMIUMS THAT ARE CALCULATED AND PAID ON A MONTHLY BASIS ARE NOT FINANCED BY THE CREDITOR. -0. Rate threshold; points and fees threshold A. THE RATE THRESHOLD IS WHEN:. FOR A FIRST LIEN MORTGAGE, THE TRIGGER RATE EQUALS SIX PERCENTAGE POINTS ABOVE THE WEEKLY AVERAGE YIELD ON FIVE YEAR UNITED STATES TREASURY SECURITIES.. FOR A SUBORDINATE MORTGAGE LIEN OR A MORTGAGE SECURED SOLELY BY A SECURITY INTEREST IN A MANUFACTURED HOME, THE TRIGGER RATE EQUALS EIGHT PERCENTAGE POINTS ABOVE THE WEEKLY AVERAGE YIELD ON UNITED STATES TREASURY SECURITIES. B. THE TRIGGER RATE IS CALCULATED AS FOLLOWS:. FOR FIXED RATE LOANS, IT IS THE RATE AS OF THE DATE OF CLOSING.. FOR LOANS ON WHICH THE INTEREST RATE VARIES BASED ON AN INDEX, IT IS THE SUM OF THE INDEX RATE AT THE DATE OF CLOSING PLUS THE MAXIMUM MARGIN PERMITTED AT ANY TIME UNDER THE LOAN AGREEMENT.. FOR OTHER LOANS ON WHICH THE RATE MAY VARY, IT IS THE MAXIMUM RATE THAT MAY BE CHARGED DURING THE TERM OF THE LOAN. C. THE POINTS AND FEES THRESHOLD IS WHEN:. FOR LOANS WITH TOTAL LOAN AMOUNTS OF THIRTY THOUSAND DOLLARS OR MORE, THE TOTAL POINTS AND FEES PAID BY THE BORROWER AT OR BEFORE CLOSING EQUALS THREE PER CENT OF THE TOTAL LOAN AMOUNT.. FOR LOANS WITH TOTAL LOAN AMOUNTS OF LESS THAN THIRTY THOUSAND DOLLARS, THE TOTAL POINTS AND FEES PAID BY THE BORROWER AT OR BEFORE CLOSING EQUALS THE LESSER OF NINE HUNDRED DOLLARS OR SIX PER CENT OF THE TOTAL LOAN AMOUNT. D. IN THE CALCULATION OF POINTS AND FEES FOR THE PURPOSES OF SUBSECTION C, BONA FIDE DISCOUNT POINTS PAID ON LOANS WITH INTEREST RATES THAT ARE NOT MORE THAN FOUR PERCENTAGE POINTS ABOVE THE WEEKLY AVERAGE YIELD ON FIVE YEAR UNITED STATES TREASURY SECURITIES SHALL NOT BE INCLUDED. ARTICLE. HOME LOANS -. Financing of insurance A. A CREDITOR SHALL NOT FINANCE, DIRECTLY OR INDIRECTLY, ANY OF THE FOLLOWING:. CREDIT LIFE, CREDIT DISABILITY, CREDIT PROPERTY OR CREDIT UNEMPLOYMENT INSURANCE.. OTHER LIFE OR HEALTH INSURANCE PREMIUMS.. PAYMENTS FOR DEBT CANCELLATION OR SUSPENSION AGREEMENTS. B. INSURANCE PREMIUMS THAT ARE NOT INCLUDED IN THE HOME LOAN PRINCIPAL AND THAT ARE CALCULATED AND PAID ON A MONTHLY BASIS ARE NOT FINANCED BY THE CREDITOR FOR THE PURPOSES OF THIS SECTION. -. Late fees; balance fees; payoff balance A. A CREDITOR SHALL NOT CHARGE A LATE PAYMENT FEE: - -

6 SB THAT IS MORE THAN FOUR PER CENT OF THE AMOUNT OF THE PAYMENT THAT IS PAST DUE.. FOR A PAYMENT THAT IS NOT PAST DUE FIFTEEN OR MORE DAYS.. MORE THAN ONCE WITH RESPECT TO A SINGLE LATE PAYMENT. IF A LATE PAYMENT CHARGE IS DEDUCTED FROM A PAYMENT SO THAT THE DEDUCTION CAUSES A DEFAULT ON A SUBSEQUENT PAYMENT, A LATE PAYMENT CHARGE SHALL NOT BE ASSESSED FOR THE DEFAULT ON THE SUBSEQUENT PAYMENT. IF A LATE PAYMENT CHARGE HAS BEEN ASSESSED WITH RESPECT TO A PARTICULAR LATE PAYMENT, A LATE PAYMENT CHARGE SHALL NOT BE ASSESSED WITH RESPECT TO ANY FUTURE PAYMENT THAT WOULD HAVE BEEN TIMELY AND SUFFICIENT EXCEPT FOR THE PREVIOUS DEFAULT.. UNLESS THE CREDITOR NOTIFIES THE BORROWER WITHIN FORTY-FIVE DAYS AFTER THE DATE THE PAYMENT WAS DUE THAT A LATE PAYMENT CHARGE HAS BEEN ASSESSED FOR A PARTICULAR PAYMENT. A LATE PAYMENT CHARGE SHALL NOT BE COLLECTED IF THE BORROWER INFORMS THE CREDITOR THAT NONPAYMENT OF A PAYMENT IS IN DISPUTE AND PRESENTS PROOF OF PAYMENT WITHIN FORTY-FIVE DAYS OF RECEIPT OF THE CREDITOR S NOTICE OF THE LATE CHARGE. B. A CREDITOR SHALL NOT CHARGE A FEE:. FOR INFORMING A BORROWER ABOUT OR TRANSMITTING TO ANY PERSON THE BALANCE DUE TO PAY OFF A HOME LOAN.. TO PROVIDE A RELEASE ON PREPAYMENT. C. A CREDITOR SHALL PROVIDE A PAYOFF BALANCE NOT MORE THAN SEVEN BUSINESS DAYS AFTER THE PAYOFF BALANCE HAS BEEN REQUESTED. ARTICLE. HIGH COST HOME LOANS -. Financing points and fees A CREDITOR MAKING A HIGH COST HOME LOAN SHALL NOT DIRECTLY OR INDIRECTLY FINANCE MORE THAN THREE PER CENT OF THE TOTAL LOAN AMOUNT IN POINTS AND FEES. -. Prepayment penalty limitation A. A HIGH COST HOME LOAN AGREEMENT SHALL NOT INCLUDE AND A BORROWER OF A HIGH COST HOME LOAN SHALL NOT BE CHARGED A PREPAYMENT PENALTY THAT EXCEEDS:. IN THE FIRST TWELVE MONTHS AFTER THE LOAN CLOSING, TWO PER CENT OF THE LOAN AMOUNT THAT IS PREPAID.. IN THE SECOND TWELVE MONTHS AFTER THE LOAN CLOSING, ONE PER CENT OF THE LOAN AMOUNT THAT IS PREPAID. B. A CREDITOR SHALL NOT REQUIRE A PREPAYMENT PENALTY TO BE PAID TO THE CREDITOR, IF THE CREDITOR REFINANCES A BORROWER S HOME LOAN FROM THE CREDITOR OR AN AFFILIATE OF THE CREDITOR WITH A HIGH COST HOME LOAN. -. Balloon payments; exception A HIGH COST HOME LOAN AGREEMENT SHALL NOT CONTAIN A SCHEDULED PAYMENT THAT IS MORE THAN TWICE AS LARGE AS THE AVERAGE OF THE EARLIER SCHEDULED PAYMENTS. THIS SECTION DOES NOT APPLY IF THE PAYMENT SCHEDULE IS ADJUSTED TO THE SEASONAL OR IRREGULAR INCOME OF THE BORROWER. - -

7 SB Negative amortization prohibition A HIGH COST HOME LOAN AGREEMENT SHALL NOT INCLUDE PAYMENT TERMS UNDER WHICH THE OUTSTANDING PRINCIPAL BALANCE WILL INCREASE AT ANY TIME OVER THE COURSE OF THE LOAN BECAUSE THE REGULAR PERIODIC PAYMENTS DO NOT COVER THE FULL AMOUNT OF THE INTEREST DUE. -. Refinancing without borrower benefit; definition A. A CREDITOR SHALL NOT MAKE A HIGH COST HOME LOAN IF BOTH OF THE FOLLOWING APPLY:. THE PRIMARY TANGIBLE BENEFIT TO THE BORROWER IS A REDUCTION FROM THE INTEREST RATE ON THE DEBT SATISFIED OR REFINANCED IN CONNECTION WITH THE HIGH COST HOME LOAN.. IT WILL TAKE MORE THAN FOUR YEARS FOR THE BORROWER TO RECOUP THE COSTS OF THE POINTS AND FEES AND OTHER CLOSING COSTS THROUGH SAVINGS FROM THE LOWER INTEREST RATE. B. A CREDITOR SHALL NOT REFINANCE A SPECIAL HOME LOAN WITH A HIGH COST HOME LOAN IF, AS A RESULT OF THE REFINANCING, THE BORROWER WILL LOSE ONE OR MORE OF THE BENEFICIAL TERMS. C. IN ADDITION TO THE LIMITATIONS PRESCRIBED IN SUBSECTIONS A AND B, A CREDITOR SHALL NOT MAKE A HIGH COST HOME LOAN IF THE HIGH COST HOME LOAN PAYS OFF ALL OR PART OF AN EXISTING HOME LOAN AND THE BORROWER DOES NOT RECEIVE A REASONABLE AND TANGIBLE NET BENEFIT FROM THE NEW HIGH COST HOME LOAN AFTER CONSIDERING THE TERMS OF THE NEW LOAN AND THE REFINANCED DEBT, THE COST OF THE HIGH COST HOME LOAN AND THE BORROWER S CIRCUMSTANCES, INCLUDING WHETHER THE LOAN IS FOR A BONA FIDE PERSONAL FINANCIAL EMERGENCY. D. FOR THE PURPOSES OF THIS SECTION, "NONSTANDARD PAYMENT TERMS" INCLUDES PAYMENTS THAT VARY WITH THE LEVEL OF THE BORROWER S INCOME OR THAT ARE LIMITED TO A PERCENTAGE OF THE BORROWER S INCOME OR TO ARRANGEMENTS IN WHICH NO PAYMENTS ARE REQUIRED UNDER SPECIFIED CONDITIONS. -. Default; interest rate increase; exception A HIGH COST HOME LOAN AGREEMENT SHALL NOT CONTAIN ANY PROVISION THAT INCREASES THE INTEREST RATE AFTER A DEFAULT BY THE BORROWER. THIS SECTION DOES NOT APPLY TO INTEREST CHANGES IN A VARIABLE RATE LOAN IF THE INCREASE IS OTHERWISE CONSISTENT WITH THE LOAN AGREEMENT AND THE EVENT OF DEFAULT OR THE ACCELERATION OF THE INDEBTEDNESS DOES NOT TRIGGER THE CHANGE IN THE INTEREST RATE. -. Advance payments A HIGH COST HOME LOAN AGREEMENT SHALL NOT REQUIRE THAT MORE THAN TWO PERIODIC PAYMENTS BE CONSOLIDATED AND PAID IN ADVANCE FROM THE LOAN PROCEEDS PROVIDED TO THE BORROWER. -. Mandatory arbitration prohibition A HIGH COST HOME LOAN AGREEMENT SHALL NOT BE SUBJECT TO A MANDATORY ARBITRATION CLAUSE THAT LIMITS THE RIGHT OF A BORROWER TO SEEK RELIEF THROUGH THE JUDICIAL PROCESS FOR ANY CLAIMS OR DEFENSES THE BORROWER MAY HAVE AGAINST THE CREDITOR, BROKER OR OTHER PARTY INVOLVED IN THE LOAN TRANSACTION. - -

8 SB Repayment ability A. A CREDITOR SHALL NOT MAKE A HIGH COST HOME LOAN WITHOUT A REASONABLE BASIS TO BELIEVE THAT THE BORROWER WILL REPAY THE LOAN AS PAYMENTS BECOME DUE. THIS DETERMINATION SHALL BE BASED ON THE BORROWER S CURRENT AND EXPECTED INCOME, CURRENT OBLIGATIONS, EMPLOYMENT STATUS AND OTHER FINANCIAL RESOURCES, OTHER THAN THE BORROWER'S EQUITY IN THE HOME BEING PURCHASED. B. A BORROWER IS PRESUMED TO BE ABLE TO MAKE THE SCHEDULED PAYMENTS IF, AT THE TIME THE LOAN IS MADE OR AT THE TIME OF THE FIRST RATE ADJUSTMENT IF A LOWER INTEREST RATE IS CHARGED FOR THE INITIAL MONTHS OF THE LOAN:. THE BORROWER'S SCHEDULED MONTHLY PAYMENTS ON THE LOAN, INCLUDING PRINCIPAL, INTEREST, TAXES, INSURANCE AND ASSESSMENTS, COMBINED WITH THE SCHEDULED PAYMENTS FOR ALL THE OTHER DEBT OF THE BORROWER, DO NOT EXCEED FIFTY PER CENT OF THE BORROWER'S DOCUMENTED AND VERIFIED MONTHLY GROSS INCOME.. THE BORROWER HAS SUFFICIENT RESIDUAL INCOME, AS DEFINED IN CODE OF FEDERAL REGULATIONS SECTION.(e)(0), TO PAY ESSENTIAL MONTHLY EXPENSES AFTER PAYING THE PAYMENTS DESCRIBED IN PARAGRAPH. -0. Homeownership counseling A CREDITOR SHALL NOT MAKE A HIGH COST HOME LOAN TO A BORROWER UNLESS THE CREDITOR HAS RECEIVED A CERTIFICATION THAT THE BORROWER HAS RECEIVED COUNSELING ON THE ADVISABILITY OF THE LOAN TRANSACTION FROM AN INDEPENDENT HOUSING OR CREDIT COUNSELOR THAT IS APPROVED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OR THE ARIZONA HOUSING AUTHORITY. -. Modification or deferral fees; prohibition A CREDITOR SHALL NOT CHARGE A BORROWER ANY FEE OR OTHER CHARGE TO MODIFY, RENEW, EXTEND OR AMEND A HIGH COST HOME LOAN OR TO DEFER ANY PAYMENT DUE UNDER THE LOAN. -. Prohibition on payments directly to residential contractor A CREDITOR WHO MAKES A HIGH COST HOME LOAN SHALL NOT PAY PROCEEDS OF THE LOAN TO A RESIDENTIAL CONTRACTOR EXCEPT:. BY AN INSTRUMENT THAT IS PAYABLE SOLELY TO THE BORROWER.. AT THE ELECTION OF THE BORROWER, THROUGH A THIRD PARTY ESCROW AGENT IN ACCORDANCE WITH A WRITTEN AGREEMENT THAT IS SIGNED BY THE BORROWER AND THE RESIDENTIAL CONTRACTOR BEFORE THE DISBURSEMENT. -. Prohibition on recommending default A CREDITOR SHALL NOT RECOMMEND OR ENCOURAGE A BORROWER TO DEFAULT ON AN EXISTING LOAN OR OTHER DEBT BEFORE AND IN CONNECTION WITH THE CLOSING OF A HIGH COST HOME LOAN THAT REFINANCES A PART OR ALL OF THE EXISTING LOAN OR DEBT. -. Lowest cost category of loans A. A CREDITOR WHO MAKES A HIGH COST HOME LOAN SHALL NOT DIRECT A BORROWER TO A LOAN WITH HIGHER COSTS THAN THE LOWEST COST CATEGORY OF LOANS FOR WHICH THE BORROWER COULD QUALIFY WITH THAT CREDITOR OR ITS AFFILIATES. - -

9 SB B. A BROKER WHO ARRANGES A HIGH COST HOME LOAN SHALL NOT DIRECT A BORROWER TO A LOAN WITH HIGHER COSTS THAN THE LOWEST COST ARRAY OF LOANS AVAILABLE TO THAT BORROWER FROM THE LENDERS WITH WHOM THE BROKER REGULARLY DOES BUSINESS. -. Fiduciary duty of brokers A BROKER THAT ARRANGES A HIGH COST HOME LOAN HAS A FIDUCIARY DUTY TO THE BORROWER FOR WHOM THE BROKER ARRANGES THE HIGH COST HOME LOAN, REGARDLESS OF WHAT RESPONSIBILITIES THE BROKER MAY HAVE TO OTHER PARTIES TO THE LOAN. -. Acceleration provision; exception A. A HIGH COST HOME LOAN AGREEMENT SHALL NOT CONTAIN A PROVISION THAT ALLOWS THE CREDITOR, IN ITS SOLE DISCRETION, TO ACCELERATE THE INDEBTEDNESS. B. THIS SECTION DOES NOT PROHIBIT THE ACCELERATION OF INDEBTEDNESS IN GOOD FAITH DUE TO THE BORROWER S FAILURE TO ABIDE BY MATERIAL TERMS OF THE LOAN AGREEMENT. ARTICLE. ENFORCEMENT AND REMEDIES -. Consumer fraud; damages and costs; equitable relief A. A VIOLATION OF THIS CHAPTER CONSTITUTES CONSUMER FRAUD AND IS ENFORCEABLE PURSUANT TO TITLE, CHAPTER 0, ARTICLE. B. A PERSON WHO IS FOUND BY A PREPONDERANCE OF THE EVIDENCE TO HAVE VIOLATED THIS CHAPTER IS LIABLE TO THE BORROWER FOR ALL OF THE FOLLOWING:. THE ACTUAL DAMAGES SUSTAINED BY THE BORROWER AS A RESULT OF THE VIOLATION, INCLUDING CONSEQUENTIAL AND SPECIAL DAMAGES.. IF A PERSON INTENTIONALLY OR KNOWINGLY VIOLATES THIS CHAPTER, STATUTORY DAMAGES EQUAL TO THE FINANCE CHARGES PROVIDED IN THE HOME LOAN AGREEMENT PLUS TEN PER CENT OF THE AMOUNT FINANCED. FOR THE PURPOSES OF THIS PARAGRAPH, INTENTIONALLY AND KNOWINGLY HAVE THE SAME MEANINGS AS PRESCRIBED IN SECTION -0.. PUNITIVE DAMAGES IF THE VIOLATION WAS MALICIOUS OR RECKLESS.. REASONABLE COSTS AND ATTORNEY FEES. C. A COURT MAY GRANT INJUNCTIVE, DECLARATORY AND OTHER EQUITABLE RELIEF AS IT DEEMS APPROPRIATE TO ENFORCE COMPLIANCE WITH THIS CHAPTER. -. Liability; void agreements A. IF A CREDITOR OR BROKER INTENTIONALLY VIOLATES THIS CHAPTER:. THE HOME LOAN AGREEMENT IS VOID.. THE CREDITOR HAS NO RIGHT TO COLLECT, RECEIVE OR RETAIN ANY PRINCIPAL, INTEREST OR OTHER CHARGES WITH RESPECT TO THE HOME LOAN.. THE BORROWER MAY RECOVER ANY PAYMENTS MADE UNDER THE AGREEMENT. B. LOAN AGREEMENT TERMS THAT VIOLATE THIS CHAPTER ARE UNENFORCEABLE, AND THE COURT MAY ISSUE AN ORDER TO REFORM ANY TERM TO BRING THE LOAN AGREEMENT INTO COMPLIANCE WITH THIS CHAPTER. -. Defenses; assignees of loans A. A BORROWER MAY ASSERT A VIOLATION OF THIS CHAPTER AS A DEFENSE, BAR OR COUNTERCLAIM TO ANY DEFAULT ACTION, COLLECTION ACTION OR JUDICIAL OR NONJUDICIAL FORECLOSURE ACTION IN CONNECTION WITH A HOME LOAN. - -

10 SB 0 B. ANY PERSON WHO PURCHASES OR IS OTHERWISE ASSIGNED A HOME LOAN IS SUBJECT TO ALL AFFIRMATIVE CLAIMS AND DEFENSES WITH RESPECT TO THE LOAN THAT THE BORROWER COULD ASSERT AGAINST THE CREDITOR OR BROKER OF THE LOAN. -. Correction of unintentional violations; definition A. A CREDITOR WHO FAILS TO COMPLY WITH THIS CHAPTER WHILE ACTING IN GOOD FAITH HAS NOT VIOLATED THIS CHAPTER IF THE CREDITOR ESTABLISHES EITHER OF THE FOLLOWING:. WITHIN THIRTY DAYS AFTER THE LOAN CLOSING AND BEFORE RECEIVING ANY NOTICE FROM THE BORROWER OF THE COMPLIANCE FAILURE, THE CREDITOR HAS MADE APPROPRIATE RESTITUTION TO THE BORROWER AND ADJUSTMENTS TO THE LOAN.. WITHIN SIXTY DAYS AFTER THE LOAN CLOSING AND BEFORE RECEIVING ANY NOTICE FROM THE BORROWER OF THE COMPLIANCE FAILURE: (a) THE COMPLIANCE FAILURE WAS NOT INTENTIONAL AND RESULTED FROM A BONA FIDE ERROR NOTWITHSTANDING THE MAINTENANCE OF PROCEDURES REASONABLY ADAPTED TO AVOID THIS TYPE OF ERROR. (b) THE CREDITOR HAS MADE APPROPRIATE RESTITUTION TO THE BORROWER. (c) THE CREDITOR HAS MADE APPROPRIATE ADJUSTMENTS TO THE LOAN. B. FOR THE PURPOSES OF THIS SECTION, "BONA FIDE ERROR" INCLUDES CLERICAL, CALCULATION, COMPUTER MALFUNCTION, PROGRAMMING AND PRINTING ERRORS. BONA FIDE ERROR DOES NOT INCLUDE AN ERROR OF LEGAL JUDGMENT WITH RESPECT TO A PERSON S OBLIGATIONS UNDER THIS CHAPTER. -. Remedies are cumulative A. THE REMEDIES PROVIDED UNDER THIS CHAPTER ARE CUMULATIVE AND ARE IN ADDITION TO ANY OTHER PROTECTIONS AND REMEDIES THAT ARE OTHERWISE AVAILABLE BY LAW. B. THIS CHAPTER DOES NOT LIMIT THE RIGHTS OF AN INJURED PERSON TO RECOVER DAMAGES OR PURSUE ANY OTHER LEGAL OR EQUITABLE ACTION UNDER ANY OTHER LAW OR LEGAL THEORY. - -

24-1.1E. Restrictions and limitations on high-cost home loans.

24-1.1E. Restrictions and limitations on high-cost home loans. 24-1.1E. Restrictions and limitations on high-cost home loans. (a) Definitions. The following definitions apply for the purposes of this section: (1) "Affiliate" means any company that controls, is controlled

More information

Title 9-A: MAINE CONSUMER CREDIT CODE

Title 9-A: MAINE CONSUMER CREDIT CODE Maine Revised Statutes Title 9-A: MAINE CONSUMER CREDIT CODE Article : 8-506. ENHANCED RESTRICTIONS ON CERTAIN CREDITORS In addition to the compliance requirements of section 8-504, subsection 1, unless

More information

360.100 Predatory lending -- Definitions -- Limitations on high-cost home loans -- Conditions -- Penalties. (1) The following definitions apply for

360.100 Predatory lending -- Definitions -- Limitations on high-cost home loans -- Conditions -- Penalties. (1) The following definitions apply for 360.100 Predatory lending -- Definitions -- Limitations on high-cost home loans -- Conditions -- Penalties. (1) The following definitions apply for the purposes of this section: (a) "High-cost home loan"

More information

As Engrossed: H3/20/03 H3/31/03

As Engrossed: H3/20/03 H3/31/03 Stricken language would be deleted from and underlined language would be added to the law as it existed prior to this session of the General Assembly. 0 State of Arkansas As Engrossed: H//0 H//0 th General

More information

Assembly Bill No. 344 CHAPTER 733

Assembly Bill No. 344 CHAPTER 733 Assembly Bill No. 344 CHAPTER 733 An act to amend Sections 4970, 4973, 4974, 4975, 4977, 4978, 4978.6, 4979, and 4979.7 of the Financial Code, as added by Assembly Bill 489 of the 2001-02 Regular Session,

More information

MRS Title 9-A 8-103. Definitions and rules of construction

MRS Title 9-A 8-103. Definitions and rules of construction 9-A 8-103. Definitions and rules of construction The text included in this publication was prepared by the Maine Bureau of Financial Institutions and is current through July 15, 2008. It is a version that

More information

STATE OF RHODE ISLAND DEPARTMENT OF BUSINESS REGULATION DIVISION OF BANKING 233 RICHMOND STREET, SUITE 231 PROVIDENCE, RHODE ISLAND 02903

STATE OF RHODE ISLAND DEPARTMENT OF BUSINESS REGULATION DIVISION OF BANKING 233 RICHMOND STREET, SUITE 231 PROVIDENCE, RHODE ISLAND 02903 TABLE OF CONTENTS STATE OF RHODE ISLAND DEPARTMENT OF BUSINESS REGULATION DIVISION OF BANKING 233 RICHMOND STREET, SUITE 231 PROVIDENCE, RHODE ISLAND 02903 BANKING REGULATION 3 HOME LOAN PROTECTION ACT

More information

Senate Bill 1149 Summary -- Prohibit Predatory Lending

Senate Bill 1149 Summary -- Prohibit Predatory Lending MEMORANDUM TO: FROM: Hal D. Lingerfelt Commissioner of Banks L. McNeil Chestnut Assistant Attorney General DATE: August 25, 1999 RE: Senate Bill 1149 Summary -- Prohibit Predatory Lending I. Background

More information

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-457 HOUSE BILL 1222

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-457 HOUSE BILL 1222 GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-457 HOUSE BILL 1222 AN ACT TO UPDATE THE RATE SPREAD AND HIGH-COST HOME LOANS STATUTES, AND TO MAKE A CONFORMING CHANGE TO THE EMERGENCY

More information

COLORADO CONSUMER EQUITY PROTECTION ACT July 1, 2011

COLORADO CONSUMER EQUITY PROTECTION ACT July 1, 2011 COLORADO CONSUMER EQUITY PROTECTION ACT July 1, 2011 Table of Contents COLORADO CONSUMER EQUITY PROTECTION ACT... 1 PART 1 OBLIGOR PROTECTION... 1 5-3.5-101. Definitions.... 1 5-3.5-102. Protection of

More information

HOUSE BILL 2242 AN ACT AMENDING TITLE 6, ARIZONA REVISED STATUTES, BY ADDING CHAPTER 16; RELATING TO REVERSE MORTGAGES.

HOUSE BILL 2242 AN ACT AMENDING TITLE 6, ARIZONA REVISED STATUTES, BY ADDING CHAPTER 16; RELATING TO REVERSE MORTGAGES. Senate Engrossed House Bill State of Arizona House of Representatives Forty-ninth Legislature Second Regular Session HOUSE BILL AN ACT AMENDING TITLE, ARIZONA REVISED STATUTES, BY ADDING CHAPTER ; RELATING

More information

STATE HIGH COST/PREDATORY LENDING REGULATIONS Updated 1/10/2014

STATE HIGH COST/PREDATORY LENDING REGULATIONS Updated 1/10/2014 STATE HIGH COST/PREDATORY LENDING REGULATIONS Updated 1/10/2014 State: Law: Cite: North Carolina NC High Cost Home Loan Law NC Rate Spread Home Loans Check both rules HB 2188 effective 10/01/2008 changes

More information

CHAPTER 64. C.46:10B-22 Short title. 1. This act shall be known and may be cited as the "New Jersey Home Ownership Security Act of 2002.

CHAPTER 64. C.46:10B-22 Short title. 1. This act shall be known and may be cited as the New Jersey Home Ownership Security Act of 2002. CHAPTER 64 AN ACT prohibiting certain abusive lending practices and supplementing Title 46 of the Revised Statutes. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: C.46:10B-22

More information

Home Loan Protection Act

Home Loan Protection Act Home Loan Protection Act CHAPTER 58 ARTICLE 21A Home Loan Protection Section: 58-21A-1 58-21A-2 58-21A-3 58-21A-4 58-21A-5 58-21A-6 58-21A-7 58-21A-8 58-21A-9 58-21A-10 58-21A-11 58-21A-12 58-21A-13 58-21A-14

More information

IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally

IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally IC 24-9-3-0.1 Chapter not applicable to loans made before January 1, 2005 Sec. 0.1. Notwithstanding the addition of this chapter and IC 24-9-4

More information

NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013

NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013 NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013 On January 10, 2013, the Consumer Financial Protection Bureau ( CFPB ) issued a final rule that carries out changes

More information

NC General Statutes - Chapter 24 1

NC General Statutes - Chapter 24 1 Chapter 24. Interest. Article 1. General Provisions. 24-1. Legal rate is eight percent. The legal rate of interest shall be eight percent (8%) per annum for such time as interest may accrue, and no more.

More information

IC 24-9 ARTICLE 9. HOME LOAN PRACTICES

IC 24-9 ARTICLE 9. HOME LOAN PRACTICES IC 24-9 ARTICLE 9. HOME LOAN PRACTICES IC 24-9-1 Chapter 1. Application IC 24-9-1-1 Application of article Sec. 1. Except for IC 24-9-3-7(c)(3), IC 24-9-3-7(c)(4), and IC 24-9-3-7(c)(5), this article does

More information

COMMUNICATION NO. 313635 PROPOSED ORDINANCE AMENDMENT. Sponsored by

COMMUNICATION NO. 313635 PROPOSED ORDINANCE AMENDMENT. Sponsored by COMMUNICATION NO. 313635 PROPOSED ORDINANCE AMENDMENT Sponsored by THE HONORABLE TONI PRECKWINKLE, PRESIDENT, EARLEAN COLLINS, JERRY BUTLER, JOHN P. DALEY, JESUS G. GARCIA, EDWIN REYES, ROBERT B. STEELE

More information

Early Summary of Ability to Repay and Qualified Mortgage Rules under Dodd-Frank Wall Street Reform and Consumer Protection Act.

Early Summary of Ability to Repay and Qualified Mortgage Rules under Dodd-Frank Wall Street Reform and Consumer Protection Act. Early Summary of Ability to Repay and Qualified Mortgage Rules under Dodd-Frank Wall Street Reform and Consumer Protection Act January 11, 2013 OVERVIEW - On January 10, 2013, the Consumer Financial Protection

More information

IC 24-4.5-7 Chapter 7. Small Loans

IC 24-4.5-7 Chapter 7. Small Loans IC 24-4.5-7 Chapter 7. Small Loans IC 24-4.5-7-101 Citation Sec. 101. This chapter shall be known and may be cited as Uniform Consumer Credit Code Small Loans. As added by P.L.38-2002, SEC.1. IC 24-4.5-7-102

More information

Chapter 2d Utah High Cost Home Loan Act

Chapter 2d Utah High Cost Home Loan Act Chapter 2d Utah High Cost Home Loan Act 61-2d-101 Title. This chapter is known as the "Utah High Cost Home Loan Act." 61-2d-102 Definitions. As used in this part: (1) "Accelerate" means a demand for immediate

More information

House of Representatives

House of Representatives House of Representatives General Assembly File No. 44 February Session, 2002 Substitute House Bill No. 5073 House of Representatives, March 18, 2002 The Committee on Banks reported through REP. DOYLE of

More information

CONSUMER MORTGAGE PROTECTION ACT Act 660 of 2002. The People of the State of Michigan enact:

CONSUMER MORTGAGE PROTECTION ACT Act 660 of 2002. The People of the State of Michigan enact: CONSUMER MORTGAGE PROTECTION ACT Act 660 of 2002 AN ACT to prohibit certain lending practices; to require disclosure of certain information for home loans; to prescribe certain duties and obligations of

More information

Florida Mortgage Laws and Regulations. Introduction. LegalEase was asked to review and summarize any legislation since January of 2007

Florida Mortgage Laws and Regulations. Introduction. LegalEase was asked to review and summarize any legislation since January of 2007 23400 Michigan Avenue, Suite 101 Dearborn, MI 48124 Tel: 1-(866) 534-6177 (toll-free) Fax: 1-(734) 943-6051 Email: contact@legaleasesolutions.com www.legaleasesolutions.com Florida Mortgage Laws and Regulations

More information

STATE OF OKLAHOMA. 2nd Session of the 43rd Legislature (1992) AS INTRODUCED AN ACT RELATING TO BANKING; PROVIDING SHORT TITLE;

STATE OF OKLAHOMA. 2nd Session of the 43rd Legislature (1992) AS INTRODUCED AN ACT RELATING TO BANKING; PROVIDING SHORT TITLE; STATE OF OKLAHOMA 2nd Session of the 43rd Legislature (1992) SENATE BILL NO. 774 BY: KERR AS INTRODUCED AN ACT RELATING TO BANKING; PROVIDING SHORT TITLE; DEFINING TERMS; AUTHORIZING CERTAIN LENDERS TO

More information

Be it enacted by the People of the State of Illinois,

Be it enacted by the People of the State of Illinois, AN ACT concerning business. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 5. The Currency Exchange Act is amended by changing Section 3.1 as follows:

More information

209 CMR: DIVISION OF BANKS AND LOAN AGENCIES

209 CMR: DIVISION OF BANKS AND LOAN AGENCIES 209 CMR 32.00: TRUTH IN LENDING Section GENERAL 32.01: Purpose and Scope 32.02: Definitions and Rules of Construction 32.03: Exempt Transactions 32.04: Finance Charges OPEN END CREDIT 32.05: General Disclosure

More information

Ch. 46 PROPER CONDUCT OF LENDING 10 46.1 CHAPTER 46. PROPER CONDUCT OF LENDING AND BROKERING IN THE MORTGAGE LOAN BUSINESS

Ch. 46 PROPER CONDUCT OF LENDING 10 46.1 CHAPTER 46. PROPER CONDUCT OF LENDING AND BROKERING IN THE MORTGAGE LOAN BUSINESS Ch. 46 PROPER CONDUCT OF LENDING 10 46.1 CHAPTER 46. PROPER CONDUCT OF LENDING AND BROKERING IN THE MORTGAGE LOAN BUSINESS Sec. 46.1. Definitions. 46.2. Proper conduct of lending and brokering in the mortgage

More information

The New Ability-to-Pay Rules; Qualified Mortgage Lending under the Dodd-Frank Act

The New Ability-to-Pay Rules; Qualified Mortgage Lending under the Dodd-Frank Act The New Ability-to-Pay Rules; Qualified Mortgage Lending under the Dodd-Frank Act October 2011 Scott D. Samlin Partner T +1 212-398-5819 scott.samlin@snrdenton.com Stephen F. J. Ornstein Partner T +1 202-408-9122

More information

New Jersey s Anti-Predatory Lending Law Takes Effect: Are You Ready?

New Jersey s Anti-Predatory Lending Law Takes Effect: Are You Ready? December 2003 Bulletin 03-81 If you have questions or would like additional information on the material covered in this Bulletin, please contact one of the authors: Robert M. Jaworski (Princeton) 609.520.6003

More information

Chapter 30 Home Equity Conversion Mortgages. 47-30-103. Authorized lenders Designation Application.

Chapter 30 Home Equity Conversion Mortgages. 47-30-103. Authorized lenders Designation Application. Chapter 30 Home Equity Conversion Mortgages 47-30-101. Short title. 47-30-102. Definitions. 47-30-103. Authorized lenders Designation Application. 47-30-104. Compliance Noncomplying loans unenforceable

More information

Enrolled Copy S.B. 120

Enrolled Copy S.B. 120 Enrolled Copy S.B. 120 1 REGULATION OF REVERSE MORTGAGES 2 2015 GENERAL SESSION 3 STATE OF UTAH 4 Chief Sponsor: Wayne A. Harper 5 House Sponsor: Ken Ivory 6 7 LONG TITLE 8 General Description: 9 This

More information

NC General Statutes - Chapter 53 Article 21 1

NC General Statutes - Chapter 53 Article 21 1 Article 21. Reverse Mortgages. 53-255. Title. This Article shall be known and may be cited as the Reverse Mortgage Act. (1991, c. 546, s. 1; 1995, c. 115, s. 1.) 53-256. Purpose. It is the intent of the

More information

Regulatory Practice Letter February 2013 RPL 13-07

Regulatory Practice Letter February 2013 RPL 13-07 Regulatory Practice Letter February 2013 RPL 13-07 High Cost Mortgages and Homeownership Counseling; Escrow Requirements - CFPB Final Rules Executive Summary The Bureau of Consumer Financial Protection

More information

This chapter shall be known and may be cited as the "Home Equity Conversion Mortgage Act."

This chapter shall be known and may be cited as the Home Equity Conversion Mortgage Act. Source: http://www.lexisnexis.com/hottopics/tncode/ 47-30-101. Short title. This chapter shall be known and may be cited as the "Home Equity Conversion Mortgage Act." HISTORY: Acts 1993, ch. 410, 2. 47-30-102.

More information

CHAPTER 6A GEORGIA FAIR LENDING ACT

CHAPTER 6A GEORGIA FAIR LENDING ACT CHAPTER 6A GEORGIA FAIR LENDING ACT Sec. 7-6A-1. Short title. 7-6A-2. Definitions. 7-6A-3. Limitations of home loans. 7-6A-4. "Flipping" a home loan; costs and fees. 7-6A-5. Limitations of high-cost home

More information

Comparison of Section 35(HPML) & Section 32(HOEPA) Regulations Including CFPB 2013 & 2014 Updates As of 01/07/2014

Comparison of Section 35(HPML) & Section 32(HOEPA) Regulations Including CFPB 2013 & 2014 Updates As of 01/07/2014 Comparison of Section 35(HPML) & Section 32(HOEPA) Regulations Including CFPB 2013 & 2014 Updates As of 01/07/2014 General Consumer Loan Type Not Applicable HPML (12 CFR 1026.35) A closed-end consumer

More information

Chapter 16.---CONTRACTS AND PROMISES. Article 1.---General Provisions

Chapter 16.---CONTRACTS AND PROMISES. Article 1.---General Provisions Chapter 16.---CONTRACTS AND PROMISES Article 1.---General Provisions K.S.A. 16-117. Credit agreements; definitions. As used in this act: (a) "Credit agreement" means an agreement by a financial institution

More information

GENERAL ASSEMBLY OF NORTH CAROLINA 1991 SESSION CHAPTER 546 HOUSE BILL 22

GENERAL ASSEMBLY OF NORTH CAROLINA 1991 SESSION CHAPTER 546 HOUSE BILL 22 GENERAL ASSEMBLY OF NORTH CAROLINA 1991 SESSION CHAPTER 546 HOUSE BILL 22 AN ACT TO REGULATE REVERSE MORTGAGES. The General Assembly of North Carolina enacts: Section 1. Chapter 53 of the General Statutes

More information

Chapter 20 Tennessee Home Loan Protection Act

Chapter 20 Tennessee Home Loan Protection Act Chapter 20 Tennessee Home Loan Protection Act 45-20-101. Short title. 45-20-102. Chapter definitions. 45-20-103. Prohibited acts and practices. 45-20-104. Cure of default Foreclosure. 45-20-105. Purchaser

More information

UNDERSTANDING THE LOAN ESTIMATE

UNDERSTANDING THE LOAN ESTIMATE The following breaks down the Loan Estimate by section with examples from Encompass followed by official commentary. Also attached, is a copy of a completed Loan Estimate form provided by the Encompass..

More information

03 LC 30 0550 A BILL TO BE ENTITLED AN ACT

03 LC 30 0550 A BILL TO BE ENTITLED AN ACT House Bill By: Representatives Floyd of the nd, Shaw of the rd, Parrish of the nd, Royal of the 0 th, Channell of the th, and others A BILL TO BE ENTITLED AN ACT To amend Title of the Official Code of

More information

To: Counsel, Agents, and Readers From: Michael J. Berey Dated: September 5, 2008 Re: Mortgages: Chapter 472, Laws of 2008

To: Counsel, Agents, and Readers From: Michael J. Berey Dated: September 5, 2008 Re: Mortgages: Chapter 472, Laws of 2008 To: Counsel, Agents, and Readers From: Michael J. Berey Dated: September 5, 2008 Re: Mortgages: Chapter 472, Laws of 2008 Chapter 472 of the Laws of 2008 was signed into law on August 5, 2008. According

More information

AN ACT IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

AN ACT IN THE COUNCIL OF THE DISTRICT OF COLUMBIA AN ACT IN THE COUNCIL OF THE DISTRICT OF COLUMBIA Codification District of Columbia Official Code 2001 Edition 2002 Supp. West Group Publisher To prohibit certain predatory lending practices with respect

More information

A Bill Regular Session, 2005 HOUSE BILL 1008

A Bill Regular Session, 2005 HOUSE BILL 1008 0 Stricken language would be deleted from and underlined language would be added to the law as it existed prior to this session of the General Assembly. Act of the Regular Session State of Arkansas th

More information

Florida Senate - 2010 SB 1532

Florida Senate - 2010 SB 1532 By Senator Fasano 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 A bill to be entitled An act relating to reverse mortgage loans to senior individuals; providing purposes;

More information

QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS)

QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS) QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS) Type of (2) Contents of Truth in Lending Statements 226.17 226.36 Early s 226.19(a)(1)

More information

CUNA s HOEPA (Home Ownership and Equity Protection Act) CHART (revised 10/22/2013)

CUNA s HOEPA (Home Ownership and Equity Protection Act) CHART (revised 10/22/2013) What: CFPB s new HOEPA requirements, 12 CFR 1026 Subpart E. HOEPA was initially enacted in 1994 as an amendment to Truth in Lending to address abusive practices in refinancing and home equity mortgage

More information

ESCROW REQUIREMENTS UNDER TILA

ESCROW REQUIREMENTS UNDER TILA Overview Escrow Requirements Reg. Z High Cost Mortgage and Counseling - Reg. Z & X Ability to Repay & Qualified Mortgages Reg. Z & X Mortgage Servicing Reg. Z & X Loan Originator Compensation Reg. Z Copies

More information

DEFINITION OF TOTAL LOAN AMOUNT. Total loan amount for a closed end loan has the same meaning as under federal Regulation Z for HOEPA loans.

DEFINITION OF TOTAL LOAN AMOUNT. Total loan amount for a closed end loan has the same meaning as under federal Regulation Z for HOEPA loans. LOANS SUBJECT TO THE LAW DEFINITIONS DEFINITION OF POINTS AND FEES DEFINITION OF TOTAL LOAN AMOUNT APR TRIGGER TRIGGERS POINTS AND FEES TRIGGER LAW North Carolina Restrictions and Limitations on High Cost

More information

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1991 H 1 HOUSE BILL 22

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1991 H 1 HOUSE BILL 22 GENERAL ASSEMBLY OF NORTH CAROLINA SESSION H HOUSE BILL Short Title: Regulate Reverse Mortgages. (Public) Sponsors: Representatives Brubaker, Easterling, Hasty, Ligon, Lineberry, Privette, and Woodard.

More information

TITLE XIV MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT

TITLE XIV MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT 124 STAT. 2136 PUBLIC LAW 111 203 JULY 21, 2010 obligated as of December 31, 2012, are hereby rescinded, and such amounts shall be deposited in the General Fund of the Treasury where such amounts shall

More information

CUNA s SUMMARY OF THE CFPB s MORTGAGE LENDING RULES Spring 2013

CUNA s SUMMARY OF THE CFPB s MORTGAGE LENDING RULES Spring 2013 MANDATORY ESCROW ACCOUNTS Effective: June 1, 2013 REGULATION Requires escrow accounts be maintained for five years (rather than the current one year) for higher-priced mortgage loans. A higher-priced mortgage

More information

Remember [the] Maine!

Remember [the] Maine! January 2008 www.klgates.com Authors: Nanci L. Weissgold +1.202.778.9314 nanci.weissgold@klgates.com Kris D. Kully +1.202.778.9301 kris.kully@klgates.com Stephanie C. Robinson +1.202.778.9856 stephanie.robinson@klgates.com

More information

CFPB Issues Much Anticipated Final Rules: Ability to Repay, Qualified Mortgages, Escrow Requirements and Homeownership Counseling

CFPB Issues Much Anticipated Final Rules: Ability to Repay, Qualified Mortgages, Escrow Requirements and Homeownership Counseling CFPB Issues Much Anticipated Final Rules: Ability to Repay, Qualified Mortgages, Escrow Requirements and Homeownership Counseling The Consumer Financial Protection Bureau ( CFPB ) issued their much anticipated

More information

CREDIT UNION PRIVATE EDUCATION LINE OF CREDIT AGREEMENT AND DISCLOSURE

CREDIT UNION PRIVATE EDUCATION LINE OF CREDIT AGREEMENT AND DISCLOSURE CREDIT UNION PRIVATE EDUCATION LINE OF CREDIT AGREEMENT AND DISCLOSURE In this Private Education Line of Credit Agreement and Disclosure ( Agreement ) the terms I, me, my and mine mean each person who

More information

Home Equity Conversion Mortgage (Reverse Mortgage) This Mortgage ("Security Instrument") is given on (date). The Mortgagor is (Name), of

Home Equity Conversion Mortgage (Reverse Mortgage) This Mortgage (Security Instrument) is given on (date). The Mortgagor is (Name), of Home Equity Conversion Mortgage (Reverse Mortgage) This Mortgage ("Security Instrument") is given on (date). The Mortgagor is (Name), of (street address, city, county, state, zip code), hereafter called

More information

Comparison of Section 32(HOEPA) Regulation; Current Rules vs. January 10, 2014 CFPB Changes As of 10/16/14

Comparison of Section 32(HOEPA) Regulation; Current Rules vs. January 10, 2014 CFPB Changes As of 10/16/14 Comparison of Section 32(HOEPA) Regulation; Current Rules vs. January 10, 2014 CFPB Changes As of 10/16/14 General Loan Type 1994 TILA amendments apply to homeowners that already owned their homes and

More information

CHAPTER 86. C.46:10B-36 Short title. 1. This act shall be known and may be cited as the Save New Jersey Homes Act of 2008.

CHAPTER 86. C.46:10B-36 Short title. 1. This act shall be known and may be cited as the Save New Jersey Homes Act of 2008. CHAPTER 86 AN ACT concerning certain residential mortgages, and supplementing Title 46 of the Revised Statutes. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: C.46:10B-36

More information

Qualified Mortgage Rule After 6 Months

Qualified Mortgage Rule After 6 Months Latest Developments Under TILA and RESPA Attorney David Pelletier dpelletier@axley.com 608.260.2495 Attorney Kevin D. Trost ktrost@axley.com 608.283.6747 WISCONSIN BANKING LAW UPDATE Community Bankers

More information

AN ACT RELATING TO PROPERTY; ENACTING THE MORTGAGE FORECLOSURE CONSULTANT FRAUD PREVENTION ACT; IMPOSING PENALTIES.

AN ACT RELATING TO PROPERTY; ENACTING THE MORTGAGE FORECLOSURE CONSULTANT FRAUD PREVENTION ACT; IMPOSING PENALTIES. AN ACT RELATING TO PROPERTY; ENACTING THE MORTGAGE FORECLOSURE CONSULTANT FRAUD PREVENTION ACT; IMPOSING PENALTIES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: Section 1. SHORT TITLE.--This

More information

SC Appleseed Legal Justice Center P.O. Box 7187 Columbia, South Carolina 29202 www.scjustice.org

SC Appleseed Legal Justice Center P.O. Box 7187 Columbia, South Carolina 29202 www.scjustice.org South Carolina High Cost Mortgage and Consumer Home Act: Act 42 of 2003 SC Appleseed Legal Justice Center P.O. Box 7187 Columbia, South Carolina 29202 www.scjustice.org Landmark piece of Legislation that

More information

Section 1715z-20. Insurance of home equity conversion mortgages for elderly homeowners 1

Section 1715z-20. Insurance of home equity conversion mortgages for elderly homeowners 1 Section 1715z-20. Insurance of home equity conversion mortgages for elderly homeowners 1 (a) Purpose The purpose of this section is to authorize the Secretary to carry out a program of mortgage insurance

More information

1 MINNESOTA STATUTES 2015 47.58

1 MINNESOTA STATUTES 2015 47.58 1 MINNESOTA STATUTES 2015 47.58 47.58 REVERSE MORTGAGE LOANS. Subdivision 1. Definitions. For the purposes of this section, the terms defined in this subdivision have the meanings given them. (a) "Reverse

More information

New Mortgage Rules Update

New Mortgage Rules Update New Mortgage Rules Update 1 OBJECTIVES To provide information regarding the new mortgage rules, in particular: Ability-to-Repay/Qualified Mortgages; Mortgage Loan Origination Compensation; High-Cost Loans

More information

1. Only 20 days to file answer or other responsive pleading to summons and complaint in foreclosure action.

1. Only 20 days to file answer or other responsive pleading to summons and complaint in foreclosure action. PREDATORY MORTGAGE LENDING FORECLOSURE DEFENSE Attorney Catherine M. Doyle Legal Aid Society of Milwaukee 521 N. 8 th Street Milwaukee, WI 53233 (414) 727-5331 cdoyle@lasmilwaukee.com I. MORTGAGE FORECLOSURE

More information

Title 9-A: MAINE CONSUMER CREDIT CODE

Title 9-A: MAINE CONSUMER CREDIT CODE Title 9-A: MAINE CONSUMER CREDIT CODE Article 10: LOAN BROKERS Table of Contents Part 1. GENERAL PROVISIONS... 3 Section 10-101. SHORT TITLE... 3 Section 10-102. DEFINITIONS... 3 Part 2. REGISTRATION AND

More information

Title 9-A: MAINE CONSUMER CREDIT CODE

Title 9-A: MAINE CONSUMER CREDIT CODE Title 9-A: MAINE CONSUMER CREDIT CODE Article 2: Finance Charges and Related Provisions Table of Contents Part 1. GENERAL PROVISIONS... 3 Section 2-101. SHORT TITLE... 3 Section 2-102. SCOPE... 3 Part

More information

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET The fields in this document are filled in by Mortgage+Care Loan Origination Software. Please contact us at (800)481-2708 or www.mortcare.com for a list of mergeable documents. MORTGAGE LOAN DISCLOSURE

More information

Mon. ICBA Summary of the Military Lending Act Updated Regulation. August 2015. Month Year. Contact:

Mon. ICBA Summary of the Military Lending Act Updated Regulation. August 2015. Month Year. Contact: ICBA Summary of the Military Lending Act Updated Regulation August 2015 Month Year Mon Contact: Joe Gormley Assistant Vice President & Regulatory Counsel joseph.gormley@icba.org www.icba.org ICBA Summary

More information

HOME OWNER ASSISTANCE PROGRAM SILENT SECOND LOAN PROMISSORY NOTE SECURED BY A DEED OF TRUST. Corona, California. Principal Amount: Date of Loan:

HOME OWNER ASSISTANCE PROGRAM SILENT SECOND LOAN PROMISSORY NOTE SECURED BY A DEED OF TRUST. Corona, California. Principal Amount: Date of Loan: HOME OWNER ASSISTANCE PROGRAM SILENT SECOND LOAN PROMISSORY NOTE SECURED BY A DEED OF TRUST Corona, California Principal Amount: Date of Loan: FOR VALUE RECEIVED, the undersigned ( Maker ) promises to

More information

CHAPTER 51-13 RETAIL INSTALLMENT SALES ACT

CHAPTER 51-13 RETAIL INSTALLMENT SALES ACT CHAPTER 51-13 RETAIL INSTALLMENT SALES ACT 51-13-01. Definitions. In this chapter, unless the context or subject matter otherwise requires: 1. "Amount financed" or "unpaid balance" means the cash price

More information

STATE OF OKLAHOMA. 2nd Session of the 50th Legislature (2006) AS INTRODUCED

STATE OF OKLAHOMA. 2nd Session of the 50th Legislature (2006) AS INTRODUCED STATE OF OKLAHOMA 2nd Session of the 50th Legislature (2006) SENATE BILL 1385 By: Johnson (Mike) AS INTRODUCED An Act relating to insurance; creating the Oklahoma Homeowner s Private Mortgage Insurance

More information

CFPB s RESPA TILA Integrated Disclosure. Finley P. Maxson NAR Senior Counsel fmaxson@realtors.org (312) 329-8381

CFPB s RESPA TILA Integrated Disclosure. Finley P. Maxson NAR Senior Counsel fmaxson@realtors.org (312) 329-8381 CFPB s RESPA TILA Integrated Disclosure Finley P. Maxson NAR Senior Counsel fmaxson@realtors.org (312) 329-8381 RESPA-TILA Integrated Disclosure A. Background I. Impetus for change a. Dodd-Frank directed

More information

N.J.S.A.17:1-8.1, 17:1-15e, and 46:10B-22 et seq. and P.L. 2004 c.84.

N.J.S.A.17:1-8.1, 17:1-15e, and 46:10B-22 et seq. and P.L. 2004 c.84. BANKING DEPARTMENT OF BANKING AND INSURANCE DIVISION OF BANKING Predatory Lending Proposed New Rules: N.J.A.C. 3:5 Authorized By: Authority: Donald Bryan, Acting Commissioner, Department of Banking and

More information

National Banker Call

National Banker Call National Banker Call Loan Originator Compensation and HOEPA Final Rules Thursday, June 6, 2013 The information contained in this presentation is for informational purposes only and is provided as a public

More information

Chapter 17 Interest on Mortgage Loan Reserve Accounts

Chapter 17 Interest on Mortgage Loan Reserve Accounts Chapter 17 Interest on Mortgage Loan Reserve Accounts 7-17-1 Legislative intent. It is the intent of the Legislature that the provisions of this act govern the rights, duties and liabilities of borrowers

More information

Real Estate Settlement Procedures Act

Real Estate Settlement Procedures Act Background The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 USC 2601-17), which is implemented by the Department of Housing and Urban Development s Regulation X (24 CFR 3500), became effective

More information

Title 33: PROPERTY. Chapter 9: MORTGAGES OF REAL PROPERTY. Table of Contents

Title 33: PROPERTY. Chapter 9: MORTGAGES OF REAL PROPERTY. Table of Contents Title 33: PROPERTY Chapter 9: MORTGAGES OF REAL PROPERTY Table of Contents Subchapter 1. GENERAL PROVISIONS... 3 Section 501. FORMS... 3 Section 501-A. "POWER OF SALE"... 3 Section 502. ENTRY BY MORTGAGEE...

More information

CONSUMER LOAN BROKER ACT. 81-19-11. Investigation of applicant; issuance or denial of license; time limit for acting on applications.

CONSUMER LOAN BROKER ACT. 81-19-11. Investigation of applicant; issuance or denial of license; time limit for acting on applications. CONSUMER LOAN BROKER ACT Section 81-19-1. Short title. 81-19-3. Definitions. 81-19-5. License requirement; penalty for violation. 81-19-7. Exclusions from chapter coverage. 81-19-9. License application;

More information

BILL ANALYSIS. Senate Research Center S.B. 173 By: Patterson State Affairs 3-24-97 Committee Report (Amended)

BILL ANALYSIS. Senate Research Center S.B. 173 By: Patterson State Affairs 3-24-97 Committee Report (Amended) BILL ANALYSIS Senate Research Center S.B. 173 By: Patterson State Affairs 3-24-97 Committee Report (Amended) DIGEST Currently, the Texas Constitution prohibits the use of equity in a home for collateral

More information

Know The Rules Truth in Lending and Florida Compliance

Know The Rules Truth in Lending and Florida Compliance Know The Rules Truth in Lending and Florida Compliance Continuing Education for Florida Mortgage Professionals www.bookmarkeducation.com Know The Rules Truth in Lending and Florida Compliance A considerable

More information

Regulatory Practice Letter

Regulatory Practice Letter RPL Number 10-17 Financial Services Regulatory Practice Regulatory Practice Letter ADVISORY Amendments to Mortgage Loan Provisions under Regulation Z Executive Summary The Federal Reserve Board ( Fed )

More information

BROWN, FOWLER & ALSUP A Professional Corporation Attorneys at Law MEMORANDUM

BROWN, FOWLER & ALSUP A Professional Corporation Attorneys at Law MEMORANDUM BROWN, FOWLER & ALSUP A Professional Corporation Attorneys at Law J. Alton Alsup 10333 Richmond, Suite 860 Telephone 713/468-0400 Board Certified in Residential Real Estate Law Texas Board of Legal Specialization

More information

John S. Allison, Commissioner Sections 1 11, 13 and 14 Effective on March 30, 2006 Section 12 Effective on July 1, 2006

John S. Allison, Commissioner Sections 1 11, 13 and 14 Effective on March 30, 2006 Section 12 Effective on July 1, 2006 STATE OF MISSISSIPPI DEPARTMENT OF BANKING AND CONSUMER FINANCE CONSUMER FINANCE DIVISION REGULATIONS FOR THE SMALL LOAN REGULATORY LAW AND SMALL LOAN PRIVILEGE TAX LAW John S. Allison, Commissioner Sections

More information

*HB0160S02* H.B. 160 2nd Sub. (Gray) LEGISLATIVE GENERAL COUNSEL 6 Approved for Filing: S.M. Snyder 6 6 02-10-04 4:26 PM 6

*HB0160S02* H.B. 160 2nd Sub. (Gray) LEGISLATIVE GENERAL COUNSEL 6 Approved for Filing: S.M. Snyder 6 6 02-10-04 4:26 PM 6 LEGISLATIVE GENERAL COUNSEL 6 Approved for Filing: S.M. Snyder 6 6 02-10-04 4:26 PM 6 H.B. 160 2nd Sub. (Gray) Representative Wayne A. Harper proposes the following substitute bill: 1 MORTGAGE ACT AMENDMENTS

More information

The CFPB Finalizes New Mortgage Servicing Rules

The CFPB Finalizes New Mortgage Servicing Rules A DV I S O RY April 2013 The CFPB Finalizes New Mortgage Servicing Rules On January 17, 2013, the Consumer Financial Protection Bureau (CFPB) finalized rules implementing the mortgage loan servicing requirements

More information

CFPB Mortgage Amendments. Get Caught Up!

CFPB Mortgage Amendments. Get Caught Up! CFPB Mortgage Amendments Get Caught Up! Agenda HPML Appraisal Requirements High Cost Mortgage QM Points and Fees QM Cure Provision HPML Escrow Requirements HMDA Revisions Loan Estimate Form Closing Disclosure

More information

LOAN INTEREST AND PROTECTION LAW Act of January 30, 1974 (P.L. 13, No. 6), as amended AN ACT

LOAN INTEREST AND PROTECTION LAW Act of January 30, 1974 (P.L. 13, No. 6), as amended AN ACT LOAN INTEREST AND PROTECTION LAW Act of January 30, 1974 (P.L. 13, No. 6), as amended AN ACT Regulating agreements for the loan or use of money; establishing a maximum lawful interest rate in the Commonwealth;

More information

11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT

11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT House Bill 338 By: Representative Bryant of the 160 th A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 To amend Title 44 of the Official Code of Georgia Annotated, relating to property,

More information

Construction Defect Action Reform Act

Construction Defect Action Reform Act COLORADO REVISED STATUTES Title 13. Courts and Court Procedure Damages Regulation of Actions and Proceedings Article 20. Actions Part 8. Construction Defect Actions for Property Loss and Damage Construction

More information

MLO COMPENSATION, REGULATION Z, AND DODD-FRANK ACT

MLO COMPENSATION, REGULATION Z, AND DODD-FRANK ACT MLO COMPENSATION, REGULATION Z, AND DODD-FRANK ACT Vermont Mortgage Bankers Association & Mortgage Bankers/Brokers Association of NH Mortgage Compliance Conference Thursday, March 3, 2011 Sean P. Mahoney

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

FOR PROPERTY LOSS AND DAMAGE 1

FOR PROPERTY LOSS AND DAMAGE 1 13-20-801. Short title Colorado Revised Statutes Title 13; Article 20; Part 8: CONSTRUCTION DEFECT ACTIONS FOR PROPERTY LOSS AND DAMAGE 1 This part 8 shall be known and may be cited as the Construction

More information

Helping Elderly Homeowners Victimized by Predatory Mortgage Loans

Helping Elderly Homeowners Victimized by Predatory Mortgage Loans Helping Elderly Homeowners Victimized by Predatory Mortgage Loans Equity-rich, cash poor elderly homeowners are an attractive target for unscrupulous mortgage lenders. Many elderly homeowners are on fixed

More information

TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS

TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS Residential Mortgage Origination: Adds a number of new regulations and requirements to mortgage loan originators. The bill requires originators to

More information

51ST LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2013

51ST LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2013 SENATE CORPORATIONS AND TRANSPORTATION COMMITTEE SUBSTITUTE FOR SENATE BILL ST LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, AN ACT RELATING TO PROPERTY; ENACTING THE MORTGAGE FAIR FORECLOSURE ACT;

More information

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Mortgage Fraud Table of Contents Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Reverse Mortgages Home Loan Law HOEPA Prevents For more information on Mortgage Fraud visit: You could

More information

SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014

SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014 SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014 Chapter 11: Refinances 11.1 Overview 11.2 Tribal Trust Land Documentation 11.3 No Cash-Out Refinance 11.4 Cash-Out Refinance

More information