Introduced
by
To revise definitions in the law regulating consumer mortgages. In particular, the bill defines a "high-cost home loan" a loan where the terms of the loan exceed rate, points and or fee thresholds specified in House Bill 5296 (5 percent of the points and fees on a mortgage loan greater than $20,000, and on mortgages less than that, 8 percent or $1,000, whichever is lower). The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310.
Referred to the Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Amendment offered
by
To tie-bar the bill to a package of Republican bills limiting the imposition of some special assessments, increasing penalties for mortgage fraud, and repealing the .75 percent real estate transfer tax (House Bills 4264, 4409 - 4411, 5642-5647, 6128 and 6129). "Tie-bar" means this bill cannot become law unless those ones do also.
The amendment failed by voice vote
Amendment offered
by
To raise the threshold of what defines a "high cost mortgage".
The amendment failed by voice vote
Passed in the House 80 to 29 (details)
Referred to the Committee on Banking and Financial Institutions
