Introduced
by
To give the state Office of Financial and Insurance Regulation the power to extend the earliest date to begin foreclosure proceedings for up to 90 days, and to order the mortgage servicer and the borrower to participate in mediation. Along with Senate Bill 6614 the bill would impose new notice and record-keeping requirements on lenders or loan servicers before foreclosure proceedings could begin, and give courts the power to dismiss or delay a subprime mortgage foreclosure action if these are not met.
Referred to the Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that authorizes a 30 day extension before foreclosure proceedings, narrows the scope to only apply to mortgages from 2004 on, allows mediation to be dispensed with in hopeless cases, and more.
The substitute passed by voice vote
Passed in the House 65 to 36 (details)
To give the state Office of Financial and Insurance Regulation the power to extend the earliest date to begin foreclosure proceedings for up to 30 days, and to order the mortgage servicer and the borrower to participate in mediation. Along with Senate Bill 6614 the bill would impose new notice and record-keeping requirements on lenders or loan servicers before foreclosure proceedings could begin, and give courts the power to dismiss or delay a subprime mortgage foreclosure action if these are not met.
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
