CS/HB 845 (2010) -  Reverse Mortgage Loans

General Bill by Insurance, Business & Financial Affairs Policy Committee and Legg (CO-SPONSORS) Snyder
Reverse Mortgage Loans: Limits originating or making reverse mortgage loans to licensed mortgage lenders & mortgage brokers; specifies requirements for reverse mortgage loans; specifies loan limitations & parameters; authorizes mortgage lenders to impose & collect origination fee for reverse mortgage loans; specifies origination fee limitations; prohibits additional origination fees; provides for specified fees to be included in origination fee; requires mortgage lenders to provide borrowers specified loan information; provides additional lender requirements; prohibits lenders from requiring reverse mortgage loan applicants to purchase specified financial products; specifies prohibited reverse mortgage lender or broker activities; provides counseling & consumer education requirements for reverse mortgage lenders; specifies criterion for property to be owner-occupied; prohibits invalidation of arrangements, transfers, or liens under specified circumstances; preserves application of other existing civil remedies provided by law; authorizes FSC to adopt rules.
Effective Date: January 1, 2011
Last Event: Died on Second Reading Calendar on Friday, April 30, 2010 6:59 PM

Referred Committees and Committee Actions

House Referrals

Related Bills

Bill # Subject Relationship
Bill #: CS/SB 1532 Subject: Reverse Mortgage Loans [WPSC] Relationship: Similar

Bill Text

Staff Analysis

Chamber Committee
Chamber: House Committee: General Government Policy Council 4/15/2010 1:10:53 PM
Chamber: House Committee: General Government Policy Council 4/13/2010 1:08:55 PM
Chamber: House Committee: Policy Council 4/9/2010 4:46:20 PM
Chamber: House Committee: Policy Council 4/7/2010 4:50:30 PM
Chamber: House Committee: Insurance, Business & Financial Affairs Policy Committee 3/30/2010 2:46:02 PM
Chamber: House Committee: Insurance, Business & Financial Affairs Policy Committee 3/23/2010 5:46:27 PM

Vote History

(No Votes Recorded)

Bill History

Event Time Member Committee Ver.
Event: H Died on Second Reading Calendar Time: 04/30/2010 - 6:59 PM Member: Committee: Version: c1
Event: H Added to Second Reading Calendar Time: 04/15/2010 - 1:11 PM Member: Committee: Version: c1
Event: H Bill released to House Calendar Time: 04/15/2010 - 1:11 PM Member: Committee: Version: c1
Event: H Reported out of General Government Policy Council Time: 04/15/2010 - 1:11 PM Member: Committee: General Government Policy Council Version: c1
Event: H Favorable by General Government Policy Council Time: 04/14/2010 - 11:15 AM Member: Committee: General Government Policy Council Version: c1
Event: H Added to General Government Policy Council agenda Time: 04/12/2010 - 4:28 PM Member: Committee: General Government Policy Council Version: c1
Event: H Now in General Government Policy Council Time: 04/09/2010 - 5:01 PM Member: Committee: General Government Policy Council Version: c1
Event: H Reported out of Policy Council Time: 04/09/2010 - 5:01 PM Member: Committee: Policy Council Version: c1
Event: H Favorable by Policy Council Time: 04/09/2010 - 10:45 AM Member: Committee: Policy Council Version: c1
Event: H Added to Policy Council agenda Time: 04/07/2010 - 4:25 PM Member: Committee: Policy Council Version: c1
Event: H Now in Policy Council Time: 04/05/2010 - 11:35 AM Member: Committee: Policy Council Version: c1
Event: H Referred to General Government Policy Council Time: 04/05/2010 - 11:35 AM Member: Committee: General Government Policy Council Version: c1
Event: H Referred to Policy Council Time: 04/05/2010 - 11:35 AM Member: Committee: Policy Council Version: c1
Event: H 1st Reading Time: 03/30/2010 - 5:03 PM Member: Committee: Version: c1
Event: H CS Filed Time: 03/30/2010 - 2:51 PM Member: Committee: Version: c1
Event: H Laid on Table under Rule 7.20 Time: 03/30/2010 - 2:51 PM Member: Committee: Version: __
Event: H Reported out of Insurance, Business & Financial Affairs Policy Committee Time: 03/30/2010 - 2:47 PM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H Favorable with CS by Insurance, Business & Financial Affairs Policy Committee Time: 03/25/2010 - 6:00 PM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H Added to Insurance, Business & Financial Affairs Policy Committee agenda Time: 03/23/2010 - 4:20 PM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H 1st Reading Time: 03/02/2010 - 10:50 PM Member: Committee: Version: __
Event: H Now in Insurance, Business & Financial Affairs Policy Committee Time: 02/10/2010 - 1:06 PM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H Referred to General Government Policy Council Time: 02/10/2010 - 1:06 PM Member: Committee: General Government Policy Council Version: __
Event: H Referred to Policy Council Time: 02/10/2010 - 1:06 PM Member: Committee: Policy Council Version: __
Event: H Referred to Insurance, Business & Financial Affairs Policy Committee Time: 02/10/2010 - 1:06 PM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H Filed Time: 02/01/2010 - 2:17 PM Member: Legg Committee: Version: __

Statutes Referenced by this Bill

Statute Other Bill Citations
494.00297