Mortgage loans; evidence of legal presence required. (HB156)
Introduced By
Del.
Paul Nichols (D-Woodbridge)
Paul Nichols
(D-Woodbridge)
Served: 2008–
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Mortgage loans; legal presence; penalty. Makes it unlawful for any person to make a loan secured by a mortgage or deed of trust on real estate located in the Commonwealth to an individual unless the individual, prior to settlement, has provided evidence of legal presence. The lender is further required to keep copies of the evidence of legal presence for at least three years. Violators are subject to a fine of not more than $10,000. View Full Text »
Outcome
Bill Has Failed
View Bill's History
Video
Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/23/2008 and 01/23/2008.
Comments
This is another piece of legislation that seeks to turn untrained members of the business community into immigration enforcement officers and to impose new regulatory and paperwork burdens on small businesses that are not justified by a corresponding benefit.
No one can currently get a mortgage without a social security number. Only citizens and lawful permanent residents can legally get social security numbers.
Mortgage lenders are not trained to detemine what someone's legal status is nor to ascertain whether documents presented are fraudulent.
Before we impose additional paperwork burdens and personnel and training requirements on banks and small businesses, there should, at least, be some evidence that doing so will yield specific defined positive benefits that outweigh the regulatory costs imposed.