Thursday, July 24, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB156: Mortgage loans; evidence of legal presence required.
Chief Patron
Del.
Paul Nichols (D-51)
Paul Nichols
(D-51)
Woodbridge, VA
Served: 2008–
Progress
 |
Introduced |
 |
Passed Committee |
 |
Passed House |
|
Passed Senate |
|
Signed by Governor |
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Became Law |
Status
02/12/2008: Failed to Pass in Committee
Summary
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 »Video
Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/23/2008, 01/23/2008 and 02/12/2008.
Poll Results
6 votes
Tags
Bill Text
Related Bills
Status: Failed to Pass in Committee
Status: In Committee
Status: enacted
Status: Failed to Pass in Committee
Status: signed by governor
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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.