Real estate lending; creditworthiness of victims of Chinese drywall. (SB1284)
Introduced By
Sen. Jeff McWaters (R-Virginia Beach)
Progress
✓ |
Introduced |
☐ |
Passed Committee |
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Passed House |
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Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Real estate lending; creditworthiness of victims of Chinese drywall. Prohibits any bank, savings institution, credit union, or licensed mortgage lender from making a detrimental decision with regard to a real estate loan application that has been submitted by an individual on the basis of the individual's credit history if, and to the extent that, the individual's credit history has been detrimentally affected by financial loss resulting from the individual's ownership of a dwelling that was damaged as a result of the use of Chinese drywall in its construction or in the making of repairs thereto. A lender who violates this prohibition shall be liable to the loan applicant for any actual damages he sustains. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/12/2011 | Prefiled and ordered printed; offered 01/12/11 11100558D |
01/12/2011 | Referred to Committee on Commerce and Labor |
01/18/2011 | Impact statement from SCC (SB1284) |
01/31/2011 | Stricken at request of Patron in Commerce and Labor (14-Y 0-N) (see vote tally) |
Comments
How exactly could this bill prevent Bank of America, SunTrust, etc. from following their own guidelines?