Mortgage loan servicing practices; prohibits certain actions, penalty. (SB145)

Introduced By

Sen. Creigh Deeds (D-Bath)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Mortgage loan servicing practices; penalties. Prohibits persons that service mortgage loans from taking certain actions with respect to mortgage loans, including failing to apply promptly to the loan payments made in accordance with the terms of the loan agreement and taking actions for the primary purpose of creating a default under the terms of a mortgage loan. A violation constitutes a Class 1 misdemeanor. The State Corporation Commission is authorized to conduct investigations. The measure does not apply to banks or savings institutions or their subsidiaries or affiliates. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2006Prefiled and ordered printed; offered 01/11/06 064375724
01/10/2006Referred to Committee on Commerce and Labor
01/27/2006Fiscal impact statement from DPB (SB145)
02/13/2006Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
02/13/2006Committee substitute printed 062766724-S1
02/14/2006Read second time
02/14/2006Committee substitute rejected 062766724-S1
02/14/2006Floor substitute printed 062767724-S2 (Deeds)
02/14/2006Reading of substitute waived
02/14/2006Substitute by Senator Deeds agreed to 062767724-S2
02/14/2006Engrossed by Senate - floor substitute SB145S2
02/14/2006Constitutional reading dispensed (40-Y 0-N)
02/14/2006Passed Senate (40-Y 0-N)
02/14/2006VOTE: (40-Y 0-N) (see vote tally)
02/14/2006Communicated to House
02/15/2006Placed on Calendar
02/15/2006Read first time
02/15/2006Referred to Committee on Commerce and Labor
02/19/2006Fiscal impact statement from DPB (SB145S2)
03/06/2006Continued to 2007 in Commerce and Labor