Mortgage lenders or servicers; notice and additional time before foreclosure on high-risk loans. (SB797)
Introduced By
Sen. Phil Puckett (D-Tazewell)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
High-risk mortgage lenders or servicers; 10 days' notice; 30 days' forbearance. Requires high-risk mortgage lenders or servicers to provide written notice of the intention to send a notice to accelerate the repayment of the loan 10 business days prior to sending the notice of acceleration. If an obligor indicates the desire to avoid foreclosure, the high-risk mortgage lender or servicer shall give the obligor 30 calendar days' forbearance. Read the Bill »
Status
03/26/2008: Passed the General Assembly
History
Date | Action |
---|---|
02/25/2008 | Introduced at the request of Governor |
02/25/2008 | Presented and ordered printed 089206802 |
02/25/2008 | Referred to Committee on Commerce and Labor |
02/26/2008 | Introduced bill reprinted 089206802 |
02/27/2008 | Reported from Commerce and Labor (9-Y 5-N 1-A) (see vote tally) |
02/29/2008 | Passed by for the day |
03/03/2008 | Read first time |
03/03/2008 | Engrossed by Senate |
03/03/2008 | Constitutional reading dispensed (40-Y 0-N) |
03/03/2008 | Passed Senate (40-Y 0-N) |
03/04/2008 | Placed on Calendar |
03/04/2008 | Read first time |
03/04/2008 | Referred to Committee on Commerce and Labor |
03/05/2008 | Impact statement from DPB (SB797) |
03/06/2008 | Reported from Commerce and Labor with substitute (19-Y 3-N) (see vote tally) |
03/06/2008 | Committee substitute printed 089632744-H1 |
03/07/2008 | Read third time |
03/07/2008 | Committee substitute agreed to 089632744-H1 |
03/07/2008 | Engrossed by House - committee substitute SB797H1 |
03/07/2008 | Passed House with substitute (90-Y 4-N) |
03/07/2008 | VOTE: --- PASSAGE (90-Y 4-N) |
03/08/2008 | House substitute agreed to by Senate (40-Y 0-N) |
03/24/2008 | Enrolled |
03/24/2008 | Bill text as passed Senate and House (SB797ER) |
03/24/2008 | Signed by Speaker |
03/26/2008 | Signed by President |
04/11/2008 | Governor's recommendation received by Senate |