Mortgage lenders or servicers; notice and additional time before foreclosure on high-risk loans. (SB797)

Introduced By

Sen. Phil Puckett (D-Tazewell)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


03/26/2008: Passed the General Assembly


02/25/2008Introduced at the request of Governor
02/25/2008Presented and ordered printed 089206802
02/25/2008Referred to Committee on Commerce and Labor
02/26/2008Introduced bill reprinted 089206802
02/27/2008Reported from Commerce and Labor (9-Y 5-N 1-A) (see vote tally)
02/29/2008Passed by for the day
03/03/2008Read first time
03/03/2008Engrossed by Senate
03/03/2008Constitutional reading dispensed (40-Y 0-N)
03/03/2008Passed Senate (40-Y 0-N)
03/04/2008Placed on Calendar
03/04/2008Read first time
03/04/2008Referred to Committee on Commerce and Labor
03/05/2008Impact statement from DPB (SB797)
03/06/2008Reported from Commerce and Labor with substitute (19-Y 3-N) (see vote tally)
03/06/2008Committee substitute printed 089632744-H1
03/07/2008Read third time
03/07/2008Committee substitute agreed to 089632744-H1
03/07/2008Engrossed by House - committee substitute SB797H1
03/07/2008Passed House with substitute (90-Y 4-N)
03/07/2008VOTE: --- PASSAGE (90-Y 4-N)
03/08/2008House substitute agreed to by Senate (40-Y 0-N)
03/24/2008Bill text as passed Senate and House (SB797ER)
03/24/2008Signed by Speaker
03/26/2008Signed by President
04/11/2008Governor's recommendation received by Senate