Real estate lending; creditworthiness of victims of Chinese drywall. (SB1284)

Introduced By

Sen. Jeff McWaters (R-Virginia Beach)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Failed


01/12/2011Prefiled and ordered printed; offered 01/12/11 11100558D
01/12/2011Referred to Committee on Commerce and Labor
01/18/2011Impact statement from SCC (SB1284)
01/31/2011Stricken at request of Patron in Commerce and Labor (14-Y 0-N) (see vote tally)


Jim Duncan writes:

How exactly could this bill prevent Bank of America, SunTrust, etc. from following their own guidelines?