Real estate loans; disclosure of terms of mortgage application. (HB123)
Introduced By
Del. Danny Marshall (R-Danville)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Mortgage loan applications. Deletes the requirement that a residential mortgage lender's or broker's disclosure statement state that all the loan terms not legally locked in are subject to change until settlement and qualifies the requirement to describe when the interest, points, and fees will be locked in to those loans for which such terms will be locked in. The measure will conform disclosure statement requirements to a federal rule that, effective October 3, 2015, requires that closing disclosures that reflect the actual loan terms be provided to the consumer no later than three business days before consummation of the loan. Read the Bill »
Outcome
Bill Has Passed
History
| Date | Action |
|---|---|
| 12/16/2015 | Committee |
| 12/16/2015 | Prefiled and ordered printed; offered 01/13/16 16101534D |
| 12/16/2015 | Referred to Committee on Commerce and Labor |
| 01/06/2016 | Impact statement from SCC (HB123) |
| 01/19/2016 | Reported from Commerce and Labor (21-Y 0-N) (see vote tally) |
| 01/21/2016 | Read first time |
| 01/25/2016 | Read second time and engrossed |
| 01/26/2016 | Read third time and passed House BLOCK VOTE (98-Y 0-N) |
| 01/26/2016 | VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally) |
| 01/27/2016 | Constitutional reading dispensed |
| 01/27/2016 | Referred to Committee on Commerce and Labor |
| 02/22/2016 | Reported from Commerce and Labor (15-Y 0-N) (see vote tally) |
| 02/24/2016 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
| 02/25/2016 | Read third time |
| 02/25/2016 | Passed Senate (40-Y 0-N) (see vote tally) |
| 02/29/2016 | Enrolled |
| 02/29/2016 | Bill text as passed House and Senate (HB123ER) |
| 02/29/2016 | Signed by Speaker |
| 03/01/2016 | Impact statement from SCC (HB123ER) |
| 03/03/2016 | Signed by President |
| 03/04/2016 | Enrolled Bill communicated to Governor on 3/4/16 |
| 03/04/2016 | G Governor's Action Deadline Midnight, March 11, 2016 |
| 03/11/2016 | G Approved by Governor-Chapter 328 (effective 7/1/16) |
| 03/11/2016 | G Acts of Assembly Chapter text (CHAP0328) |