Real estate loans; disclosure of terms of mortgage application. (HB123)

Introduced By

Del. Danny Marshall (R-Danville)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Passed


12/16/2015Prefiled and ordered printed; offered 01/13/16 16101534D
12/16/2015Referred to Committee on Commerce and Labor
01/06/2016Impact statement from SCC (HB123)
01/19/2016Reported from Commerce and Labor (21-Y 0-N) (see vote tally)
01/21/2016Read first time
01/25/2016Read second time and engrossed
01/26/2016Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/26/2016VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
01/27/2016Constitutional reading dispensed
01/27/2016Referred to Committee on Commerce and Labor
02/22/2016Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/24/2016Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/25/2016Read third time
02/25/2016Passed Senate (40-Y 0-N) (see vote tally)
02/29/2016Bill text as passed House and Senate (HB123ER)
02/29/2016Signed by Speaker
03/01/2016Impact statement from SCC (HB123ER)
03/03/2016Signed by President
03/04/2016Enrolled Bill communicated to Governor on 3/4/16
03/04/2016G Governor's Action Deadline Midnight, March 11, 2016
03/11/2016G Approved by Governor-Chapter 328 (effective 7/1/16)
03/11/2016G Acts of Assembly Chapter text (CHAP0328)