Did not become law. It stopped in the House of Representatives's Banking Committee on February 17, 2005. The 2005 session has ended.
2005 Regular Session
House Bill 6695
AN ACT PROHIBITING ABUSIVE PRACTICES IN THE MAKING OF REVERSE ANNUITY MORTGAGE LOANS.
What it does
The synopsis the General Assembly published with the bill.
To (1) prohibit any person from offering a reverse annuity mortgage loan that (A) authorizes the mortgage lender to take an interest in the appreciated value of the home, (B) assesses a maturity fee, or (C) assesses a prepayment penalty in excess of three per cent of the borrowed amount if paid off in the first year, two per cent of the borrowed amount if paid off in the second year, and one per cent of the borrowed amount if paid off in the third year, and (2) require the mortgage lender to notify consumers that they may wish to contact an independent housing counselor if they are unsure about whether to rescind the reverse annuity mortgage loan.
Sponsors
Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.
In the House of Representatives
Sponsor
Its course
February 10 to February 17, 2005, on one scale. In the top row each mark is a day something happened; taller marks are busier days.
Each committee stop sits inside its chamber.
Every action2 actions on 2 days
In the House of RepresentativesFeb 10 to Feb 17 · stopped7 days
Banking CommitteeFeb 10 to Feb 17 · stopped7 days
Text
Each version as the General Assembly printed it.
l9n doesn't hold this bill's text yet.
What happened
In l9n's words, one line for each step. Every action as the General Assembly published it is below.
In the House of Representatives Feb 10 – Feb 17
- Feb 10Introduced and sent to Banking Committee
- Feb 17Heard in Banking Committee
All 2 actions, as published
- Feb 10REF. TO JOINT COMM. ONBoth houses
- Feb 17PUBLIC HEARINGBoth houses