Did not become law. It stopped in the Senate's Banking Committee on February 23, 2006. The 2006 session has ended.
2006 Regular Session
Senate Bill 230
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 who can legally make a reverse annuity mortgage loan and who is under the supervision of the Banking Commissioner from offering a reverse annuity mortgage loan that (A) authorizes the mortgage lender to take an equity interest in the appreciated value of the home, or (B) assesses a maturity fee, (2) require the mortgage lender to notify consumers that they have a three-day right to rescind the reverse annuity mortgage loan and that state law requires consumers to obtain a review of such a loan from a housing counselor, (3) require that all borrowers obtain counseling concerning such loans, and (4) eliminate the reference to installments in the definition of 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 Senate
Sponsor
Its course
February 16 to February 23, 2006, 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 SenateFeb 16 to Feb 23 · stopped7 days
Banking CommitteeFeb 16 to Feb 23 · 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 Senate Feb 16 – Feb 23
- Feb 16Introduced and sent to Banking Committee
- Feb 23Heard in Banking Committee
All 2 actions, as published
- Feb 16REF. TO JOINT COMM. ONBoth houses
- Feb 23PUBLIC HEARINGBoth houses