Relating to reverse mortgage loan agreements; declaring an emergency.
Summary
Prohibits lender in reverse mortgage transaction from enforcing requirement to sell or transfer residential real property that secures reverse mortgage loan upon death of borrower for 12-month period following expiration of emergency period if relatives of deceased borrower occupy residential real property. Sunsets one year following expiration of emergency period. Declares emergency, effective on passage.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2021
Committee Review
Floor Vote
Governor
Introduced Feb 9, 2021
Last action Jun 27, 2021
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
3
Key actions
1
Committee
2
Jun 27, 2021
Lower · Passed
In committee upon adjournment.
lower
Feb 12, 2021
Committee
Referred to Business and Labor.
lower
Feb 9, 2021
Introduced
First reading. Referred to Speaker's desk.
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
David Smith
RRepublican
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