HF 1225

FIRST ENGROSSMENT

Omnibus real property bill providing mortgage regulation, regulating homeowner transactions, prohibiting predatory lending practices, modifying other actions, prescribing criminal penalties, and providing remedies.

ARTICLE 1: MORTGAGES

Section 1: Sale of certain information prohibited language provided.

Section 2: Residential mortgage originator licensing requirements language modified.

Section 3: Residential mortgage servicer licensing requirements language modified.

Section 4: Exemptions from license language modified.

Section 5: Application contents language added.

Section 6: Waiver language provided.

Section 7: Exemption language modified.

Section 8: Amounts language modified.

Section 9: Examinations language provided.

Section 10: Education requirement language provided.

Section 11: Definitions language modified.

Section 12: Contract language added.

Section 13: Violations language added.

Section 14: Foreclosure reconveyance language modified.

Section 15: Foreclosure purchaser language modified.

Section 16: Residence in foreclosure language provided.

Section 17: Contract cancellation language modified.

Section 18: Notice of cancellation language modified.

Section 19: Prohibited practices language modified.

Section 20: Stay of eviction action language provided.

Section 21: Effective date; expiration language modified.

Section 22: License renewal extension language provided.

Section 24: Repealer language provided.

ARTICLE 2: PREDATORY LENDING

Section 1: Investment grade language provided.

Section 2: "Prime loan" definition provided.

Section 3: "Subprime loan" definition provided.

Section 4: "Fully indexed rate" language provided.

Section 5: Generally language added.

Section 6: Financed interest, points, finance charges, fees, and other charges language modified.

Section 7: Prepayment penalties language added.

Section 8: Disclosure requirements for certain residential mortgage originators language modified.

Section 9: Compliance language added.

Section 10: Mortgage broker fiduciary duties language provided.

Section 11: Mortgage broker duties of agency language provided.

Section 12: Criminal penalties for grossly unsuitable loans language provided.

Section 13: Private right of action language provided.

ARTICLE 3: MISCELLANEOUS PROVISIONS

Section 1: Remedies language added.

Section 2: Right of victims of domestic abuse to terminate lease language provided.

Section 3: Plats, donations, purpose, definitions language modified.

Section 4: Plat contents; survey; county surveyor approval language provided.

Section 5: City, town, and country approval language modified.

Section 6: Real estate taxes; recording; copies language modified.

Section 7: Public certified copies language modified.

Section 8: Requirements language modified.

Section 9: Area and value; how limited language modified.

Section 10: Limitations language modified.

Section 11: Action allowed; limitation language added.

Section 12: Order directing sale of real property language added.

Section 13: Sale of property language modified.

Section 14: Real property not subject to execution language provided.

Section 15: Notice of sale language added.

Section 16: Service on judgment debtor language modified.

Section 17: Report of sale of homestead on execution; confirmation; resale language provided.

Section 18: Certificate of sale realty language modified.

Section 19: Redemption of realty language added.

Section 20: Redemption by creditor language added.

Section 21: Repealer language provided.

Section 22: Effective date; application language provided.

JAJ 4/2/7