2001 REGULAR SESSION (71st) A AB447 442
ASSEMBLY ACTION Initial and Date |SENATE ACTION Initial and Date
Adopted Lost | Adopted Lost
Concurred In Not |Concurred In Not
Receded Not | Receded Not
Amend sec. 11, page 2, by deleting line 12 and inserting:
“Sec. 11. It is an unfair lending practice for a lender to:
1. Require a”.
Amend sec. 11, page 2, by deleting lines 17 through 40 and inserting:
“2. Knowingly or intentionally make a home loan to a borrower based solely upon the equity of the borrower in the home property and without determining that the borrower has the ability to repay the home loan from other assets.
3. Finance a prepayment fee or penalty in connection with the refinancing of an existing home loan.
4. Finance, directly or indirectly in connection with a home loan, any credit insurance, life insurance, disability insurance, health insurance, involuntary unemployment insurance or any other similar form of insurance premiums, unless, before the borrower executes the financing documents, the lender completes and executes, and the borrower executes, a notice in substantially the following form:
INSURANCE NOTICE TO BORROWERS
You have indicated that you are electing to purchase insurance in conjunction with this loan. THE COST OF THIS INSURANCE is being PREPAID AND FINANCED AT THE INTEREST RATE PROVIDED FOR THIS LOAN. THE INSURANCE IS NOT REQUIRED as a condition of closing this loan, but has been included with the loan at your request.
YOU HAVE THE RIGHT TO CANCEL THIS INSURANCE AFTER PURCHASE.
THE COST OF THIS INSURANCE WITHOUT FINANCING IS __________.
THE COST OF THIS INSURANCE WITH FINANCING IS __________.
YOUR REGULAR MORTGAGE PAYMENT WITHOUT THIS INSURANCE WOULD BE $__________ EACH MONTH, AS COMPARED TO A MONTHLY MORTGAGE PAYMENT OF $__________ WHEN THE INSURANCE IS ADDED TO THE AMOUNT YOU ARE BORROWING AND FINANCED AS A PART OF YOUR MORTGAGE, A DIFFERENCE OF $__________ EACH MONTH.
________________________
(Signature of Lender)
________________________
(Signature of Borrower)”.
Amend sec. 12, page 2, line 41, after “12.” by inserting “1.”.
Amend sec. 12, page 2, by deleting line 42 and inserting:
“described in this chapter is guilty of a misdemeanor.
2. If, on or after October 1, 2001, a lender engages in any unfair lending practice described in this chapter in connection with a home loan, the home property for which the mortgage, deed of trust or other instrument was given as security for the repayment of the home loan shall be deemed to be exempt from:
(a) Any foreclosure sale, trustee’s sale or other sale to enforce the home loan; and
(b) Any execution issued upon a judgment to enforce the home loan.”.
Amend sec. 13, page 2, line 44, by deleting “prohibited by” and inserting “described in”.
Amend the bill as a whole by renumbering sections 16 through 18 as sections 17 through 19 and adding a new section designated sec. 16, following sec. 15, to read as follows:
“Sec. 16. NRS 21.090 is hereby amended to read as follows:
21.090 1. The following property is exempt from execution, except as otherwise specifically provided in this section:
(a) Private libraries not to exceed $1,500 in value, and all family pictures and keepsakes.
(b) Necessary household goods, as defined in 16 C.F.R. § 444.1(i) as that section existed on January 1, 1987, and yard equipment, not to exceed $3,000 in value, belonging to the judgment debtor to be selected by him.
(c) Farm trucks, farm stock, farm tools, farm equipment, supplies and seed not to exceed $4,500 in value, belonging to the judgment debtor to be selected by him.
(d) Professional libraries, office equipment, office supplies and the tools, instruments and materials used to carry on the trade of the judgment debtor for the support of himself and his family not to exceed $4,500 in value.
(e) The cabin or dwelling of a miner or prospector, his cars, implements and appliances necessary for carrying on any mining operations and his mining claim actually worked by him, not exceeding $4,500 in total value.
(f) Except as otherwise provided in paragraph (o), one vehicle if the judgment debtor’s equity does not exceed $4,500 or the creditor is paid an amount equal to any excess above that equity.
(g) For any pay period, 75 percent of the disposable earnings of a judgment debtor during that period, or for each week of the period 30 times the minimum hourly wage prescribed by section 6(a)(1) of the federal Fair Labor Standards Act of 1938 , 29 U.S.C. § 206(a)(1), and in effect at the time the earnings are payable, whichever is greater. Except as otherwise provided in paragraphs (n), (r) and (s), the exemption provided in this paragraph does not apply in the case of any order of a court of competent jurisdiction for the support of any person, any order of a court of bankruptcy or of any debt due for any state or federal tax. As used in this paragraph, “disposable earnings” means that part of the earnings of a judgment debtor remaining after the deduction from those earnings of any amounts required by law, to be withheld.
(h) All fire engines, hooks and ladders, with the carts, trucks and carriages, hose, buckets, implements and apparatus thereunto appertaining, and all furniture and uniforms of any fire company or department organized under the laws of this state.
(i) All arms, uniforms and accouterments required by law to be kept by any person, and also one gun, to be selected by the debtor.
(j) All courthouses, jails, public offices and buildings, lots, grounds and personal property, the fixtures, furniture, books, papers and appurtenances belonging and pertaining to the courthouse, jail and public offices belonging to any county of this state, all cemeteries, public squares, parks and places, public buildings, town halls, markets, buildings for the use of fire departments and military organizations, and the lots and grounds thereto belonging and appertaining, owned or held by any town or incorporated city, or dedicated by the town or city to health, ornament or public use, or for the use of any fire or military company organized under the laws of this state and all lots, buildings and other school property owned by a school district and devoted to public school purposes.
(k) All money, benefits, privileges or immunities accruing or in any manner growing out of any life insurance, if the annual premium paid does not exceed $1,000. If the premium exceeds that amount, a similar exemption exists which bears the same proportion to the money, benefits, privileges and immunities so accruing or growing out of the insurance that the $1,000 bears to the whole annual premium paid.
(l) The homestead as provided for by law, including a homestead for which allodial title has been established and not relinquished and for which a waiver executed pursuant to NRS 115.010 is not applicable.
(m) The dwelling of the judgment debtor occupied as a home for himself and family, where the amount of equity held by the judgment debtor in the home does not exceed $125,000 in value and the dwelling is situate upon lands not owned by him.
(n) All property in this state of the judgment debtor where the judgment is in favor of any state for failure to pay that state’s income tax on benefits received from a pension or other retirement plan.
(o) Any vehicle owned by the judgment debtor for use by him or his dependent that is equipped or modified to provide mobility for a person with a permanent disability.
(p) Any prosthesis or equipment prescribed by a physician or dentist for the judgment debtor or a dependent of the debtor.
(q) Money, not to exceed $500,000 in present value, held in:
(1) An individual retirement arrangement which conforms with the applicable limitations and requirements of 26 U.S.C. § 408;
(2) A written simplified employee pension plan which conforms with the applicable limitations and requirements of 26 U.S.C. § 408;
(3) A cash or deferred arrangement which is a qualified plan pursuant to the Internal Revenue Code; and
(4) A trust forming part of a stock bonus, pension or profit-sharing plan which is a qualified plan pursuant to sections 401 et seq. of the Internal Revenue Code , [(] 26 U.S.C. §§ 401 et seq. [).]
(r) All money and other benefits paid pursuant to the order of a court of competent jurisdiction for the support, education and maintenance of a child, whether collected by the judgment debtor or the state.
(s) All money and other benefits paid pursuant to the order of a court of competent jurisdiction for the support and maintenance of a former spouse, including the amount of any arrearages in the payment of such support and maintenance to which the former spouse may be entitled.
2. Except as otherwise provided in NRS 115.010[,] and section 12 of this act, no article or species of property mentioned in this section is exempt from execution issued upon a judgment to recover for its price, or upon a judgment of foreclosure of a mortgage or other lien thereon.
3. Any exemptions specified in subsection (d) of section 522 of the Bankruptcy Act of 1978 [(92 Stat. 2586)] , 11 U.S.C. § 522(d), do not apply to property owned by a resident of this state unless conferred also by subsection 1, as limited by subsection 2, of this section.”.
Amend sec. 16, page 3, by deleting lines 25 and 26 and inserting:
“690A.100 [The] Except as otherwise provided in subsection 4 of section 11 of this act, the premium or other”.
Amend sec. 17, page 3, by deleting lines 31 and 32 and inserting:
“690A.110 The premium or cost of”.
Amend sec. 17, page 3, line 36, after “transaction, and” by inserting:
“, except as otherwise provided in sections 2 to 15, inclusive, of this act,”.