2001 REGULAR SESSION (71st)                                                                       A AB447 R1 928

Amendment No. 928

 

Senate Amendment to Assembly Bill No. 447  First Reprint                                                (BDR 52‑440)

Proposed by: Committee on Commerce and Labor

Amendment Box: Replaces Amendment No. 868.

Resolves Conflicts with: N/A

Amends:         Summary:               Title:               Preamble:               Joint Sponsorship:

 

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. 6, page 1, by deleting lines 20 and 21 and inserting:

     “Sec. 6. “Home loan” means a consumer credit transaction that:

     1.  Is secured by a mortgage loan which involves real property located within this state; and

     2.  Constitutes a mortgage under § 152 of the Home Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1602(aa), and the regulations adopted by the Board of Governors of the Federal Reserve System pursuant thereto, including, without limitation, 12 C.F.R. § 226.32.”.

     Amend the bill as a whole by deleting sections 7 and 8 and inserting:

     “Secs. 7 and 8.  (Deleted by amendment.)”.

     Amend sec. 11, page 2, line 20, by deleting “assets.” and inserting:

“assets, including, without limitation, income.”.

     Amend sec. 11, page 2, by deleting line 22 and inserting:

“refinancing by the original borrower of a home loan owned by the lender or an affiliate of the lender.”.

     Amend sec. 11, page 2, line 40, by deleting “WITHOUT FINANCING”.

     Amend sec. 11, page 2, by deleting lines 42 and 43.

     Amend sec. 12, page 3, line 11, after “lender” by inserting “willfully”.

     Amend sec. 12, page 3, by deleting lines 13 through 18 and inserting:

“loan, the lender is liable to the borrower in an amount equal to the sum of:

     (a) Three times the amount of actual damages sustained by the borrower; and

     (b) If an action brought by the borrower is successful in enforcing the liability imposed by paragraph (a), the costs of bringing the action and reasonable attorney’s fees as determined by the court.

     3.  The borrower has a defense against the unpaid obligation of the home loan to the extent of any amount awarded by a court pursuant to paragraph (a) of subsection 2, and the court, in addition to any other legal or equitable remedy, may cure any existing default of the home loan and cancel any pending foreclosure sale, trustee’s sale or other sale to enforce the home loan.”.

     Amend sec. 13, page 3, by deleting lines 22 through 24 and inserting:

“general in an amount not to exceed $5,000.”.

     Amend the bill as a whole by deleting sections 15 and 16 and inserting:

     “Secs. 15 and 16.  (Deleted by amendment.)”.

     Amend the bill as a whole by adding a new section designated sec. 18.5, following sec. 18, to read as follows:

     “Sec. 18.5. The provisions of this act apply only to home loans entered into on or after October 1, 2001.”.