Assembly Bill No. 399–Assemblymen Arberry,
Buckley, Williams and Anderson

 

March 17, 2003

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Referred to Committee on Ways and Means

 

SUMMARY—Makes appropriation for financial counseling for certain persons in danger of having residential mortgage foreclosed upon. (BDR S‑597)

 

FISCAL NOTE:  Effect on Local Government: No.

                           Effect on the State: Contains Appropriation not included in Executive Budget.

 

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

 

AN ACT relating to housing; making an appropriation to the Housing Division of the Department of Business and Industry to provide grants of money to nonprofit organizations to provide financial counseling to certain persons; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

 

1-1  Section 1. 1.  There is hereby appropriated from the State

1-2  General Fund to the Housing Division of the Department of

1-3  Business and Industry the sum of $250,000 to provide grants of

1-4  money to nonprofit organizations to pay the costs associated with

1-5  providing financial counseling to persons who are in danger of

1-6  having their residential mortgage foreclosed upon and to pay for

1-7  advertising the availability of the counseling.

1-8  2.  The Housing Division shall use the money appropriated by

1-9  subsection 1 to provide grants of money to nonprofit organizations

1-10  selected by the Housing Division. A nonprofit organization that

1-11  receives a grant of money shall use the money to:

1-12      (a) Provide financial counseling to persons who are in danger of

1-13  having their residential mortgage foreclosed upon, including,

2-1  without limitation, the presentation of information and strategies

2-2  that may facilitate the avoidance of foreclosure; and

2-3  (b) Advertise the availability of the financial counseling.

2-4  Sec. 2.  Any remaining balance of the appropriation made by

2-5  section 1 of this act must not be committed for expenditure after

2-6  June 30, 2005, andreverts to the State General Fund as soon as all

2-7  payments of money committed have been made.

2-8  Sec. 3.  This act becomes effective on July 1, 2003.

 

2-9  H