Introduced
by
To establish that a purchaser or assignee of a high-cost (subprime) home loan can be sued by a borrower for violations of the state subprime mortgage regulations in the same way that the orignal lender could be sued. The bill defines allowable damages and establishes actions that may limit the loan-holder's liability. The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310 (HB 5295 in particular).
Referred to the Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details based on extensive testimony and "fine tuning." The main substance of the bill as previously described is not changed.
The substitute passed by voice vote
Amendment offered
by
To cap the "reasonable attorney fees" that are among the allowble damages a borrower can collect at 10 percent of the total damages.
The amendment failed by voice vote
Amendment offered
by
To exempt mortgage holders from the liability the bill establishes if the borrower is an illegal alien.
The amendment passed 79 to 30 (details)
Amendment offered
by
To tie-bar the bill to a package of Republican bills limiting the imposition of some special assessments, increasing penalties for mortgage fraud, and repealing the .75 percent real estate transfer tax (House Bills 4264, 4409 - 4411, 5642-5647, 6128 and 6129). "Tie-bar" means this bill cannot become law unless those ones do also.
The amendment failed by voice vote
Passed in the House 72 to 37 (details)
To establish that a purchaser or assignee of a high-cost (subprime) home loan can be sued by a borrower for violations of the state subprime mortgage regulations in the same way that the orignal lender could be sued. The bill defines allowable damages and establishes actions that may limit the loan-holder's liability. The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310.
Referred to the Committee on Banking and Financial Institutions
