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State: |
Bill Summary: |
| California |
A.B. 485
Died pursuant to Art, IV, Sec. 10(c) of the Constitution, 2/2/04
Authorizes counties and cities that have a specified population and that have adopted findings indicating the presence of significant predatory lending practices in their jurisdictions to adopt ordinances providing protection greater than existing state law. |
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S.B. 503
Returned to secretary of senate pursuant to Joint Rule 56 2/2/04
Authorizes a licensed person, subject to the laws regulating covered loans, to make consumer loans on the same terms and conditions as any financial institution chartered under the laws of the United States or any operating subsidiary of a federally chartered financial institution. |
| Georgia |
H.B. 1171
Amends Chapter 6A of Title 7 of the Official Code of Georgia Annotated, the "Georgia Fair Lending Act," so as to revise certain definitions; provides for changes in limitations on late payment charges; clarifies what practices constitute flipping of home loans; repeals provisions concerning the limitation of the recovery of attorneys' fees and costs in certain actions; changes certain provisions concerning claims and defenses for violations of the Act; provides for certain exceptions and exemptions; repeals certain other exceptions and exemptions; repeals the authority of the Department of Banking and Finance to promulgate rules and regulations under the Act; repeals certain provisions concerning good faith reliance on guidance from the Department of Banking and Finance. |
| Illinois |
S.B. 2176
Passed Senate 3/25/04
Amends the Illinois Fairness in Lending Act. Makes a technical change in a section concerning the definitions. |
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S.B. 3317
Appropriates $1 from the General Revenue Fund to the Office of Banks and Real Estate for a study of predatory and abusive lending practices. |
| Indiana |
S.B. 456
Restricts certain lending acts and practices. Establishes the Homeowner Protection Unit under the attorney general. Provides enforcement procedures for deceptive mortgage acts. Establishes a $3 mortgage recording fee. Requires the Indiana Housing Finance Authority to provide home ownership training programs. Appropriates $75,000 to the legislative council to contract for a study of predatory lending and the high rate of foreclosure in Indiana. Establishes an interim study committee on mortgage lending policies. |
| Iowa |
S.C.R. 104
Provides for the establishment of a committee by the Legislative Council to conduct a study of predatory or subprime lending practices. |
| Kentucky |
H.B. 707
Amends KRS 360.100 to change the definition of "high-cost home loan" to include a loan whose terms exceed either of two thresholds; defines "total points and fees payable by the consumer at or before the loan closing," "points and fees," and "total loan amount"; provides that a lender cannot refinance, replace, or consolidate an existing home loan if the primary tangible benefit of the refinancing is an interest rate lower than the interest rate on debts satisfied or refinanced in connection with the home loan and it will take more than four years for the borrower to recoup the costs of the points and fees and other closing costs; provides that a person who successfully enforces the provisions of this section to be entitled to reasonable attorney's fee as determined by the court. |
| Louisiana |
H.B. 1176
Creates the Louisiana Predatory Lending Prevention Act; protects borrowers by prohibiting unfair or deceptive acts or practices when making home loans, by requiring disclosures, and by providing a cause of action against noncompliant lenders. |
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S.B. 286
Creates the "Predatory Lending Prevention Act" to regulate high-cost home loans for "borrowers," defined as any individual obligated to repay a loan, including coborrowers, cosigners, or guarantors. Prohibits a lender (defined as an entity which originates or acts as a mortgage broker for, more than five loans in a 12 month period) from (a) recommending or encouraging the non-payment of an existing loan or debt prior to, or in connection with, the closing of a home loan which refinances some or all of existing debt; (b) coercing, intimidating, or compensating an appraiser for the purpose of influencing his independent judgment; or (c) leaving blanks in any loan documents to be filled in after the borrower signs the document. Further prohibits the practice of financing credit insurance by requiring or allowing the advance collection of a premium for any credit life, credit disability, credit unemployment, or credit property insurance. Further prohibits a lender from utilizing specified practices in regards to high-cost loans. |
| Maryland |
H.B. 1481
Prohibits making specified home loans with rates in excess of specified percentages; prohibits steering in connection with specified home loans; prohibits the financing of specified insurance and payments for cancellations in home loans; prohibits a mortgage broker or affiliate from receiving specified payments except in a specified manner; establishes duties for mortgage brokers; establishes presumptions regarding fraud in connection with appraisals in connection with specified home loans. |
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H.B. 1537
Establishes a Task Force to Study Subprime Lending; provides for the membership of the Task Force; requires the governor to designate the chairman of the Task Force; provides that members of the Task Force may not receive compensation but are entitled to specified reimbursement; requires the Task Force to study specified issues and make recommendations; requires the Task Force to report its findings and recommendations to the governor and the General Assembly on or before June 30, 2005; and provides for the termination of the Act. |
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S.B. 878
Prohibits a contract for a loan secured by a mortgage or deed of trust on an interest in residential real property from requiring a borrower to pay a prepayment charge or penalty on a partial or full prepayment of the unpaid principal balance of the loan; prohibits a presently existing obligation or contract right from being impaired in any way by the Act; requires the Act to be construed to apply only prospectively. |
| Massachusetts |
H.B. 1617
Prevents unfair and deceptive home loan practices by financial institutions in the commonwealth. |
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H.B. 2732
Prohibits abuse practices in home mortgage lending. |
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H.B. 2915
Protects senior citizens from certain lending practices. |
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H.B. 4606
Prohibits abusive practices in home mortgage lending. |
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S.B. 24
Establishes protections against predatory lending in the home lending market. |
| Michigan |
H.B. 6291
Replaces the Consumer Mortgage Protection Act with the Home Loan Protection Act; prohibits certain lending practices; requires disclosure of certain information for home loans and high-cost home loans; prescribes certain duties and obligations of the lender in home loan or high-cost home loan transactions; prescribes penalties and provides for remedies. |
| Missouri |
S.B. 895
Regulates high-cost home loans and establishes certain lender reporting requirements. Prohibits specific practices with respect to high-cost home loans, including prepayment penalties, issuing high-cost loans stipulating negative amortization, loan flipping, making misleading statements about a residential home loan transaction, and compensating or intimidating appraisers to influence their judgment with regard to the value of the real estate. Deletes a portion of current law which prohibits the attorney general from moving forward with a unfair practice charge against a company under the supervision of the Department of Insurance, director of the Division of Credit Unions or the Division of Finance. Under this act, the attorney general's office will be able to proceed with charges against those companies. |
| New Hampshire |
S.B. 428
Passed Senate 2/12/04
Establishes a committee to study ways to protect consumers from unfair lending practices. |
| New Jersey |
A.B. 1360
Amends the New Jersey Home Ownership Security Act of 2002, which prohibits certain abusive lending practices commonly known as predatory lending. The current law includes in the calculation of "points and fees" certain fees paid to creditors, mortgage brokers and affiliates of creditors and mortgage brokers. Amends the definition of points and fees so that these fees, when paid to affiliates of creditors and mortgage brokers, will now be excluded from the calculation of points and fees. The calculation of points and fees payable in connection with a loan is one factor used to determine whether a loan is a covered home loan or a high-cost home loan subject to the prohibited lending practices set forth in the law. |
| New Mexico |
S.B. 473
Failed to pass Senate 2/10/04
Amends a section of the Home Loan Protection Act concerning the practice of flipping a home loan; repeals a section of that act concerning claims against certain persons. |
| New York |
A.B. 4391
Prohibits banking organizations originating loans secured by real property from engaging in practices with a "discriminatory effect;" defines "discriminatory effect" as underwriting or lending policy or practices whose total effect tends to cause or result in a prohibited discriminatory credit or banking practice unless such policy is necessary for a legitimate banking purpose. |
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A.B. 4980
Prohibits home improvement contractors from also acting on behalf of mortgage brokers; prohibits a mortgage broker from paying a home improvement contractor directly unless they perform their own inspection of the completed work. |
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A.B. 5057
Enacts the Home Equity Fraud Act to control improper activities by home improvement contractors and finance companies; prohibits mortgage brokers or agents from acting as home improvement contractors; provides additional protections for mortgagors and home owners. |
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A.B. 5167
Requires mortgage brokers to disclose to each applicant at or before the time of application all of their compensation (amount, nature, and source); makes them agents to the borrowers with fiduciary duties to them; prohibits certain misrepresentations as to services, identification, compensation and provides for punishment therefor; provides for criminal (felony imprisonment and/or fine) and civil (treble damages and attorney's fees) liability for violations of disclosure and other requirements; creates a defense to an action to foreclose a mortgage. |
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A.B. 6873
Makes a scheme to defraud a person in obtaining a credit loan secured by an interest in real property a felony; applies to reverse redlining situations; provides for various felony grades depending on the amount of money involved. |
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S.B. 269
Enacting clause stricken 1/12/04
Prohibits the state, its public authorities, its political subdivisions and districts from participating in business with financial institutions that engage in predatory lending or that facilitate predatory lending through the purchase, sale, securitization or underwriting of predatory loans; defines and relates to high cost home loans. |
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S.B. 3623
Imposes certain requirements with respect to permissible interest rate discounts, interest rate increases and the use of negative amortization provisions in alternative mortgage instruments and removes the statutory provisions on graduated payment mortgage instruments which currently limit such provisions to mortgages on one to six family units given by a natural person. |
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S.B. 3623
Imposes certain requirements with respect to permissible interest rate discounts, interest rate increases and the use of negative amortization provisions in alternative mortgage instruments and removes the statutory provisions on graduated payment mortgage instruments which currently limit such provisions to mortgages on one to six family units given by a natural person. |
| Ohio |
S.B. 205
Relates to civil penalties and advertisement requirements of licensed mortgage lenders; the application and civil penalties of the Mortgage Broker Law and duties and advertisements of mortgage brokers; the application of the Consumer Sales Practices Act relating to unfair and deceptive acts; the application, prohibitions, and civil penalties of the Consumer Credit Mortgage Loan Law and specifications about loans regulated under this law; and enacts consumer protection laws relating to mortgages. |
| Pennsylvania |
H.R. 166
Memorializes Congress to preserve state and local government authority to regulate predatory lending practices. |
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S.B. 1202
Amends the act that provides for the regulation and licensing of mortgage bankers and mortgage brokers; imposing additional powers and duties on the Department of Banking and the state Real Estate Commission; and providing penalties, further provides for licensee limitations, for legislative findings, for limitations on covered loan terms and practices and for civil liability. |
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S.R. 135
Urges the secretary of Banking to study residential lending practices in the state and submit a report to the General Assembly. |
| Tennessee |
H.B. 1757
S.B. 1853
Limits the period for prepayment penalty to no longer than 24 months after date of consummation of loan of $100,000 or less for home improvements to owner-occupied residence where residence is collateral for loan. |
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H.B. 2795
S.B. 2740
Clarifies that engaging in the practice of flipping a home loan by a lender constitutes an unfair or deceptive act or practice under the Tennessee Consumer Protection Act. |
| Wisconsin |
S.B. 509
Failed to pass pursuant to Senate Joint Resolution 1 3/31/04
Creates a subchapter of the statutes regulating certain consumer mortgage loans, defined as “covered loans.” |
