Relating to reverse mortgage loan agreements; declaring an emergency.
Catchline/Summary:
Prohibits lender in reverse mortgage transaction from enforcing requirement to sell or transfer residential real property that secures reverse mortgage loan upon death of borrower for 12-month period following expiration of emergency period if relatives of deceased borrower occupy residential real property. Prohibits lender in reverse mortgage transaction from enforcing requirement to sell or transfer residential real property that secures reverse mortgage loan upon death of borrower for 12-month period following expiration of emergency period if relatives of deceased borrower occupy residential real property.
Sunsets one year following expiration of emergency period.
Declares emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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HB 3151 House Committee On Business and Labor
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