Kyle Brown
- Democratic
- Representative
- District 12
Primary
Under current law, the borrower in a reverse mortgage transaction is relieved of the obligation to occupy the subject property as a principal residence (principal-residence requirement) if the borrower is temporarily absent for up to 60 days or, if the property is adequately secured, for up to one year. The act adds a third exception to the principal-residence requirement to cover situations in which a natural disaster or other serious incident beyond the borrower's control (force majeure) renders the property uninhabitable, in which case the reverse mortgage does not become due and payable if: The borrower is engaged in repairing the home with the intent of reoccupying the home as a principal residence or selling the home; The borrower stays in communication with the lender while the home is being repaired; The borrower complies with all other terms and conditions of the reverse mortgage; and Repairing or rebuilding of the home does not reduce the lender's security. The act requires that the lender disclose these conditions suspending the repayment requirement on a reverse mortgage due to a force majeure to the borrower in writing at the time of closing. APPROVED by Governor June 7, 2023 EFFECTIVE June 7, 2023(Note: This summary applies to this bill as enacted.)
Governor Signed
Sent to the Governor
Signed by the President of the Senate
Signed by the Speaker of the House
Senate Third Reading Passed - No Amendments
Senate Second Reading Passed - No Amendments
Senate Second Reading Laid Over Daily - No Amendments
Senate Committee on Local Government & Housing Refer Unamended to Senate Committee of the Whole
Introduced In Senate - Assigned to Local Government & Housing
House Third Reading Passed - No Amendments
House Third Reading Laid Over Daily - No Amendments
House Second Reading Special Order - Passed with Amendments - Committee, Floor
House Committee on Transportation, Housing & Local Government Refer Amended to House Committee of the Whole
Introduced In House - Assigned to Transportation, Housing & Local Government
| Bill Text Versions | Format |
|---|---|
| Signed Act (06/07/2023) | |
| Final Act (05/05/2023) | |
| Rerevised (04/27/2023) | |
| Revised (04/26/2023) | |
| Reengrossed (04/17/2023) | |
| Engrossed (04/14/2023) | |
| Introduced (03/27/2023) | |
| PA1 (04/12/2023) | |
| Committee Amendment |
| Document | Format |
|---|---|
| Fiscal Note FN1 (04/04/2023) | |
| Fiscal Note FN2 (04/19/2023) | |
| Fiscal Note FN3 (08/03/2023) |
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