Sara Feigenholtz
- Democratic
- Senator
- District 6
Amends the Residential Mortgage License Act of 1987. Provides that, prior to taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided specified counseling regardless of the county in which the property is located. Provides that the borrower may not waive counseling. Provides that the Secretary of Financial and Professional Regulation may adopt rules relating to shared appreciation agreements. Defines "shared appreciation agreement", and includes shared appreciation agreements within the definition of "Mortgage loan", "residential mortgage loan", or "home mortgage loan". Amends the Residential Real Property Disclosure Act. Provides that, for each loan for which the originator takes an application, the broker or originator must submit for inclusion in the predatory lending database whether the borrower has entered into a shared appreciation agreement. Provides that a borrower or borrowers subject to specified provisions shall be recommended for counseling if the Department of Financial and Professional Regulation finds the borrower or borrowers are all first-time homebuyers or refinancing a primary residence and the loan is a mortgage that includes a shared appreciation agreement. Effective immediately.
Governor Approved
Public Act . . . . . . . . . 103-1015
Effective Date January 1, 2025
Sent to the Governor
Passed Both Houses
Third Reading - Short Debate - Passed 110-000-000
Third Reading/Final Action Deadline Extended-9(b) May 24, 2024
Second Reading - Short Debate
Placed on Calendar Order of 3rd Reading - Short Debate
Placed on Calendar 2nd Reading - Short Debate
Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
Assigned to Financial Institutions and Licensing Committee
Referred to Rules Committee
First Reading
Third Reading - Passed; 059-000-000
Chief House Sponsor Rep. Margaret Croke
Arrived in House
Added as Co-Sponsor Sen. Mary Edly-Allen
Placed on Calendar Order of 3rd Reading **
Added as Co-Sponsor Sen. Laura M. Murphy
Senate Floor Amendment No. 2 Adopted
Placed on Calendar Order of 3rd Reading March 22, 2024
Second Reading
Senate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 008-000-000
Senate Floor Amendment No. 2 Assignments Refers to Judiciary
Senate Floor Amendment No. 2 Referred to Assignments
Senate Floor Amendment No. 2 Filed with Secretary by Sen. Sara Feigenholtz
Do Pass as Amended Judiciary; 009-000-000
Placed on Calendar Order of 2nd Reading March 14, 2024
Senate Committee Amendment No. 1 Adopted
Senate Committee Amendment No. 1 Postponed - Judiciary
Postponed - Judiciary
Senate Committee Amendment No. 1 Assignments Refers to Judiciary
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Sara Feigenholtz
Senate Committee Amendment No. 1 Referred to Assignments
Assigned to Judiciary
Filed with Secretary by Sen. Sara Feigenholtz
Referred to Assignments
First Reading
Bill Text Versions | Format |
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Introduced | HTML PDF |
Engrossed | HTML PDF |
Enrolled | HTML PDF |
Senate Amendment 001 | HTML PDF |
Senate Amendment 002 | HTML PDF |
Document | Format |
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Public Act |
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