BILL · 2007–08 SESSION · LATEST VERSION SHB 3319
HB 3319: Residential mortgage loans
Addressing residential mortgage loans.
Summary
- Requires a mortgage broker to act in the utmost good faith toward a borrower. A mortgage broker is prohibited from receiving undisclosed compensation.
- Requires lenders making a residential mortgage loan must use sound underwriting principles.
- Limits prepayment penalties to 60 days prior to the initial reset period of an adjustable rate mortgage. In no case may a penalty exceed three years after the date of the closing of the loan.
From the House Bill Report (HB 3319), written by the Legislature's nonpartisan staff. Read the full report ↗
Did not pass Did not pass · stalled on the House floor
- IntroducedJan 30, 2008
- Out of committeeFeb 6, 2008
- Passed Housestopped here
- Passed Senate
- Governor
- Law
- Prime sponsor
- Steve Kirby (D-29)
- Introduced
- January 30, 2008 in the House
- Last action
- February 19, 2008
- Budget
- Has a fiscal note
- Versions
- HB 3319, SHB 3319
AN ACT Relating to residential mortgage loans;
Sponsors
Prime sponsor: Steve Kirby (D-29)
Votes
No recorded floor votes.
History
- Returned to Rules Committee for second reading. (SHB 3319)
- Returned to Rules Committee for second reading.
- Placed on second reading by Rules Committee. (SHB 3319)
- Placed on second reading by Rules Committee.
- Passed to Rules Committee for second reading. (SHB 3319)
- Passed to Rules Committee for second reading.
- IFCP - Majority; 1st substitute bill be substituted, do pass. (SHB 3319)
- Minority; do not pass. (SHB 3319)
- IFCP - Executive action taken by committee.
- Minority; do not pass.
- IFCP - Majority; 1st substitute bill be substituted, do pass.
- First reading, referred to Insurance, Financial Services & Consumer Protection.
HB 3319 in other sessions
Bill numbers restart every two years, so the same number is a different bill in each session.
- HB 3319 (2005–06) Clean indoor act