BILL · 2007–08 SESSION

SB 6728: Homeownership task force

Enacting the governor's homeownership security task force recommendations regarding responsible mortgage lending and homeownership.

Summary

Requires additional disclosure to mortgage borrowers.
Prohibits prepayment penalties that extend beyond 60 days prior to the initial reset of an adjustable rate mortgage in residential loans.
Prohibits negative amortization for a borrower in residential loans.
Prohibits the steering of consumers into higher cost loans.
Establishes the framework and penalties for crimes related to mortgage fraud.

From the House Bill Report (SB 6728), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House

AN ACT Relating to homeownership security, responsible mortgage lending, and improving protections for residential mortgage loan consumers;

Passed February 6, 2008

Version voted on: SB 6728

48 Yea 0 Nay 0 Absent 1 Excused

Party	Yea	Nay	Absent	Excused
Democrat	32	0	0	0
Republican	16	0	0	1

How each member voted

Mar 13, 2008By resolution, returned to Senate Rules Committee for third reading.
Feb 22, 2008Passed to Rules Committee for second reading.
Feb 21, 2008IFCP - Executive action taken by committee.
Feb 21, 2008IFCP - Majority; do pass.
Feb 7, 2008First reading, referred to Insurance, Financial Services & Consumer Protection.
Feb 6, 2008Third reading, passed; yeas, 48; nays, 0; absent, 0; excused, 1.
Feb 6, 2008Rules suspended. Placed on Third Reading.
Feb 6, 2008Placed on second reading by Rules Committee.
Jan 31, 2008Passed to Rules Committee for second reading.
Jan 31, 2008FI - Majority; do pass.
Jan 22, 2008First reading, referred to Financial Institutions & Insurance.

Bill numbers restart every two years, so the same number is a different bill in each session.

SB 6728 (2009–10) Electrical trainee training · Did not pass · died in committee
SB 6728 (2005–06) Seller's disclosure · Did not pass · stalled on the Senate floor
SB 6728 (2003–04) Hlth care provider/b & o tax · Did not pass · died in committee
SB 6728 (2001–02) Inmate work programs · Did not pass · died in committee
SB 6728 (1999–00) Aquatic lands · Did not pass · died in committee
SB 6728 (1997–98) Hop commodity commissions/tx · Enacted · Chapter 200, Laws of 1998
SB 6728 (1995–96) Thoroughbred industry/tax · Did not pass · died in committee