An Act to protect equity in real estate transactions
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, H.1332, aims to address shared appreciation mortgage agreements, which are a type of mortgage where the homeowner’s equity increases as the property value increases. The bill seeks to protect homeowners’ equity by regulating these agreements and ensuring fairness in real estate transactions. It was referred to the Committee on Financial Services and subsequently heard, with multiple rescheduling adjustments to the hearing date and location.
Key provisions
- Addresses shared appreciation mortgage agreements.
- Seeks to protect homeowner equity.
- Likely involves regulations related to these mortgage agreements.
- The bill was subject to multiple rescheduling of hearings.
Who is affected
- Homeowners
- Mortgage lenders
- Real estate investors
- Financial Services sector
Notable changes
- Focuses on shared appreciation mortgage agreements.
- Potentially introduces regulations for this specific type of mortgage.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Jeffrey Rosario Turco
Cosponsor
Jeffrey Rosario Turco
Arguments
Reasons offered for and against this legislation.
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