Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill changes the rules for secondary mortgage loans, specifically reverse mortgages. Currently, these loans require payments to be made in equal amounts and periods. This legislation exempts reverse mortgages from that requirement, allowing for more flexible payment schedules that can be tailored to borrowers’ income fluctuations. It amends existing state law to reflect this change.
Bill text
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Document of record
- Version
- Third Reading Reprint
- Published
- Not published in the source record
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Sponsors
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3 on record
Primary sponsors
Joseph Lagana
Robert Singer
Cosponsor
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