SB 235 Modifies the law relating to residential real estate loan reporting
Sponsor: Cunningham
LR Number: 0983S.01T Fiscal Note available
Committee: Financial and Governmental Organizations and Elections
Last Action: 5/17/2013 - Signed by Governor Journal Page: S2426
Title: Calendar Position:
Effective Date: August 28, 2013
House Handler: Dugger

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Current Bill Summary


SB 235 - Currently, the directors of the Division of Finance and the Division of Credit Unions are required to examine and determine the number and total dollar amount of residential real estate loans originated, purchased, or foreclosed and the number of residential real estate loan applications denied by financial institutions with offices in counties or cities with a population over 250,000. The directors are required to conclude whether such institutions have violated state law and report such conclusions along with information required under the Federal Home Mortgage Disclosure Act to the Governor and the Director of the Department of Insurance Financial Institutions and Professional Registration. This act requires that the report only include the number and type of violation, a statement of enforcement actions taken, names of institutions found to be in violation, the number and nature of complaints received, and action taken on each complaint.

Currently, the division directors have the authority to conduct hearings when he or she has reason to believe there is a violation based on examination, investigation of a complaint, a report by the financial institution, or the contents of a public document. This act repeals the provision enumerating the basis for reasonable belief.

The act repeals a provision requiring that certain institutions that are not regulated by a division director file a report with the Division of Finance containing the number and dollar amount of residential real estate loans originated, purchased, or foreclosed.

This act is identical to HB 329 (2013).

CHRIS HOGERTY