Relating to lending practices; declaring an emergency.
Catchline/Summary:
Requires lenders involved in residential property nontraditional mortgage products to ensure loan terms and underwriting standards for products and consider borrower's repayment capacity and risk mitigation factors. Requires lenders involved in residential property nontraditional mortgage products to ensure loan terms and underwriting standards for products and consider borrower's repayment capacity and risk mitigation factors. Requires lenders involved in residential property nontraditional mortgage products to establish risk management practices, maximum risk levels, controls, procedures and training programs to avoid lender over-reliance on nontraditional mortgage products. Requires disclosures by lender when soliciting, describing, offering, originating or servicing residential property nontraditional mortgage product.
Authorizes Director of Department of Consumer and Business Services to bring action to enjoin violation of provisions of Act. Authorizes court to impose fine of not more than $5,000 for each violation and to appoint receiver for person, or person's assets, who has violated any provision of Act.
Provides Director of Department of Consumer and Business Services with investigation and enforcement authority. Allows imposition of civil penalties for lender violations, not to exceed $5,000 per violation or $20,000 per continuing violation.
Creates private cause of action for damages.
Declares emergency, effective on passage.
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SB 965 House Committee On Elections, Ethics and Rules
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