Relating to regulating mortgage loan servicers; declaring an emergency.
Catchline/Summary:
Charges mortgage loan servicer with duty of good faith and fair dealing toward borrower.Authorizes Department of Consumer and Business Services to adopt rules to regulate certain activities of persons that make mortgage loans.]
Charges mortgage loan servicer with duty of good faith and fair dealing toward borrower. Describes extent of duty.
Requires servicer to respond to and take action concerning borrower's qualified correspondence within certain time limits. Requires servicer to implement policies and procedures that enable servicer to respond to borrower promptly.
Requires servicer to credit payments to borrower's mortgage loan account on certain date. Prohibits servicer from charging late fee until after servicer credits payment to borrower's account.
Requires servicer to provide borrower with certain statements of account at fixed times and at borrower's request. Prescribes timing for and content of statements.
Requires servicer to maintain schedule of fees and charge only fees that are reasonable, that are for services rendered or costs incurred, that are authorized by mortgage loan agreement and that are not prohibited by law.
Requires servicer to inform borrower of and explain borrower's options for mortgage loan modification or other assistance in certain circumstances. Provides exceptions.
Requires servicer to submit certain reports to Director of Department of Consumer and Business Services and to keep certain books, records and other materials.
Prohibits servicer from violating provisions of Act and from taking or failing to take certain other actions. Provides that violation is unlawful practice subject to enforcement under Unlawful Trade Practices Act.
Becomes operative January 1, 2012.
Declares emergency, effective on passage.
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SB 826 Joint Committee On Ways and Means Subcommittee On Transportation and Economic Development
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