2008 House Bill 552 (Involve state government in late homeowner mortgage payments)

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• Introduced by Rep. Tommy Thompson on February 14, 2008, to create a new state bureaucracy called Kentucky Homeownership Protection Center and require mortgage service companies to notify them when any of their mortgage customers are sixty days late on a mortgage payment. The bill requires the mortgage servicing companies to take various steps to avoid foreclosing on houses.
  • Referred to the House Banking and Insurance Committee on February 15, 2008.
  • Reported in the House on February 27, 2008, favorably, 1st reading, to Calendar.
  • Substitute offered in the House on February 27, 2008, to restore, but limit, allowable prepayment penalties on mortgages to a maximum of 3 percent the first year, 2 percent the second year, and 1 percent the third year. The substitute also prohibits prepayment penalties from being charged when the borrower refinances with the mortgage loan company that funded the mortgage.
  • The substitute passed in the House by voice vote on February 29, 2008.
• Passed in the House (87 to 0) on February 29, 2008, to create a new state bureaucracy called Kentucky Homeownership Protection Center and require mortgage service companies to notify them when any of their mortgage customers are sixty days late on a mortgage payment. The bill requires the mortgage servicing companies to take various steps to avoid foreclosing on houses. The bill also sets certain restrictions on allowable prepayment penalties. [Vote Details and Comments]
• Received in the Senate on March 3, 2008.
  • Referred to the Senate Banking and Insurance Committee on March 5, 2008.
  • Reported in the Senate on March 25, 2008, favorably, 2nd reading, to Rules.
  • Amendment offered by Sen. Dan Seum on March 26, 2008, to reduce the new fees and penalties in the bill.
  • The amendment passed in the Senate by voice vote on April 2, 2008.
  • Amendment offered by Sen. Tom Buford on April 1, 2008, to change the penalties for residential mortgage fraud to create a Class D felony for the first or second offense and a Class C felony for each subsequent offense.
  • The amendment passed in the Senate by voice vote on April 2, 2008.
• Passed in the Senate (36 to 0) on April 2, 2008, to create a new state bureaucracy called Kentucky Homeownership Protection Center and require mortgage service companies to notify them when any of their mortgage customers are sixty days late on a mortgage payment. The bill requires the mortgage servicing companies to take various steps to avoid foreclosing on houses. The bill also sets certain restrictions on allowable prepayment penalties. [Vote Details and Comments]
• Received in the House on April 2, 2008.
  • Referred to the House Rules Committee on April 2, 2008.
• Passed in the House (86 to 7) on April 2, 2008, to create a new state bureaucracy called Kentucky Homeownership Protection Center and require mortgage service companies to notify them when any of their mortgage customers are sixty days late on a mortgage payment. The bill requires the mortgage servicing companies to take various steps to avoid foreclosing on houses. The bill also sets certain restrictions on allowable prepayment penalties. [Vote Details and Comments]
• Received in the Senate on April 14, 2008.
  • Amendment offered by Sen. Dan Kelly on April 14, 2008, to make a title amendment.

Comments

Introduced by Rep. Tommy Thompson on February 14, 2008. Passed in the House (87 to 0) on February 29, 2008. New Comment