Reverse Mortgage Repayment When Home Uninhabitable
| Type | Bill |
|---|---|
| Session | 2017 Regular Session |
| Subjects |
Concerning the suspension of a borrower's obligation to repay a reverse mortgage when a force majeure renders the subject property uninhabitable as a principal residence, and, in connection therewith, directing the wildfire matters review committee to study this issue in 2017.
Bill Summary:
Wildfire Matters Review Committee. Under current law, the borrower in a reverse mortgage transaction is relieved of the obligation to occupy the subject property as a principal residence if the borrower is temporarily absent for up to 60 days or, if the property is adequately secured, up to one year. The bill directs the wildfire matters review committee to examine, in 2017, the circumstances giving rise to the introduced version of House Bill 17-1026, including the necessity and desirability of adding a third exception to the principal-residence requirement to cover situations in which a natural disaster or other serious incident beyond the borrower's control renders the property uninhabitable.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 04/17/2017 | PA1 |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 17-1026 to the Committee of the Whole. | The motion failed on a vote of 2-3. | Vote summary |
| Postpone House Bill 17-1026 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. | The motion passed on a vote of 3-2. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.002 (Attachment E). | The motion passed on a vote of 10-2, with 1 excused. | Vote summary |
| Refer House Bill 17-1026, as amended, to the Committee of the Whole. | The motion passed on a vote of 8-4, with 1 excused. | Vote summary |
| Activity | Vote | Documents |
|---|
| Activity | Vote | Documents |
|---|
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/18/2017 | Third Reading | BILL |
38
AYE
27
NO
0
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 04/24/2017 | Senate | Senate Committee on State, Veterans, & Military Affairs Postpone Indefinitely |
| 04/19/2017 | Senate | Introduced In Senate - Assigned to State, Veterans, & Military Affairs |
| 04/18/2017 | House | House Third Reading Passed - No Amendments |
| 04/17/2017 | House | House Second Reading Passed with Amendments - Committee |
| 04/12/2017 | House | House Committee on Local Government Refer Amended to House Committee of the Whole |
| 02/15/2017 | House | House Committee on Local Government Lay Over Unamended - Amendment(s) Failed |
| 01/18/2017 | House | House Committee on Local Government Witness Testimony and/or Committee Discussion Only |
| 01/11/2017 | House | Introduced In House - Assigned to Local Government |