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i_wmrc_2016a_2016-09-19t09:00:40z11 Hearing Summary

Date: 09/19/2016



Final

BILL SUMMARY for Bill 1



WILDFIRE MATTERS REVIEW COMMITTEE


Votes: View--> Action Taken:
Refer Bill 1 (Attachment M) to the Committee on Le PASS







03:34 PM -- Bill 1




Representative Singer presented Bill 1 (Attachment M) to the committee. A reverse mortgage provides a cash advance to the borrower based on the equity in the borrower's principal residence. Under current law, the borrower must repay the advance if he or she does not occupy the home as their principal residence, with exceptions for temporary absences of up to 60 days or, if the property is adequately secured, up to one year. The bill adds an additional exception to the principal residence requirement for borrowers who are unable to live in their home for at least 60 days and fewer than five years due to a natural disaster or incident beyond the borrower's control making the home uninhabitable. The bill applies to reverse mortgages for homes that are rendered uninhabitable by a natural disaster occurring on or after the effective date of the bill.



160919 AttachM.pdf160919 AttachM.pdf

BILL: Bill 4
TIME: 03:35:54 PM
MOVED: Singer
MOTION: Refer Bill 1 (Attachment M) to the Committee on Legislative Council. The motion passed on a vote of 6-2.
SECONDED:
VOTE
Baumgardner
No
Buck
Excused
Cooke
No
Hamner
Yes
Jones
Yes
Merrifield
Yes
Singer
Yes
Thurlow
Yes
Becker K.
Excused
Roberts
Yes
Final YES: 6 NO: 2 EXC: 2 ABS: 0 FINAL ACTION: PASS





Senator Jones and Representative Singer are assigned as prime sponsors.







03:48 PM



The committee adjourned.




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Temporary Guidelines for Review and Comment Meetings

The House and Senate are temporarily adjourned. The building is closed to the public.