MD SB621 | 2020 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 3 2020 - 25% progression, died in committee
Action: 2020-02-07 - Hearing 3/10 at 1:00 p.m.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 3 2020 - 25% progression, died in committee
Action: 2020-02-07 - Hearing 3/10 at 1:00 p.m.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Prohibiting a mortgage servicer from making or modifying certain mortgage loans without giving due regard to the borrower's ability to repay the loans; requiring that due regard to a borrower's ability to repay include consideration of a debt-to-income ratio and verification of certain income and assets through the review of certain written documentation; and exempting certain mortgage loans from the Act.
Title
Maryland Mortgage Lender Law - Considerations of a Mortgage Servicer - Borrower's Ability to Repay
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2020-02-07 | Senate | Hearing 3/10 at 1:00 p.m. |
| 2020-02-03 | Senate | First Reading Finance |
Subjects
Credit
Escrow Accounts
Financial Institutions
Insurance
Interest
Loans
Mortgages
Property Tax
Real Property
Records
Salaries and Compensation
Tax Returns
Escrow Accounts
Financial Institutions
Insurance
Interest
Loans
Mortgages
Property Tax
Real Property
Records
Salaries and Compensation
Tax Returns
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| Financial Institutions | 11 | 522 | (n/a) | See Bill Text |
Maryland State Sources
| Type | Source |
|---|---|
| Summary | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0621?ys=2020RS |
| Text | https://mgaleg.maryland.gov/2020RS/bills/sb/sb0621f.pdf |
