Bill Text: MO HB2400 | 2010 | Regular Session | Introduced
Bill Title: Allows an eligible homeowner purchasing a single-family dwelling to receive a loan from the Linked Deposit Loan Program for the down payment on the home
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-04-21 - Referred: Rules - Pursuant to Rule 25(32)(f) (H) [HB2400 Detail]
Download: Missouri-2010-HB2400-Introduced.html
SECOND REGULAR SESSION
95TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE CUNNINGHAM.
5460L.01I D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To repeal section 30.753, RSMo, and to enact in lieu thereof two new sections relating to linked deposits.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Section 30.753, RSMo, is repealed and two new sections enacted in lieu thereof, to be known as sections 30.753 and 30.875, to read as follows:
30.753. 1. The state treasurer may invest in linked deposits; however, the total amount so deposited at any one time shall not exceed, in the aggregate, seven hundred [twenty] forty-five million dollars. No more than three hundred thirty million dollars of the aggregate deposit shall be used for linked deposits to eligible farming operations, eligible locally owned businesses, eligible agribusinesses, eligible beginning farmers, eligible livestock operations, and eligible facility borrowers, no more than one hundred ten million of the aggregate deposit shall be used for linked deposits to small businesses, no more than twenty million dollars shall be used for linked deposits to eligible multitenant development enterprises, and no more than twenty million dollars of the aggregate deposit shall be used for linked deposits to eligible residential property developers and eligible residential property owners, no more than two hundred twenty million dollars of the aggregate deposit shall be used for linked deposits to eligible job enhancement businesses and no more than twenty million dollars of the aggregate deposit shall be used for linked deposit loans to eligible water systems. Linked deposit loans may be made to eligible student borrowers, eligible alternative energy operations, eligible alternative energy consumers, and eligible governmental entities from the aggregate deposit. If demand for a particular type of linked deposit exceeds the initial allocation, and funds initially allocated to another type are available and not in demand, the state treasurer may commingle allocations among the types of linked deposits.
2. The minimum deposit to be made by the state treasurer to an eligible lending institution for eligible job enhancement business loans shall be ninety thousand dollars. Linked deposit loans for eligible job enhancement businesses may be made for the purposes of assisting with relocation expenses, working capital, interim construction, inventory, site development, machinery and equipment, or other expenses necessary to create or retain jobs in the recipient firm.
30.875. 1. As used in this section, the following terms mean:
(1) "Eligible homeowner", a person or persons who purchase a single-family dwelling;
(2) "Home loan", a loan for a down payment on a home up to ten percent of the purchase price of such home but not to exceed ten thousand dollars.
2. All definitions, requirements, responsibilities, rights, remedies, and other matters set forth in sections 30.750 to 30.767 shall apply to linked deposits to eligible homeowners for home loans.
3. The state treasurer may utilize up to twenty-five million dollars of the amount set forth in subsection 1 of section 30.753 for linked deposits to eligible homeowners for home loans.
4. An eligible lending institution making a home loan to an eligible homeowner shall not sell such loan, and such institution shall receive a tax credit for any interest earned on such loan.
5. Any eligible homeowner who obtains a home loan under this section shall be required to make monthly payments on such loan, and such loan shall be paid within five years of obtaining such loan.
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