Bill Text: PA HB2301 | 2011-2012 | Regular Session | Introduced

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Bill Title: Providing for the Homeowner Assistance Settlement Act; establishing a fund for the purpose of funding the Homeowner's Emergency Mortgage Assistance Program; and providing for an appropriation.

Spectrum: Moderate Partisan Bill (Democrat 23-6)

Status: (Introduced - Dead) 2012-04-04 - Referred to URBAN AFFAIRS [HB2301 Detail]

Download: Pennsylvania-2011-HB2301-Introduced.html

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PRINTER'S NO. 3354
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 2301 Session of2012
INTRODUCED BY DALEY, HESS, BOYD, V. BROWN, CALTAGIRONE, CLYMER, COHEN, D. COSTA, DAVIS, DAVIDSON, DeLUCA, FRANKEL, GEIST, GIBBONS, HORNAMAN, JOSEPHS, KOTIK, KULA, MAHONEY, MANN, McGEEHAN, PRESTON, REED, WATERS, WATSON AND WHEATLEY, APRIL 4, 2012
REFERRED TO COMMITTEE ON URBAN AFFAIRS, APRIL 4, 2012
AN ACT
Providing for the Homeowner Assistance Settlement Act;
establishing a fund for the purpose of funding the
Homeowner's Emergency Mortgage Assistance Program; and
providing for an appropriation.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Short title.
This act shall be known and may be cited as the Homeowner
Assistance Settlement Act.
Section 2. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Fund." The Homeowner Assistance Settlement Fund established
in section 3(a).
"Homeowner Assistance Settlement Agreement." The settlement
agreement and related documents entered into on February 9,
2012, by the Attorney General of the Commonwealth and the
leading United States mortgage servicing companies.
Section 3. Establishment of special fund, distribution of
moneys and limitation on annual appropriation.
(a) Homeowner Assistance Settlement Fund.--There is
established a special fund known as the Homeowner Assistance
Settlement Fund. All payments received by the Commonwealth
pursuant to the Homeowner Assistance Settlement Agreement shall
be deposited by the Treasury Department into the fund.
(b) Distribution of funds.--Subject to annual appropriation
by the General Assembly, the moneys in the fund shall be
distributed proportionally, subject to the following
limitations:
(1) Ninety percent of the funds distributed shall be
appropriated to the Pennsylvania Housing Finance Agency for
the purpose of funding the Homeowner's Emergency Mortgage
Assistance Program.
(2) Ten percent of the funds distributed shall be
appropriated to the Office of Attorney General for the
purpose of funding housing consumer protection programs.
(c) Limitation on annual appropriation.--The annual
appropriation of funds under subsection (b) shall not exceed
$18,000,000 in the first year and $12,000,000 in each subsequent
year.
Section 4. Investment of fund and accounts.
(a) Control and management.--Notwithstanding any other
provision of law, the State Treasurer shall have exclusive
control and authority to manage, invest and reinvest money in
the fund, subject, however, to the exercise of that degree of
judgment, skill and care under the circumstances then prevailing
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that persons of prudence, discretion and intelligence, who are
familiar with investment matters, exercise in the management of
their own affairs, not in regard to speculation but in regard to
permanent disposition of the funds, considering the probable
income to be derived from the investments and the probable
safety of their capital. The State Treasurer may hold, purchase,
sell, lend, assign, transfer or dispose of any securities and
investments, including equity securities, in which money in the
fund or the accounts has been invested and of the proceeds of
the investments, including any directed commissions that have
accrued to the benefit of the fund or the accounts as a
consequence of the investments, and of money belonging to the
fund or the accounts subject to the standard of prudence in this
section.
(b) Fiduciary status of the State Treasurer.--The State
Treasurer shall stand in a fiduciary relationship to the
Commonwealth and its citizens regarding the investments of the
money of the fund and the accounts and shall not profit, either
directly or indirectly, with respect thereto.
(c) Custodian.--The State Treasurer shall be the custodian
of the fund and the accounts. All investment draws from the fund
or the accounts shall be made by the State Treasurer in
accordance with requisitions signed by the secretary of the
board and ratified by resolution of the board.
Section 5. Effective date.
This act shall take effect immediately.
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