HB52 | ENACTS THE UNFAIR HOME IMPROVEMENT LOANS FOR SENIOR CITIZENS ACT. |
Sponsor: | Scheve, May (98) | Effective Date:00/00/0000 | |||
CoSponsor: | McClelland, Emmy L. (91) | LR Number:0291-02 | |||
Last Action: | COMMITTEE: SENATE FINANCIAL AND GOVERNMENTAL ORGANIZATION | ||||
03/29/1999 - Executive Session Held (S) | |||||
VOTED DO PASS | |||||
HCS HB 52 | |||||
Next Hearing: | Hearing not scheduled | ||||
Calendar: | Bill currently not on calendar | ||||
ACTIONS | HEARINGS | CALENDAR |
BILL SUMMARIES | BILL TEXT | FISCAL NOTES |
HOUSE HOME PAGE | BILL SEARCH | |
HCS HB 52 -- CERTAIN HOME IMPROVEMENT LOANS (Scheve) This bill outlaws certain unfair or deceptive practices relating to home improvement loans. Prohibited are home solicitations where a home improvement loan is made encumbering the person's home to pay the loan and where the practice violates the federal Truth in Lending Act by: (1) extending credit under a mortgage for home improvements without regard for repayment ability; (2) paying a contractor from the proceeds of a mortgage in a way other than the prescribed way; or (3) selling or assigning certain mortgages without furnishing notice that the mortgage is subject to special rules under the federal Truth in Lending Act. This bill has penalty provisions. FISCAL NOTE: No impact on state funds.
HCS HB 52 -- HOME IMPROVEMENT LOANS SPONSOR: Schilling (Scheve) COMMITTEE ACTION: Voted "do pass" by the Committee on Consumer Protection and Housing by a vote of 18 to 0. This substitute outlaws certain unfair or deceptive practices relating to home improvement loans. Prohibited are home solicitations where a home improvement loan is made encumbering the person's home to pay the loan and where the practice violates the federal Truth in Lending Act by: (1) extending credit under a mortgage for home improvements without regard for repayment ability; (2) paying a contractor from the proceeds of a mortgage in a way other than the prescribed way; or (3) selling or assigning a mortgage without furnishing notice that the mortgage is subject to special rules under the federal Truth in Lending Act. The substitute describes third party liability for unfair and deceptive practices. The provisions of the substitute apply to transactions and contracts entered as of or after August 28, 1999. This substitute has penalty provisions. FISCAL NOTE: No impact on state funds. PROPONENTS: Supporters say that the bill provides consumer protection from unscrupulous dealers of home remodeling or improvements. Testifying for the bill were Representatives Scheve and McClelland; and American Association of Retired Persons (AARP). OPPONENTS: There was no opposition voiced to the committee. Donna Schlosser, Legislative Analyst
HB 52 -- Home Improvement Loans Co-Sponsors: Scheve, McClelland This bill outlaws certain unfair or deceptive practices relating to home improvement loans to senior citizens or disabled persons. The bill prohibits home solicitations where a home improvement loan is made encumbering the person's home to pay the loan and where the practice violates the federal Truth in Lending Act by: (1) extending credit under a mortgage for home improvements without regard for repayment ability; (2) paying a contractor from the proceeds of a mortgage in a way other than the prescribed way; or (3) selling or assigning a mortgage without furnishing notice that the mortgage is subject to special rules under the federal Truth in Lending Act. The bill describes third party liability for unfair and deceptive practices. The provisions of the bill apply to transactions and contracts entered as of or after August 28, 1999. This bill has penalty provisions.
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Last Updated September 30, 1999 at 1:22 pm