Bill Text: HI SB2023 | 2010 | Regular Session | Introduced
Bill Title: Residential Mortgage Loans; Mortgage Credit Certificate
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-02-17 - (S) The committee on CPN deferred the measure. [SB2023 Detail]
Download: Hawaii-2010-SB2023-Introduced.html
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THE SENATE |
S.B. NO. |
2023 |
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TWENTY-FIFTH LEGISLATURE, 2010 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to residential real property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 412, article 5, Hawaii Revised Statutes, is amended by adding a new section to part III to be appropriately designated and to read as follows:
"§412:5- Federal mortgage credit certificate program. (a) Any bank that is a participating lender in the federal mortgage credit certificate program authorized under the Internal Revenue Code, 26 U.S.C. section 25, shall inform all prospective borrowers of the existence of and eligibility criteria for the federal mortgage credit certificate program at the time of application for a residential mortgage loan.
(b) Notice required under subsection (a) shall be provided in writing through physical or electronic means and shall include the following information:
(1) A description of the mortgage credit certificate program;
(2) The terms of a mortgage credit certificate;
(3) Eligibility criteria for a mortgage credit certificate including income and purchase price requirements;
(4) A statement regarding the effect of refinancing on a mortgage credit certificate;
(5) A list of participating lenders in the mortgage credit certificate program; and
(6) The name of and contact information for the state agency authorized to administer federal programs that are designated by the federal government to be carried out by a housing finance or housing development entity."
SECTION 2. Chapter 412, article 6, Hawaii Revised Statutes, is amended by adding a new section to part III to be appropriately designated and to read as follows:
"§412:6- Federal mortgage credit certificate program. (a) Any savings bank that is a participating lender in the federal mortgage credit certificate program authorized under the Internal Revenue Code, 26 U.S.C. section 25, shall inform all prospective borrowers of the existence of and eligibility criteria for the federal mortgage credit certificate program at the time of application for a residential mortgage loan.
(b) Notice required under subsection (a) shall be provided in writing through physical or electronic means and shall include the following information:
(1) A description of the mortgage credit certificate program;
(2) The terms of a mortgage credit certificate;
(3) Eligibility criteria for a mortgage credit certificate including income and purchase price requirements;
(4) A statement regarding the effect of refinancing on a mortgage credit certificate;
(5) A list of participating lenders in the mortgage credit certificate program; and
(6) The name of and contact information for the state agency authorized to administer federal programs that are designated by the federal government to be carried out by a housing finance or housing development entity."
SECTION 3. Chapter 412, article 7, Hawaii Revised Statutes, is amended by adding a new section to part III to be appropriately designated and to read as follows:
"§412:7- Federal mortgage credit certificate program. (a) Any savings and loan association that is a participating lender in the federal mortgage credit certificate program authorized under the Internal Revenue Code, 26 U.S.C. section 25, shall inform all prospective borrowers of the existence of and eligibility criteria for the federal mortgage credit certificate program at the time of application for a residential mortgage loan.
(b) Notice required under subsection (a) shall be provided in writing through physical or electronic means and shall include the following information:
(1) A description of the mortgage credit certificate program;
(2) The terms of a mortgage credit certificate;
(3) Eligibility criteria for a mortgage credit certificate including income and purchase price requirements;
(4) A statement regarding the effect of refinancing on a mortgage credit certificate;
(5) A list of participating lenders in the mortgage credit certificate program; and
(6) The name of and contact information for the state agency authorized to administer federal programs that are designated by the federal government to be carried out by a housing finance or housing development entity."
SECTION 4. Chapter 412, article 9, Hawaii Revised Statutes, is amended by adding a new section to part IV to be appropriately designated and to read as follows:
"§412:9- Federal mortgage credit certificate program. (a) Any financial services loan company that is a participating lender in the federal mortgage credit certificate program authorized under the Internal Revenue Code, 26 U.S.C. section 25, shall inform all prospective borrowers of the existence of and eligibility criteria for the federal mortgage credit certificate program at the time of application for a residential mortgage loan.
(b) Notice required under subsection (a) shall be provided in writing through physical or electronic means and shall include the following information:
(1) A description of the mortgage credit certificate program;
(2) The terms of a mortgage credit certificate;
(3) Eligibility criteria for a mortgage credit certificate including income and purchase price requirements;
(4) A statement regarding the effect of refinancing on a mortgage credit certificate;
(5) A list of participating lenders in the mortgage credit certificate program; and
(6) The name of and contact information for the state agency authorized to administer federal programs that are designated by the federal government to be carried out by a housing finance or housing development entity."
SECTION 5. Chapter 419, article 10, Hawaii Revised Statutes, is amended by adding a new section to part IV to be appropriately designated and to read as follows:
"§412:10- Federal mortgage credit certificate program. (a) Any credit union that is a participating lender in the federal mortgage credit certificate program authorized under the Internal Revenue Code, 26 U.S.C. section 25, shall inform all prospective borrowers of the existence of and eligibility criteria for the federal mortgage credit certificate program at the time of application for a residential mortgage loan.
(b) Notice required under subsection (a) shall be provided in writing through physical or electronic means and shall include the following information:
(1) A description of the mortgage credit certificate program;
(2) The terms of a mortgage credit certificate;
(3) Eligibility criteria for a mortgage credit certificate including income and purchase price requirements;
(4) A statement regarding the effect of refinancing on a mortgage credit certificate;
(5) A list of participating lenders in the mortgage credit certificate program; and
(6) The name of and contact information for the state agency authorized to administer federal programs that are designated by the federal government to be carried out by a housing finance or housing development entity."
SECTION 6. New statutory material is underscored.
SECTION 7. This Act shall take effect on July 1, 2010.
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INTRODUCED BY: |
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Report Title:
Residential Mortgage Loans; Mortgage Credit Certificate
Description:
Requires participating lenders in the federal mortgage credit certificate program to notify prospective borrowers of the existence of and criteria for mortgage credit certificates. Specifies contents of required notice.
