l9n/ Oregon

2007 Regular Session

Senate Bill 965

Requires lenders involved in residential property nontraditional mortgage products to ensure loan terms and underwriting standards for products and consider borrower's repayment capacity and risk mitigation factors.

Did not become law. It stopped in the House of Representatives's Elections, Ethics and Rules Committee on June 28, 2007. The 2007 session has ended.

What it does

The synopsis the Legislative Assembly published with the bill.

Requires lenders involved in residential property nontraditional mortgage products to ensure loan terms and underwriting standards for products and consider borrower's repayment capacity and risk mitigation factors. Requires lenders involved in residential property nontraditional mortgage products to establish risk management practices, maximum risk levels, controls, procedures and training programs to avoid lender over-reliance on nontraditional mortgage products. Requires disclosures by lender when soliciting, describing, offering, originating or servicing residential property nontraditional mortgage product. <b>Authorizes Director of Department of Consumer and Business Services to bring action to enjoin violation of provisions of Act. Authorizes court to impose fine of not more than $5,000 for each violation and to appoint receiver for person, or person's assets, who has violated any provision of Act.</b> Provides <b>Director of</b> Department of Consumer and Business Services with investigation and enforcement authority. Allows imposition of civil penalties for lender violations, not to exceed $5,000 per violation or $20,000 per continuing violation. Creates private cause of action for damages. Declares emergency, effective on passage.

Sponsors

Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.

In the Senate

1 co-sponsor

Margaret Carter

In the House of Representatives

    2 co-sponsors

    Tina Kotek, Jackie Dingfelder

    Its course

    March 8 to June 28, 2007, on one scale. In the top row each mark is a day something happened; taller marks are busier days.

    Each committee stop sits inside its chamber.

    Every action19 actions on 18 days

    In the SenateMar 8 to May 1164 days

    Waiting for a committeeMar 8 to Mar 157 days

    Business, Transportation and Workforce DevelopmentMar 15 to May 854 days

    In the House of RepresentativesMay 11 to Jun 28 · stopped48 days

    Waiting for a committeeMay 11 to May 187 days

    Consumer ProtectionMay 18 to Jun 1124 days

    Elections, Ethics and RulesJun 14 to Jun 28 · stopped14 days

    Votes

    Yeas to nays, as the Legislative Assembly recorded them. Committee votes are set in.

    Amendments

    Each amendment offered, and what became of it.

    • Senate committee amendmentAdopted

      Adopted May 8

    • House of Representatives committee amendmentAdopted

      Adopted Jun 11

    Text

    Each version as the Legislative Assembly printed it.

    l9n doesn't hold this bill's text yet.

    What happened

    In l9n's words, one line for each step. Every action as the Legislative Assembly published it is below.

    In the Senate Mar 8 – May 11

    1. Mar 8Introduced
    2. Mar 15Sent to Business, Transportation and Workforce Development
    3. Apr 4Heard in Business, Transportation and Workforce Development
    4. Apr 25Heard in Business, Transportation and Workforce Development
    5. Apr 26Heard in Business, Transportation and Workforce Development
    6. May 8Business, Transportation and Workforce Development recommended it as amended
    7. May 9Read a second time
    8. May 11Passed the Senate, 24 to 2

    In the House of Representatives May 14 – Jun 28

    1. May 14Arrived in the House of Representatives
    2. May 18Sent to Consumer Protection
    3. May 25Heard in Consumer Protection
    4. May 30Heard in Consumer Protection
    5. May 31Heard in Consumer Protection
    6. Jun 11Consumer Protection recommended it as amended
    7. Jun 13Read a second time
    8. Jun 14Read a third time
    9. Sent to Elections, Ethics and Rules
    10. Jun 28Died when the session ended
    All 19 actions, as published
    1. Mar 8Introduction and first reading. Referred to President's desk.Senate
    2. Mar 15Referred to Business, Transportation and Workforce Development.Senate
    3. Apr 4Public Hearing held.Senate
    4. Apr 25Work Session held.Senate
    5. Apr 26Work Session held.Senate
    6. May 8Recommendation: Do pass with amendments. (Printed A-Eng.)Senate
    7. May 9Second reading.Senate
    8. May 10Taken from 05-10 Calendar and placed on 05-11 Calendar on voice vote.Senate
    9. May 11Third reading. Carried by Avakian. Passed.Senate
    10. May 14First reading. Referred to Speaker's desk.House of Representatives
    11. May 18Referred to Consumer Protection.House of Representatives
    12. May 25Public Hearing held.House of Representatives
    13. May 30Public Hearing held.House of Representatives
    14. May 31Work Session held.House of Representatives
    15. Jun 11Recommendation: Do pass with amendments and be printed B-Engrossed.House of Representatives
    16. Jun 13Second reading.House of Representatives
    17. Jun 14Third reading.House of Representatives
    18. Jun 14Motion to refer to Elections, Ethics and Rules carried. Referred.House of Representatives
    19. Jun 28In committee upon adjournment.House of Representatives