l9n/ Oregon

2008 Special Session

House Bill 3603

Specifies circumstances in which lender may charge prepayment penalty for subprime mortgage or nontraditional mortgage.

Did not become law. It stopped in the Senate's Rules and Executive Appointments Committee on February 22, 2008. The 2008 Special Session has ended.

What it does

The synopsis the Legislative Assembly published with the bill.

<i>Requires mortgage banker and mortgage broker to file report concerning residential mortgage lending activities by May 1 of each year. Punishes failure to file report with fine of $100 per day.</i>] <i>Specifies contents of and retention requirements for registry of loan originators.</i>] <i>Permits Director of Department of Consumer and Business Services to suspend or bar loan originator from employment for violating statute or rule or order of director.</i>] <i>Prohibits loan originator from performing act as loan originator in negligent or incompetent manner. Prohibits mortgage banker or mortgage broker from employing person as loan originator if person is suspended or prohibited from employment as loan originator or if employment violates condition or order of director, state or federal agency or court.</i>] <b>Specifies circumstances in which lender may charge prepayment penalty for subprime mortgage or nontraditional mortgage. Provides that prepayment penalties included in mortgage agreements in other than specified circumstances are void and unenforceable. Specifies timing and contents of disclosures lender must make to borrower. Requires lender to make additional disclosure to borrower if terms in initial disclosure change. Requires mortgage terms to be same as terms last disclosed. <b>Provides rulemaking, examination, investigation and enforcement powers to Director of Department of Consumer and Business Services.</b> 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 House of Representatives

    1 co-sponsor

    HEER

    Its course

    February 4 to February 22, 2008, 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 8 days

    In the House of RepresentativesFeb 4 to Feb 2117 days

    Waiting for a committeeFeb 4 to Feb 40 days

    Consumer ProtectionFeb 4 to Feb 139 days

    Elections, Ethics and RulesFeb 13 to Feb 207 days

    In the SenateFeb 21 to Feb 22 · stopped1 day

    Waiting for a committeeFeb 21 to Feb 210 days

    Rules and Executive AppointmentsFeb 21 to Feb 22 · stopped1 day

    Votes

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

    Amendments

    Each amendment offered, and what became of it.

    • House of Representatives committee amendmentAdopted

      Adopted Feb 20

    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 House of Representatives Feb 4 – Feb 21

    1. Feb 4Introduced
    2. Sent to Consumer Protection
    3. Feb 12Heard in Consumer Protection
    4. Feb 13Consumer Protection reported it without a recommendation, and that it go to Elections, Ethics and Rules
    5. Sent to Elections, Ethics and Rules
    6. Feb 18Heard in Elections, Ethics and Rules
    7. Feb 19Heard in Elections, Ethics and Rules
    8. Heard in Elections, Ethics and Rules
    9. Feb 20Elections, Ethics and Rules recommended it as amended
    10. Read a second time
    11. Feb 21Read a third time
    12. Passed the House of Representatives, 31 to 29

    In the Senate Feb 21 – Feb 22

    1. Feb 21Arrived in the Senate
    2. Sent to Rules and Executive Appointments
    3. Feb 22Died when the session ended
    All 19 actions, as published
    1. Feb 4First reading. Referred to Speaker's desk.House of Representatives
    2. Feb 4Referred to Consumer Protection with subsequent referral to Ways and Means.House of Representatives
    3. Feb 12Work Session held.House of Representatives
    4. Feb 13Without recommendation as to passage, be referred to Elections, Ethics and Rules, and then to Ways and Means by prior reference.House of Representatives
    5. Feb 13Referred to Elections, Ethics and Rules by order of Speaker.House of Representatives
    6. Feb 18Public Hearing held.House of Representatives
    7. Feb 19Work Session held.House of Representatives
    8. Feb 19Work Session held.House of Representatives
    9. Feb 20Recommendation: Do pass with amendments, be printed A-Engrossed, and subsequent referral to Ways and Means be rescinded.House of Representatives
    10. Feb 20Subsequent referral to Ways and Means rescinded by order of Speaker.House of Representatives
    11. Feb 20Amendments distributed.House of Representatives
    12. Feb 20Second reading.House of Representatives
    13. Feb 21Third reading. Carried by Holvey.House of Representatives
    14. Feb 21Motion to rerefer to Elections, Ethics and Rules failed.House of Representatives
    15. Feb 21Passed.House of Representatives
    16. Feb 21Vote explanation(s) filed by Flores, Galizio.House of Representatives
    17. Feb 21First reading. Referred to President's desk.Senate
    18. Feb 21Referred to Rules and Executive Appointments.Senate
    19. Feb 22In committee upon adjournment.Senate