l9n/ Oregon

2011 Regular Session

Senate Bill 826

Charges mortgage loan servicer with duty of good faith and fair dealing toward borrower.

Did not become law. It stopped in the Senate's Transportation and Economic Development Committee on June 30, 2011. The 2011 session has ended.

What it does

The synopsis the Legislative Assembly published with the bill.

<i>Authorizes Department of Consumer and Business Services to adopt rules to regulate certain activities of persons that make mortgage loans.</i>] <b>Charges mortgage loan servicer with duty of good faith and fair dealing toward borrower. Describes extent of duty. <b>Requires servicer to respond to and take action concerning borrower's qualified correspondence within certain time limits. Requires servicer to implement policies and procedures that enable servicer to respond to borrower promptly. <b>Requires servicer to credit payments to borrower's mortgage loan account on certain date. Prohibits servicer from charging late fee until after servicer credits payment to borrower's account. <b>Requires servicer to provide borrower with certain statements of account at fixed times and at borrower's request. Prescribes timing for and content of statements. <b>Requires servicer to maintain schedule of fees and charge only fees that are reasonable, that are for services rendered or costs incurred, that are authorized by mortgage loan agreement and that are not prohibited by law. <b>Requires servicer to inform borrower of and explain borrower's options for mortgage loan modification or other assistance in certain circumstances. Provides exceptions. <b>Requires servicer to submit certain reports to Director of Department of Consumer and Business Services and to keep certain books, records and other materials. <b>Prohibits servicer from violating provisions of Act and from taking or failing to take certain other actions. Provides that violation is unlawful practice subject to enforcement under Unlawful Trade Practices Act. <b>Becomes operative January 1, 2012. <b>Declares emergency, effective on passage.</b>

Sponsors

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

In the Senate

2 co-sponsors

Alan Bates, Brian Boquist

Its course

February 22 to June 30, 2011, 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 action10 actions on 9 days

In the SenateFeb 22 to Jun 30 · stopped128 days

Waiting for a committeeFeb 22 to Feb 253 days

General Government, Consumer and Small Business ProtectionFeb 25 to Apr 2761 days

Ways and MeansApr 27 to May 20 · moved on23 days

Transportation and Economic DevelopmentMay 20 to Jun 30 · stopped41 days

Amendments

Each amendment offered, and what became of it.

  • Senate committee amendmentAdopted

    Adopted Apr 27

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 Feb 22 – Jun 30

  1. Feb 22Introduced
  2. Feb 25Sent to General Government, Consumer and Small Business Protection
  3. Mar 21Heard in General Government, Consumer and Small Business Protection
  4. Mar 23Heard in General Government, Consumer and Small Business Protection
  5. Apr 20Heard in General Government, Consumer and Small Business Protection
  6. Apr 27General Government, Consumer and Small Business Protection recommended it as amended, and that it go to Ways and Means
  7. Sent to Ways and Means
  8. May 20Sent to Transportation and Economic Development Subcommittee
  9. Jun 2Heard in Transportation and Economic Development Subcommittee
  10. Jun 30Died when the session ended
All 10 actions, as published
  1. Feb 22Introduction and first reading. Referred to President's desk.Senate
  2. Feb 25Referred to General Government, Consumer and Small Business Protection.Senate
  3. Mar 21Public Hearing held.Senate
  4. Mar 23Public Hearing held.Senate
  5. Apr 20Work Session held.Senate
  6. Apr 27Recommendation: Do pass with amendments and be referred to Ways and Means. (Printed A-Eng)Senate
  7. Apr 27Referred to Ways and Means by order of the President.Senate
  8. May 20Assigned to Subcommittee On Transportation and Economic Development.Senate
  9. Jun 2Public Hearing held.Senate
  10. Jun 30In committee upon adjournment.Senate