Did not become law. It stopped in the Senate's Housing and Development Committee on June 27, 2025. The 2025 session has ended.
2025 Regular Session
Senate Bill 534
Allows a lender that, in a reverse mortgage, provides a lump sum in exchange for a claim upon the equity of a property to claim as the lender's equity, and receive as proceeds in a sale of the property, not more than the percentage of the total equity in the property to which the lump sum is equivalent on the date the lender provides the lump sum.
What it does
The synopsis the Legislative Assembly published with the bill.
Digest: Lets a lender who gives a lump sum as the loan in a reverse mortgage get only that part of the total equity in the house to which the lump sum is equal at the time the lender gives the lump sum. (Flesch Readability Score: 61.4) Allows a lender that, in a reverse mortgage, provides a lump sum in exchange for a claim upon the equity of a property to claim as the lender's equity, and receive as proceeds in a sale of the property, not more than the percentage of the total equity in the property to which the lump sum is equivalent on the date the lender provides the lump sum. Declares an emergency, effective on passage.
Sponsors
Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.
Its course
January 13 to June 27, 2025, 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 action4 actions on 4 days
In the SenateJan 13 to Jun 27 · stopped165 days
Waiting for a committeeJan 13 to Jan 174 days
Housing and DevelopmentJan 17 to Jun 27 · stopped161 days
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 Jan 13 – Jun 27
- Jan 13Introduced
- Jan 17Sent to Housing and Development
- Feb 5Heard in Housing and Development
- Jun 27Died when the session ended
All 4 actions, as published
- Jan 13Introduction and first reading. Referred to President's desk.Senate
- Jan 17Referred to Housing and Development.Senate
- Feb 5Public Hearing held.Senate
- Jun 27In committee upon adjournment.Senate