HB 3151
Prohibits lender in reverse mortgage transaction from enforcing requirement to sell or transfer residential real property that secures reverse mortgage loan upon death of borrower for 12-month period following expiration of emergency period if relatives of deceased borrower occupy residential real property.
| Status | In House Committee (HBL) |
| Sponsors | David Brock Smith (Republican) (Chief) |
| Fiscal impact | May have fiscal impact, but no statement yet issued |
| Revenue impact | May have revenue impact, but no statement yet issued |
| Emergency clause | Yes |
Bill Text
Prohibits lenders from enforcing forced sale of residential real property securing a reverse mortgage for 12 months after the borrower’s death if relatives occupy the home.
Overview#
Prohibits lender in reverse mortgage transaction from enforcing requirement to sell or transfer residential real property that secures reverse mortgage loan upon death of borrower for 12-month period following expiration of emergency period if relatives of deceased borrower occupy residential real property. Sunsets one year following expiration of emergency period. Declares emergency, effective on passage.
Legislative History
| Date | Chamber | Action |
|---|---|---|
| 2021-02-09 | H | First reading. Referred to Speaker's desk. |
| 2021-02-12 | H | Referred to Business and Labor. |
| 2021-06-26 | H | In committee upon adjournment. |