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2000 SESSION
HB 1207 Priority of certain refinance mortgages over subordinate mortgages.
Introduced by: Eric I. Cantor | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Mortgages; priority of certain refinance mortgages over subordinate mortgages. Gives a refinance mortgage priority over a subordinate mortgage if (i) the refinance mortgage is identified as such in bold or capitalized letters; (ii) the amount secured by such refinance mortgage does not exceed the outstanding principal balance secured by the prior mortgage plus $5,000; and (iii) the interest rate of the debt secured does not exceed the interest rate set forth in the prior mortgage.
SUMMARY AS PASSED HOUSE:
Mortgages; priority of certain refinance mortgages over subordinate mortgages. Gives a refinance mortgage priority over a subordinate mortgage if (i) the refinance mortgage states as such in bold or capitalized letters; (ii) the amount secured by such refinance mortgage does not exceed the outstanding principal balance secured by the prior mortgage plus $5,000; and (iii) the interest rate stated in the refinance mortgage at the time it is recorded does not exceed the interest rate set forth in the prior mortgage.
SUMMARY AS INTRODUCED:
Mortgages; priority of certain refinance mortgages over subordinate mortgages. Gives a refinance mortgage priority over a subordinate mortgage if (i) the refinance mortgage states as such in bold or capitalized letters; (ii) the amount secured by such refinance mortgage does not exceed the face amount secured by the prior mortgage; and (iii) the interest rate stated in the refinance mortgage at the time it is recorded does not exceed the interest rate set forth in the prior mortgage.