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2005 SESSION
SB 1029 Banks; eliminates requirements that certain mortgage loans be amortized by periodic payments.
Introduced by: Stephen D. Newman | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Mortgage loans by state banks. Eliminates requirements that certain mortgage loans be amortized by periodic payments of principal and interest or by regular payments of principal. A provision of the Code that allows the Commissioner of Financial Institutions to authorize investment in mortgage loans that provide for lesser payments during early periods of maturity of such loans is eliminated. SB 974 is incorporated.
SUMMARY AS INTRODUCED:
Mortgage loans by state banks. Eliminates requirements that certain mortgage loans be amortized by periodic payments of principal and interest or by regular payments of principal. A provision of the Code that allows the Commissioner of Financial Institutions to authorize investment in mortgage loans that provide for lesser payments during early periods of maturity of such loans is eliminated.