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2007 SESSION
SB 145 Mortgage loan servicing practices; prohibits certain actions, penalty.
Introduced by: R. Creigh Deeds | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Mortgage loan servicing practices; penalties. Prohibits persons that service mortgage loans from taking certain actions with respect to mortgage loans, including failing to apply promptly to the loan payments made in accordance with the terms of the loan agreement and taking actions for the primary purpose of creating a default under the terms of a mortgage loan. A violation constitutes a Class 1 misdemeanor. The State Corporation Commission is authorized to conduct investigations. The measure does not apply to banks or savings institutions or their subsidiaries or affiliates.
SUMMARY AS INTRODUCED:
Mortgage loan servicing practices; penalties. Prohibits persons that service mortgage loans from taking certain actions with respect to mortgage loans, including failing to apply payments to the loan and taking actions for the primary purpose of creating a default under the terms of a mortgage loan. A violation constitutes a Class 1 misdemeanor. Violators are also subject to civil penalties and private actions.