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03 AM 30 0130
ADOPTED
Senators Cheeks of the 23rd, Stokes of the 43rd, Harbison of
the 15th, Crotts of the 17th, Shafer of the 48th and others offered the
following amendment:
Amend the Senate committee substitute to SB 53 by inserting "to provide an effective date;" following "matters;" on line 6 of page 1.
By striking lines 5 through 14 of page 3 and inserting in lieu thereof the following:
"(1) Has in place at the time of the acquisition of the subject loans, policies that expressly prohibit its purchase or acceptance of assignment of any high-cost home loans;
(2) Requires by contract that a seller or assignor of the home loans to the purchaser or assignee represents and warrants to the purchaser or assignee that either (A) the seller or assignor will not sell or assign any high-cost home loans to the purchaser or assignee or (B) that such seller or assignor is the beneficiary of such a representation and warranty from a previous seller or assignor; and
(3) Exercises reasonable due diligence at the time of purchase or assignment of any home loans, or within a reasonable period of time from the purchase or assignment of home loans thereafter, intended to prevent the purchaser or assignee from purchasing or taking assignment of any high-cost home loans;".
By striking lines 16 through 24 on page 4 and inserting in lieu thereof the following:
"The provisions of this chapter shall not apply to any bank, trust company, savings and loan, savings bank, or credit union, respectively, that is chartered under the laws of this state or any other state only to the extent federal law precludes or preempts or has been determined to preclude or preempt the application of the provisions of this chapter to any federally chartered bank, trust company, savings and loan, savings bank, or credit union, respectively, and such federal preclusion or preemption shall apply only to the same type of state chartered entity as the federally chartered entity affected; provided, however, the provisions of this chapter, including subsection (f) of Code Section 7-6A-7, shall be applicable to an independent mortgage broker for any loan originated or brokered by the broker that is initially funded by any state or federally chartered bank, trust company, savings and loan, savings bank, or credit union.'
Amend the Senate committee substitute to SB 53 by inserting "to provide an effective date;" following "matters;" on line 6 of page 1.
By striking lines 5 through 14 of page 3 and inserting in lieu thereof the following:
"(1) Has in place at the time of the acquisition of the subject loans, policies that expressly prohibit its purchase or acceptance of assignment of any high-cost home loans;
(2) Requires by contract that a seller or assignor of the home loans to the purchaser or assignee represents and warrants to the purchaser or assignee that either (A) the seller or assignor will not sell or assign any high-cost home loans to the purchaser or assignee or (B) that such seller or assignor is the beneficiary of such a representation and warranty from a previous seller or assignor; and
(3) Exercises reasonable due diligence at the time of purchase or assignment of any home loans, or within a reasonable period of time from the purchase or assignment of home loans thereafter, intended to prevent the purchaser or assignee from purchasing or taking assignment of any high-cost home loans;".
By striking lines 16 through 24 on page 4 and inserting in lieu thereof the following:
"The provisions of this chapter shall not apply to any bank, trust company, savings and loan, savings bank, or credit union, respectively, that is chartered under the laws of this state or any other state only to the extent federal law precludes or preempts or has been determined to preclude or preempt the application of the provisions of this chapter to any federally chartered bank, trust company, savings and loan, savings bank, or credit union, respectively, and such federal preclusion or preemption shall apply only to the same type of state chartered entity as the federally chartered entity affected; provided, however, the provisions of this chapter, including subsection (f) of Code Section 7-6A-7, shall be applicable to an independent mortgage broker for any loan originated or brokered by the broker that is initially funded by any state or federally chartered bank, trust company, savings and loan, savings bank, or credit union.'
SECTION 5.
This Act shall become effective upon its approval by the
Governor or upon its becoming law without such approval.
SECTION
6."