SEVERNS. (BUGIELSKI-CAPPARELLI-MCKEON-SAVIANO-MCAULIFFE) New Act Creates the Mortgage Insurance Limitation and Notification Act. Prohibits mortgagees from requiring mortgage insurance after the mortgagor has reduced the amount of the loan to 80% of the original amount of the loan. Effective January 1, 1998. SENATE AMENDMENT NO. 1. Replaces the substance of the bill. Requires mortgagees to notify mortgagors of the cost of private mortgage insurance, the conditions under the insurance may be cancelled, and the procedures required to effect a cancellation. Effective January 1, 1998. HOUSE AMENDMENT NO. 1. Revises the disclosure requirements. Requires mortgagees to disclose in writing whether mortgage insurance is required and to disclose the terms and conditions. Requires an annual notification concerning the procedures to terminate mortgage insurance. Provides that compliance with federal law concerning private mortgage insurance shall be deemed compliance with this Act. Effective July 1, 1998. HOUSE AMENDMENT NO. 2. Provides that a mortgagee may modify its cancellation policy applicable to a particular mortgage loan only upon the written approval of the mortgagor. FISCAL NOTE, H-AMS 1 & 2 (Dept. of Financial Inst.) SB 1076, amended by H-ams 1 & 2 would have no fiscal impact. HOUSING AFFORDABILITY NOTE, AMENDED This bill will have no direct impact on the cost of construc- ting, purchasing, owning or selling a single family residence. 97-02-07 S FIRST READING 97-02-07 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-19 S ASSIGNED TO COMMITTEE FIN INST 97-02-28 S POSTPONED 97-03-06 S AMENDMENT NO. 01-FINANC. INST. S 97-03-06 S ADOPTED 97-03-06 S DO PASS AS AMENDED 008-000-000 SFIC 97-03-06 S PLACED ON CALENDAR ORDER OF 2ND READING 97-03-11 97-03-17 S SECOND READING 97-03-17 S PLACED ON CALENDAR ORDER OF 3RD READING 97-03-18 97-03-18 S THIRD READING - PASSED 054-000-001 97-03-18 H ARRIVE IN HOUSE 97-03-18 H PLACED CALENDAR ORDER OF FIRST READING 97-03-20 H HOUSE SPONSOR BUGIELSKI 97-03-20 H FIRST READING 97-03-20 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-21 H ASSIGNED TO COMMITTEE FIN INSTIT 97-04-22 H ADDED AS A JOINT SPONSOR MCKEON 97-05-06 H JOINT-ALTERNATE-SPONSOR CHANGED TO CAPPARELLI 97-05-06 H ADDED AS A JOINT SPONSOR SAVIANO 97-05-06 H ADDED AS A JOINT SPONSOR MCAULIFFE 97-05-07 H AMENDMENT NO. 01-FIN INSTIT H 97-05-07 H ADOPTED 97-05-07 H AMENDMENT NO. 02-FIN INSTIT H 97-05-07 H ADOPTED 97-05-07 H DO PASS AMENDED/SHORT DEBATE 027-000-000 HFIN 97-05-07 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-05-07 H FISCAL NOTE REQUESTED DEUCHLER 97-05-07 H HOUSING AFORDABLTY IMPCT NOTE REQUESTED DEUCHLER 97-05-07 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-05-12 H FISCAL NOTE FILED AS AMENDED 97-05-12 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-05-13 H HOUSING AFORDABLTY IMPCT NOTE REQUESTED WITHDRAWN/DEUCHLER 97-05-13 H AMENDMENT NO. 03-BUGIELSKI 97-05-13 H AMENDMENT REFERRED TO HRUL 97-05-13 H SECOND READING-SHORT DEBATE 97-05-13 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 97-05-14 H HOUSING AFORDABILITY IMPCT NOTE FILED AS AMENDED 97-05-14 H AMENDMENT NO. 03-BUGIELSKI 97-05-14 H RULES REFERS TO HFIN 97-05-14 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 97-05-15 H AMENDMENT NO. 03-BUGIELSKI 97-05-15 H BE ADOPTED HFIN 97-05-15 H AMENDMENT NO. 03-BUGIELSKI 97-05-15 H ADOPTED 97-05-15 H FISCAL NOTE REQUESTED AS AMEND.-03/BLACK 97-05-15 H MOTION TO TABLE AMENDMENT - PREVAILED 03 97-05-15 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-05-16 H THIRD READING/SHORT DEBATE/PASSED 118-000-000 97-05-16 S SECRETARYS DESK - CONCURRENCE 01,02 97-05-19 S FILED WITH SECRETARY 97-05-19 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/SEVERNS 97-05-19 S MOTION REFERRED TO SRUL 97-05-20 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/SEVERNS 97-05-20 S RULES REFERS TO SFIC 97-05-21 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/SEVERNS 97-05-21 S BE ADOPTED SFIC/007-000-000 97-05-21 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/SEVERNS 97-05-21 S SEN CONCURS IN HSE AMENDMENTS (NO.) 01,02/057-000-001 97-05-21 S PASSED BOTH HOUSES 97-06-19 S SENT TO THE GOVERNOR 97-08-16 S GOVERNOR APPROVED 97-08-16 S EFFECTIVE DATE 98-07-01 97-08-16 S PUBLIC ACT.............................. 90-0455 END OF INQUIRY Full Text Bill Summary