House Sponsors: MADIGAN,MJ. Senate Sponsors: DELEO-MOLARO Short description: HOME EQUITY ASSURANCE-LOANS Synopsis of Bill as introduced: Amends the Home Equity Assurance Act concerning guarantee funds. Makes a technical change. HOUSE AMENDMENT NO. 1. Deletes everything. Amends the Home Equity Assurance Act. Authorizes the governing commission of a Home Equity Program to establish a Low Interest Home Improvement Loan Program to be administered with funds from the Guaranteed Home Equity Program. Provides that the cumulative total of all loans and loan guarantees under the program may not exceed one-quarter of the aggregate balance of the taxes collected under the Guaranteed Home Equity Program. Establishes requirements for applicants, loan purposes, loan amounts, fees, and interest rates. HOUSE AMENDMENT NO. 2. Provides that a governing commission, with no less than $4,000,000 in its guarantee fund, may by majority resolution establish a Low Interest Home Improvement Loan Program. SENATE AMENDMENT NO. 1. Provides that a governing commission may, by referendum (instead of resolution), establish a Low Interest Home Improvement Loan Program according to and subject to procedures established by a financial institution. Provides that at any given time, the cumulative total of all loans and loan guarantees issued under the program may not reduce the balance of the guarantee fund to less than $3,000,000 (instead of may not exceed one-quarter of the aggregate balance of the taxes collected under the Guaranteed Home Equity Program). Deletes the amendatory provision allowing an applicant to participate more than once in the loan program. Last action on Bill: PUBLIC ACT.............................. 91-0492 Last action date: 99-08-13 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 1 END OF INQUIRY Full Text Bill Status