HB 206 (BR 32) - J. Greer, D. Horlander
AN ACT providing that a loan modification resulting in a lower interest rate is secured by the original mortgage.
Amend KRS 382.520 to provide that a real estate mortgage secures payment for modifications of the loan resulting in a lower interest rate.
HB 206 - AMENDMENTS
HCS - Amend Section 1(1) to delete the term "modifications" and to substitute "renewals and extensions" which result in a reduction in the interest rate for purposes of continuation of the original mortgage as security on the renewed or extended loan.
HFA (1, J. Greer) - Amend Section1(1) to authorize a mortgage to secure payment of interest rate reductions, in addition to securing payment of renewals and extensions, and delete the new provision that included renewals and extensions of the loan resulting in a lower interest rate.
Jan 14-introduced in House
Jan 15-to Banking & Insurance (H)
Jan 17-posted in committee
Jan 22-reported favorably, 1st reading, to Calendar with Committee Substitute ; floor amendment (1) filed to Committee Substitute
Jan 23-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, January 24, 2014
Jan 28-3rd reading, passed 97-0 with Committee Substitute, floor amendment (1)
Jan 29-received in Senate
Feb 4-to Banking & Insurance (S)
Mar 18-reported favorably, 1st reading, to Consent Calendar
Mar 19-2nd reading, to Rules
Mar 21-posted for passage in the Consent Orders of the Day for Monday, March 24, 2014
Mar 24-3rd reading, passed 38-0; received in House
Mar 25-enrolled, signed by Speaker of the House
Mar 26-enrolled, signed by President of the Senate; delivered to Governor
Apr 7-signed by Governor (Acts, ch. 31)