CSSB 987 - Complex Loan Counseling - Texas Key Vote
Earl Wentworth voted Yea (Passage) on this Legislation.
Timeline
- Placed on Calendar
- May 11, 2007
- Senate Bill Passed
- April 30, 2007
- Introduced
- April 12, 2007
Related Issues
Stage Details
Title: Complex Loan Counseling
Vote Smart's Synopsis:
Vote to pass a bill that requires those taking out complex loans to receive counseling regarding possible alternatives.
Highlights:
-Defines a complex loan as one with a principal amount of less than $125,000, where the total loan is at least 90 percent of the total amount needed to buy the property, where the interest rate is variable, and is taken out by a person with a credit rating of no more than 650 (sec. 1). -Requires a person taking out a complex loan to receive counseling from either the federal Department of Housing and Urban Development or a certified attorney, regarding the advisability of a complex loan and the availability of financial alternatives (sec. 1).
Title: Complex Loan Counseling
More Info About this Vote
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.