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2017 Regular Session
Overview
At the request of:
Chief Sponsors: Representative Witt, Senator Johnson
Regular Sponsors: Representative Hack, Piluso (Presession Filed)
Bill Title: Relating to notices required from lenders with contracts for reverse mortgages.
Catchline/Summary: Requires lender that has contract with person for reverse mortgage to send person or escrow agent, title insurance company or other agent that pays property taxes on person's behalf notice that states that title to property that is subject to reverse mortgage remains with person and person is responsible for paying property taxes and related taxes on property.
Requires lender that has contract with person for reverse mortgage to send person or escrow agent, title insurance company or other agent that pays property taxes on person's behalf notice that states that title to property that is subject to reverse mortgage remains with person and person is responsible for paying property taxes and related taxes on property. Provides that lender must send notice each year at least 60 days before property taxes are due on property.
Chapter Number: Chapter 161
Fiscal Impact: No Fiscal Impact
Revenue Impact: No Revenue Impact
Measure Analysis: Staff Measure Summary / Impact Statements
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