| 4 | 5 | | |
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| 5 | 6 | | General Assembly Committee Bill No. 5503 |
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| 6 | 7 | | January Session, 2025 |
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| 7 | 8 | | LCO No. 5227 |
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| 8 | 9 | | |
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| 9 | 10 | | |
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| 10 | 11 | | Referred to Committee on BANKING |
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| 11 | 12 | | |
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| 12 | 13 | | |
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| 13 | 14 | | Introduced by: |
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| 14 | 15 | | (BA) |
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| 15 | 16 | | |
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| 16 | 17 | | |
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| 17 | 18 | | |
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| 18 | 19 | | AN ACT REQUIRING MORTGAGEES TO PROVIDE MORTGAGORS |
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| 19 | 20 | | WITH PERIODIC STATEMENTS. |
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| 20 | 21 | | Be it enacted by the Senate and House of Representatives in General |
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| 21 | 22 | | Assembly convened: |
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| 22 | 23 | | |
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| 23 | 24 | | Section 1. (NEW) (Effective October 1, 2025) (a) As used in this section: 1 |
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| 24 | 25 | | (1) "Mortgage" means a mortgage deed, deed of trust or other 2 |
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| 25 | 26 | | equivalent consensual security interest on real property securing a loan; 3 |
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| 26 | 27 | | (2) "Mortgagee" means an owner or servicer of a debt secured by a 4 |
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| 27 | 28 | | mortgage that makes more than five mortgage loans within any period 5 |
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| 28 | 29 | | of twelve consecutive months; 6 |
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| 29 | 30 | | (3) "Mortgagor" means an owner of real property located in this state 7 |
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| 30 | 31 | | who is also the borrower under a loan that is secured by a mortgage 8 |
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| 31 | 32 | | encumbering such real property; and 9 |
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| 32 | 33 | | (4) "Periodic statement" means a statement (A) provided by a 10 |
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| 33 | 34 | | mortgagee to a mortgagor for each billing cycle of a mortgage, and (B) 11 |
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| 34 | 35 | | that meets the requirements of 12 CFR 1026.41, as amended from time 12 |
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| 39 | 41 | | |
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| 40 | 42 | | (b) (1) A mortgagee shall, upon the request of a mortgagor, provide 14 |
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| 41 | 43 | | the mortgagor with a periodic statement. 15 |
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| 42 | 44 | | (2) Any mortgagee that complies with the provisions of 12 CFR 16 |
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| 43 | 45 | | 1026.41, as amended from time to time, shall be deemed to be in 17 |
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| 44 | 46 | | compliance with the provisions of this section. 18 |
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| 45 | 47 | | This act shall take effect as follows and shall amend the following |
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| 46 | 48 | | sections: |
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| 47 | 49 | | |
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| 48 | 50 | | Section 1 October 1, 2025 New section |
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| 49 | 51 | | |
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