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