ENROLLED
Page 1 of 2
Regular Session, 2010
HOUSE RESOLUTION NO. 171
BY REPRESENTATIVE BALDONE
A RESOLUTION
To urge and request the Louisiana office of financial institutions to study the use of notices
of deferment options given by lending institutions to borrowers during
gubernatorially declared emergencies.
WHEREAS, mortgage loan lenders have the ability, at their discretion, to grant
borrowers deferment of mortgage loan payments for a specified period of time during which
the borrower is not required to make scheduled mortgage loan payments; and
WHEREAS, these deferments are typically granted to the borrower in the aftermath
of a natural disaster or other declared state of emergency, or during serious times of hardship
for the borrower; and
WHEREAS, if deferment of payments is offered by lenders to borrowers, borrowers
should receive clear notice of the terms of the deferment, including when payments are to
be resumed and if lump sum payments are payable when regular mortgage payments resume;
and
WHEREAS, in light of the fact that deferments are voluntary and granted at the
discretion of the lender, the Legislature of Louisiana does not want to adopt or encourage
policies that will discourage or otherwise create a disincentive for lenders to grant
deferments to borrowers; and
WHEREAS, it would be beneficial for the office of financial institutions to explore
the possibility of issuing minimum notice requirement guidance to mortgage loan lenders.
THEREFORE, BE IT RESOLVED that the House of Representatives of the
Legislature of Louisiana does hereby urge and request the Louisiana office of financial
institutions to study the use of notices of deferment options given by lending institutions to
borrowers during gubernatorially declared emergencies and to report its findings and
recommendations to the House Committee on Commerce on or prior to March 1, 2011. ENROLLEDHR NO. 171
Page 2 of 2
BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted to the
commissioner of the Louisiana office of financial institutions.
SPEAKER OF THE HOUSE OF REPRESENTATI VES