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Senate adopts House amendments to mortgage‑servicing bill clarifying payment crediting and servicer liability

Utah State Senate (1990 Utah Legislature) · February 1, 1990

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Summary

Senate concurred with House amendments to Senate Bill 37 (Mortgage Lending and Servicing Act), clarifying that organizations must credit payments 'as of the date received or by the next banking day' and that servicers who assume loans remain subject to compliance provisions; the Senate voted to concur and returned the bill to the House.

Senate Bill 37, the Mortgage Lending and Servicing Act carried on the floor by Senator Lane Beatty, came to the chamber with House amendments intended to clarify who must comply with servicing requirements and how payments must be credited to borrowers' accounts.

Senator Beatty…

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