Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee hears technical fixes to foreclosure-prevention fee, aims to protect vulnerable buyers
Summary
SB 5938 would refine collection and exemptions for the $80 foreclosure-prevention origination fee, lower the reverse-mortgage exemption age to 60, prevent duplicate charges for some state‑affiliated financing, and direct a study on a possible homeowner assistance fund; foreclosure-prevention advocates and legal-aid groups supported the bill.
On Jan. 14 the Senate Housing Committee reviewed SB 5938, a technical cleanup to the foreclosure-prevention $80 origination fee enacted last year, and heard broad support from foreclosure-prevention counselors, legal-aid attorneys and equity advocates.
Committee staff explained that the bill narrows who pays the fee (limiting duplicate charges when a transaction uses multiple state-affiliated loans), lowers the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
