Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Lawmakers clarify mortgage-payment bill; committee says it covers extra payments applied to principal, not partial pre-payments
Summary
During consideration of SB217, lawmakers clarified the bill requires mortgagees to accept additional payments made after a full scheduled payment (usually applied to principal) rather than partial pre-payments toward an upcoming installment; a roll-call was requested and recorded.
The Banking Committee debated SB217 on March 10, a bill that would require mortgagees to accept mortgage payments tendered monthly, semimonthly or biweekly. Representative Ochsah asked whether the measure forces lenders to accept partial pre-payments ahead of a scheduled due date; the chair said the bill instead addresses additional…
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
