HB 1229-10_ Filed 02/05/2004, 11:34 Bardon
Adopted 2/5/2004


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    PREVAILED      Roll Call No. _______
    FAILED        Ayes _______
    WITHDRAWN        Noes _______
    RULED OUT OF ORDER


[

HOUSE MOTION ____

]

MR. SPEAKER:

    I move that House Bill 1229 be recommitted to a Committee of One, its author, with specific instructions to amend as follows:

SOURCE: Page 14, line 4; (04)MO122915.14. -->     Page 14, line14, after "8." insert " (a)".
    Page 14, line 16, delete "exceed six percent (6%) of the" and insert " exceed:
            (A) five percent (5%) of the loan principal for a home loan having a loan principal of at least forty thousand dollars ($40,000); or
            (B) six percent (6%) of the loan principal for a home loan having a loan principal of less than forty thousand dollars ($40,000).

     (b) Beginning July 1, 2006, the dollar amounts set forth in this section are subject to change at the times and according to the procedure set forth in the provisions of IC 24-4.5-1-106 concerning the adjustment of dollar amounts in IC 24-4.5 regarding consumer credit transactions. The department of financial institutions shall adopt rules under IC 4-22-2 to establish procedures to implement this subsection, and shall issue an emergency rule announcing a change required under this subsection by April 30 of each year in which dollar amounts are to change.".
    Page 14, delete line 17.
    Page 14, line 27, delete "points and fees (as defined in 12 CFR 226.32(b)(1) on" and insert " the total of the following:
        (1) Points and fees (as defined in 12 CFR 226.32(b)(1) on January 1, 2004).
        (2) All compensation paid directly or indirectly to a mortgage broker, including a broker that originates a loan in the broker's own name.
".
    Page 14, line 28, beginning with "As" begin a new line blocked left.
    Page 14, line 28, delete "this subdivision," and insert " subdivision (2),".
    Page 14, delete lines 32 through 34, begin a new line block indented and insert:
        " (2) An amount not to exceed one and one-half (1 1/2) points in indirect broker compensation; if the terms of the loan do not include a prepayment penalty that exceeds two percent (2%) of the home loan principle.
         (3) Reasonable fees paid to an affiliate of the creditor.
        (4) Interest prepaid by the borrower for the month in which the home loan is closed.
".
    Page 23, delete line 38.
    Page 23, line 39, delete "(4)" and insert " (3)".
    (Reference is to HB 1229 as reprinted February 5, 2004.)

________________________________________

Representative Bardon




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Adopted Rejected

COMMITTEE REPORT

MR. SPEAKER:

    Your Committee of One, to which was referred House Bill 1229, begs leave to report that said bill has been amended as directed.


________________________________________

Representative Bardon


MO122915/DI 108     2004