SB 571-1_ Filed 02/17/2009, 10:38 Paul

SENATE MOTION


MADAM PRESIDENT:

    I move
that Senate Bill 571 be amended to read as follows:

SOURCE: Page 2, line 21; (09)MO057101.2. -->     Page 2, delete lines 21 through 22.
    Page 2, line 23, delete "debtor." and insert " If the written offer by or on behalf of the debtor is accepted, payment made by or on behalf of the debtor in accordance with the written offer constitutes payment in full satisfaction of the first lien mortgage transaction unless:
        (a) the following statement, or a substantially similar statement, appears in at least 14 point bold type on the first page of the creditor's, servicer's, or creditor's agent's written acceptance of the offer: "The debtor remains liable for any amount still owed under the first lien mortgage transaction."; and
        (b) the statement described in subdivision (a) is initialed by each debtor liable under the first lien mortgage transaction.
".
    Page 10, line 31, delete "A creditor, servicer, or creditor's agent" and insert " If the written offer by or on behalf of the debtor is accepted, payment made by or on behalf of the debtor in accordance with the written offer constitutes payment in full satisfaction of the mortgage transaction unless:
        (a) the following statement, or a substantially similar statement, appears in at least 14 point bold type on the first page of the creditor's, servicer's, or creditor's agent's written acceptance of the offer: "The debtor remains liable for any amount still owed under the mortgage transaction."; and
        (b) the statement described in subdivision (a) is initialed by each debtor liable under the mortgage transaction.
".
    Page 10, delete line 32.
    Page 10, line 33, delete "other damages from the debtor.".
    Page 12, line 36, delete "A creditor, servicer, or creditor's agent" and insert " If the written offer by or on behalf of the debtor is accepted, payment made by or on behalf of the debtor in accordance with the

written offer constitutes payment in full satisfaction of the mortgage transaction unless:
        (a) the following statement, or a substantially similar statement, appears in at least 14 point bold type on the first page of the creditor's, servicer's, or creditor's agent's written acceptance of the offer: "The debtor remains liable for any amount still owed under the mortgage transaction."; and
        (b) the statement described in subdivision (a) is initialed by each debtor liable under the mortgage transaction.
".
    Page 12, delete line 37.
    Page 12, line 38, delete "other damages from the debtor.".
    (Reference is to SB 571 as printed February 13, 2009.)

________________________________________

Senator PAUL


MO057101/DI 110
2009