HB 1180-1_ Filed 01/19/2011, 17:22
Adopted 1/20/2011


Text Box

Adopted Rejected


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COMMITTEE REPORT


                                                        YES:

10

                                                        NO:
0

MR. SPEAKER:
    Your Committee on       Financial Institutions     , to which was referred       House Bill 1180     , has had the same under consideration and begs leave to report the same back to the House with the recommendation that said bill be amended as follows:

SOURCE: Page 2, line 4; (11)AM118001.2. -->     Page 2, delete lines 4 through 42.
    Page 3, delete lines 1 through 41, begin a new paragraph and insert:
    " (b) This article does not apply to the following:
        (1) Extensions of credit to government or governmental agencies or instrumentalities.
        (2) A first lien mortgage transaction in which the debt is incurred primarily for a purpose other than a personal, family, or household purpose.
        (3) An extension of credit primarily for a business, a commercial, or an agricultural purpose.
        (4) Except for IC 24-4.4-2-401(2), IC 24-4.4-2-402.3, IC 24-4.4-2-405(4), and IC 24-4.4-2-405(5), a first lien mortgage transaction made:
            (a) in compliance with the requirements of; and
            (b) by a community development corporation (as defined in IC 4-4-28-2) acting as a subrecipient of funds from;
        the Indiana housing and community development authority established by IC 5-20-1-3.
        (5) Except for IC 24-4.4-2-401(2), IC 24-4.4-2-402.3, IC 24-4.4-2-405(4), and IC 24-4.4-2-405(5), a first lien mortgage transaction made by an entity that exclusively uses funds provided by the United States Department of Housing and Urban Development under Title 1 of the federal Housing and Community Development Act of 1974, Public Law 93-383, as amended (42 U.S.C. 5301 et seq.).
        (6) An extension of credit originated by:
            (a) a depository institution;
            (b) subsidiaries that are:
                (i) owned and controlled by a depository institution; and
                (ii) regulated by a federal banking agency; or
            (c) an institution regulated by the Farm Credit Administration.
        (7) Except for IC 24-4.4-2-401(2), IC 24-4.4-2-402.3, IC 24-4.4-2-405(4), and IC 24-4.4-2-405(5), a credit union service organization that is majority owned, directly or indirectly, by one (1) or more credit unions.
        (8) A first lien mortgage transaction originated by a registered mortgage loan originator, when acting for an entity described in subsection (6). However, A privately insured state chartered credit union shall also comply with the system of mortgage loan originator registration developed by the Federal Financial Institutions Examinations Council under Section 1507 of the federal Safe Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE).
        (9) An individual who offers or negotiates terms of a mortgage transaction with or on behalf of an immediate family member of the individual.
        (10) An individual who offers or negotiates terms of a mortgage transaction secured by a dwelling that served as the individual's residence.
        (11) Unless the attorney is compensated by:
            (a) a lender;
            (b) a mortgage broker;
            (c) another mortgage loan originator; or
            (d) any agent of the lender, mortgage broker, or other mortgage loan originator described in clauses (a) through (c);
        a licensed attorney who negotiates the terms of a mortgage transaction on behalf of a client as an ancillary matter to the attorney's representation of the client.
        (12) Agencies, instrumentalities, and government owned corporations of the United States, including United States government sponsored enterprises.".
    Page 3, line 42, delete "(12)" and insert " (13)".
    Page 6, delete lines 5 through 7.
    Page 6, line 8, delete "(14)" and insert " (13)".
    (Reference is to HB 1180 as introduced.)

and when so amended that said bill do pass.

__________________________________

Representative Burton


AM118001/DI 101    2011