HB5231 - SHARED APPRECIATION AGREEMENTS

1 Co-Sponsor

Reinserts the provisions of the introduced bill, as amended by House Amendment No. 1, with the following changes. In the changes to the Residential Mortgage License Act of 1987 in provisions about shared appreciation agreement consumer counseling and disclosures, provides that, notwithstanding any provision in the Act to the contrary, before (rather than prior to) taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided counseling (removing a cross-reference to a definition of counseling in the Residential Real Property Disclosure Act and a reference that the borrower or borrowers shall be provided counseling regardless of the county in which the property is located). Removes changes to the Residential Real Property Disclosure Act from the introduced bill, and further amends the Residential Real Property Disclosure Act by defining "counseling". Effective immediately.