Substitute for H.B. No. 5163
Session Year 2019


AN ACT CONCERNING DEFICIENCY JUDGMENTS AND RESIDENTIAL PROPERTIES WITH A CONCRETE FOUNDATION AFFECTED BY PYRRHOTITE.

To (1) prohibit deficiency judgments on mortgage loans where the property secured by the mortgage has a crumbling concrete foundation, (2) prohibit mortgage lenders and mortgage correspondent lenders from denying an application for a residential mortgage loan based solely on certain prior defaults, conveyances or foreclosures by the applicant, and (3) prohibit mortgage lenders and mortgage correspondent lenders from reporting to credit rating agencies that mortgage loans secured by property with a crumbling concrete foundation are subject to a deficiency judgment.