Under existing law, financial institutions that make specified mortgage loans are required to pay at least 2% interest on amounts received in advance for payment of taxes and assessments on the property, insurance, or other purposes related to the property. This bill would specify that these purposes include insurance proceeds received by the lender for payment for repairs or rebuilding of the property after a catastrophic loss.
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From committee without further action.
From printer. May be heard in committee March 23.
Read first time. To print.
|Bill Text Versions||Format|
|02/18/10 - Introduced|
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