HB 2005 HD 1


By Representative(s) MENOR (BR)


Report Title: Reverse Mortgages

Description: Amends definition of "reverse mortgage loan" to mean a nonrecourse loan, the committed principal amount of which is secured by a mortgage on the borrower's residential property and includes cash advances to the borrower based upon the equity in or value of the borrower's owner-occupied principal residence, requires no payment of principal or interest until the entire loan becomes due and payable, and may only be made by a state or federally chartered or licensed lender. (HB2005 HD1)

 1-21-00        H Introduced and passed First Reading                      
 1-24-00        H Referred to the committee on CPC, referral sheet 4       
 1-31-00        H Bill scheduled to be heard by CPC on Wednesday,
                  02-02-00 at 2:00 P.M. in House conference room 325.
 2- 2-00        H The committee on CPC recommends that the measure be         
                  PASSED, WITH AMENDMENTS.
 2- 2-00        H The votes in CPC were as follows:12 Ayes: Rep.(s)
                  Menor, Lee, Cachola, Chang, Garcia, Kaho`ohalahala,         
                  Takumi, Yoshinaga, Halford, Rath, Thielen, Whalen;
                  Ayes with reservations: Rep.(s) ; none Noes: Rep.(s)        
                  ; and 3 Excused: Rep.(s) Herkes, Hiraki, Morita
 3- 1-00        H Reported from the committee on CPC (Stand. Com. Rep.        
                  No. 508-00) as amended in (HD 1), recommending
                  passage on Second Reading and placement on the
                  calendar for Third Reading
 3- 1-00        H Passed Second Reading as amended in (HD 1); placed
                  on the calendar for Third Reading  with
                  Representative(s) None voting no and
                  Representative(s)  Chang, Herkes, Menor, Okamura
 3- 3-00        H Passed Third Reading as amended in (HD 1)                
 3- 3-00        H The vote was as follows:  48 aye(s), with none
                  voting no and Representative(s) Herkes, McDermott,
                  Okamura excused
 3- 6-00        H Transmitted to Senate                                    
 3- 7-00        S Received from House (Hse. Com. No. 68)                   
 3- 7-00        S Passed First Reading and referred to CPN                 
 3-30-00        S Bill scheduled to be heard by CPN on 04-03-00 at
                  9:00 a.m. in conference room 016.
 4- 3-00        S The committee on CPN recommends that the measure be         
                  PASSED, UNAMENDED.
 4- 3-00        S The votes in CPN were as follows: 5 Ayes: Senator(s)        
                  Kanno, Taniguchi, Inouye, Matsuura, Slom; Ayes with         
                  reservations: Senator(s) ; none Noes: Senator(s) ;
                  and 3 Excused: Senator(s) Bunda, Hanabusa, Ihara
 4- 7-00        S Reported from CPN (Stand. Com. Rep. No. 3253) with
                  recommendation of passage on Second Reading and
                  placement on the calendar for Third Reading
 4- 7-00        S Report adopted; Passed Second Reading                    
 4- 7-00        S One day notice                                           
 4-11-00        S Passed Third Reading. Ayes, 23.  Noes, none. 
                  Excused, 2 (Buen, Bunda)
 4-11-00        S Transmitted to House                                     
 4-11-00        H Returned from Senate (Sen. Com. No. 417)                 
 4-12-00        H Transmitted to Governor                                  
 4-28-00        S Act 063, 04-27-00, (Gov. Msg. No. 323)                   
 4-28-00        H Act 063, on 04-27-00 (Gov. Msg. No. 193)