Directs the Housing and Community Services Department to establish a program to guarantee against losses in mortgage loans that lenders extend to first-time home buyers.

Housing

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Representative Bowman,, Breese-Iverson,, Dobson,, Pham H, Representative Chotzen,, Drazan,, Fragala,, Gamba,, Javadi,, Nguyen H,, Rieke Smith,
Last action: 2025-06-27
Official status: In House Committee
Effective date: Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2025-06-27 House
In committee upon adjournment.
2025-03-31 House
Recommendation: Do pass with amendments, be printed A-Engrossed, and be referred to Ways and Means by prior reference.
2025-03-31 House
Referred to Ways and Means by prior reference.
2025-03-24 House
Work Session held.
2025-02-12 House
Public Hearing held.
2025-02-06 House
Without recommendation as to passage, be referred to Housing and Homelessness, and then to Ways and Means by prior reference.
2025-02-06 House
Referred to Housing and Homelessness by order of Speaker and then Ways and Means by prior reference.
2025-02-04 House
Work Session held.
2025-01-17 House
Referred to Commerce and Consumer Protection with subsequent referral to Ways and Means.
2025-01-13 House
First reading. Referred to Speaker's desk.

Official Summary Text

Digest: Tells a state agency to back home loans that a lender makes to first-time buyers in this state. Says what kinds of loans qualify and how a lender must claim a loss from a loan. Creates a fund to hold moneys for the loan guarantees. (Flesch Readability Score: 88.3).
Directs the [<i>Department of Consumer and Business Services</i>]<b> Housing and Community Services Department</b> to establish a program to guarantee against losses in mortgage loans that lenders extend to first-time home buyers. Specifies which mortgage loans qualify for the guarantee and the qualifications and duties of first-time home buyers. Specifies circumstances under which a lender may make a claim and documentation a lender must provide as support for the claim.
Establishes the Welcome Home Assistance Program Fund and appropriates moneys in the fund to the department to carry out the purposes of the Act.
Declares an emergency, effective on passage.
Relating to: Relating to guarantees against losses in mortgage loans extended to first-time home buyers; declaring an emergency.
Current location: In House Committee