Plain English Breakdown
The plain English breakdown is still being put together. The official documents below are already here.
SB534 • 2025
Allows a lender that, in a reverse mortgage, provides a lump sum in exchange for a claim upon the equity of a property to claim as the lender's equity, and receive as proceeds in a sale of the property, not more than the percentage of the total equity in the property to which the lump sum is equivalent on the date the lender provides the lump sum.
Allows a lender that, in a reverse mortgage, provides a lump sum in exchange for a claim upon the equity of a property to claim as the lender's equity, and receive as proceeds in a sale of the property, not more than the percentage of the total equity in the property to which the lump sum is equivalent on the date the lender provides the lump sum.
Passed Legislature
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Bill History
-
2025-06-27
Senate
In committee upon adjournment.
-
2025-02-05
Senate
Public Hearing held.
-
2025-01-17
Senate
Referred to Housing and Development.
-
2025-01-13
Senate
Introduction and first reading. Referred to President's desk.
Official Summary Text
Digest: Lets a lender who gives a lump sum as the loan in a reverse mortgage get only that part of the total equity in the house to which the lump sum is equal at the time the lender gives the lump sum. (Flesch Readability Score: 61.4) Allows a lender that, in a reverse mortgage, provides a lump sum in exchange for a claim upon the equity of a property to claim as the lender's equity, and receive as proceeds in a sale of the property, not more than the percentage of the total equity in the property to which the lump sum is equivalent on the date the lender provides the lump sum. Declares an emergency, effective on passage. Relating to: Relating to allowable claims of equity in a property that is subject to a reverse mortgage; declaring an emergency. Current location: In Senate Committee