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HB0292 • 2009

Mortgage insurance.

AN ACT relating to property insurance; prohibiting lenders from requiring property insurance exceeding the value of improvements on real property; providing penalties; and providing for an effective date.

Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor
Representative Pedersen
Last action
2009-03-03
Official status
inactive
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

  1. 2009-03-03 House

    H Died In Committee

  2. 2009-02-02 House

    H Introduced and Referred to H09; No Report Prior to CoW Cutoff

  3. 2009-01-30 House

    H Received for Introduction

  4. 2009-01-28 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
WORKING DRAFT
2009
STATE OF
WYOMING
09LSO-0647

HOUSE BILL
NO.
HB0292

Mortgage insurance.

Sponsored by:
Representative(s) Pedersen, Illoway and Zwonitzer, Dn. and Senator(s) Anderson, J. and Ross

A BILL

for

AN ACT relating to
property insurance; prohibiting
lenders
from requiring property insurance exceeding the value of improvements on real property; providing penalties;
and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.

W.S. 26
‑
23
‑
109 is created to read:

26
‑
23
‑
109
.

Requirements on property insurance coverage for loans secured by real property.

(a)

No lender shall require a borrower under a loan secured by real property to provide property insurance coverage on that property in the amount exceeding the replacement value of the improvements on the property.

(b)

Any person harmed by a violation of this section shall be entitled to obtain injunctive relief and may recover reasonable attorney fees and costs.

(c)

A violation of this section does not affect the validity of the loan or the mortgage or deed of trust.

Section
2.

This act is effective July 1, 2009.

(END)

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HB0292