KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

Back to Wyoming

HB0042 • 2012

Reverse mortgages-study.

AN ACT relating to banks and banking; providing for study of issues related to home equity conversion mortgages; 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 Byrd
Last action
2012-02-14
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. 2012-02-14 House

    H Failed Introduction

  2. 2012-02-13 House

    H Received for Introduction

  3. 2012-02-01 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
WORKING DRAFT
2012
STATE OF
WYOMING
12LSO-0244

HOUSE BILL
NO.
HB0042

Reverse mortgages-study.

Sponsored by:
Representative(s) Byrd

A BILL

for

AN ACT relating to
banks and banking; providing for study of issues related to home equity conversion mortgages;
and providing for an effective date.

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

Section 1.

(a
)

The joint corporations, elections and political subdivisions interim committee shall study the practice of offering home equity conversion mortgages, also known as reverse mortgages, with a focus on the following issues:

(i)

The current level of regulation on home equity conversion mortgages;

(ii)

The practices of lenders offering home equity conversion mortgages;

(iii)

The effects on the borrowing public of home equity conversion mortgages; and

(iv)

Whether further state regulation is necessary or proper.

(b)

The committee shall propose changes to Wyoming statutes consistent with the findings of the committee and shall present its recommendations for consideration in the 2013 general session.

Section 2.
This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

1
HB0042