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House Bill 1525

House Bill 1525

ARCHIVE (2007)

Latest Information

DIGEST OF HB1525 (Updated February 26, 2007 4:11 pm - DI 84)

New home construction and homeowner education. Provides that after June 30, 2007, a builder may not enter into a home construction contract with a prospective home buyer unless the builder first gives the prospective home buyer a written estimate of the property taxes that: (1) will be owed by the prospective home buyer on the new home; and (2) are based on an assessment made on the first assessment date after the construction of the new home is complete. Specifies that the required estimate may not be based on an assessment of unimproved real estate. Requires the Indiana housing and community development authority (authority) to prescribe a form to be used by builders in making the required disclosure. Defines an "at risk home buyer" as a person who: (1) has a credit score that is less than 620; and (2) seeks to obtain a home loan from a creditor. Requires the authority prepare and make available to creditors home ownership educational materials for use by at risk home buyers. Provides that after June 30, 2007, a creditor may not enter into a home loan with an at risk home buyer unless the creditor first gives the at risk home buyer the educational materials prepared by the authority. Requires a creditor who advertises a home loan to comply with certain advertising requirements in the federal regulations that implement the federal Truth in Lending Act.
Current Status:
In Committee - 2nd House
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