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House Bill 1408


House Bill 1408

ARCHIVE (2009)

Latest Information

 

DIGEST OF HB1408 (Updated February 25, 2009 11:40 am - DI 84)


Mortgage lending practices. Provides that if the total amount in the investigative fund administered by the attorney general and the professional licensing agency to investigate real estate and real estate appraisal fraud exceeds $750,000 at the end of a state fiscal year: (1) 50% of the amount exceeding $750,000 remains in the fund; and (2) 50% of the amount exceeding $750,000 shall be deposited in the home ownership education account administered by the authority. (Current law provides that any amount remaining in the fund at the end of a state fiscal year that exceeds $750,000 reverts to the state general fund.) Establishes the home ownership preservation task force that consists of: (1) the director of the department; (2) the executive director of the authority; and (3) 13 voting members appointed by the governor. Provides that the director of the department and the executive director of the authority serve as co-chairs and nonvoting members of the task force. Requires the task force to conduct at least five meetings before November 15, 2009, and to do the following: (1) Identify new sources of federal funding that can be used to assist Indiana homeowners or communities that are affected by residential mortgage loan foreclosures. (2) Identify any other new or existing sources of federal, state, or private funding that can be used for, or redirected to, those purposes. (3) Identify methods and sources of available funding to promote the authority's mortgage foreclosure counseling and education program. (4) Make recommendations for any state legislation, rules, or programs that the task force determines are necessary to assist Indiana homeowners or communities that are affected by residential mortgage loan foreclosures. Requires the task force to submit a report to: (1) the legislative council; and (2) the members of the legislative standing committees that have jurisdiction over legislation concerning financial institutions. Establishes the pro bono foreclosure assistance task force that consists of: (1) the chief justice of the supreme court, or the chief justice's designee, who serves as chair of the task force; (2) the president of the Indiana state bar association, or the president's designee; and (3) 15 members appointed by the chief justice. Requires the task force to determine the feasibility of developing, implementing, administering, and promoting a statewide program to provide pro bono legal assistance to Indiana home owners involved in foreclosure proceedings filed in Indiana courts. Requires the task force to report its findings and recommendations to: (1) the legislative council; and (2) the members of the legislative standing committees that have jurisdiction over legislation concerning financial institutions.
Current Status:
 In Committee - 2nd House
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