Second
Regular Session S.B.
1288
ASH FLOOR AMENDMENT
HOUSE OF REPRESENTATIVES
AMENDMENTS TO S.B. 1288
(Reference to the BANKING
AND INSURANCE Committee amendment)
1 Page 1. line
2, strike "strike "high-cost" insert "higher
priced"" insert "after
2 the period strike
remainder of line insert "Definitions"
3 Between lines 2 and 3, insert:
4 "Line 6, strike
", "HIGH-COST" insert ":
5 1. "FRONT-END DEBT TO
INCOME" MEANS THE RATIO OF PITIA TO
6 MONTHLY GROSS INCOME. 2.
"HIGHER PRICED"
7 Line 8,
strike "I." insert "(a)" 9 Line 9, strike
"(a)" insert "(i)"
10 Line 11, strike "(b)"
insert "(ii)"
11 Line 15, strike "(c)"
insert "(iii)"
12 Line 17, strike "2."
insert "(b)"
13 Line 18, strike "(a)"
insert "(i)"
14 Line 19, strike "(b)"
insert "(ii)"
15 Between lines 19 and 20, insert:
16 "3. "PITIA" MEANS PRINCIPAL, INTEREST, TAXES,
INSURANCE,
17 INCLUDING HOMEOWNERS' INSURANCE
AND HAZARD AND FLOOD INSURANCE,
18 AND HOMEOWNERS' ASSOCIATION OR
CONDOMINIUM FEES BUT DOES NOT
19 INCLUDE
MORTGAGE INSURANCE PREMIUMS.""
20 Line 3, strike "6,"; strike the second comma insert "and";
strike "and 37"
1 Page 1, between lines 3 and
4, insert:
2 "Line 32, after
"AMORTIZATION" insert "IF THE MONTHLY PAYMENTS UNDER
3 THE HIGHER PRICED MORTGAGE LOAN,
IF FULLY AMORTIZED. WOULD NOT
4 EXCEED THIRTY-ONE PER CENT OF THE
BORROWER'S FRONT-END DEBT TO
5 INCOME. THIS SECTION ALSO DOES NOT
PROHIBIT NEGATIVE
6 AMORTIZATION"
7 Line 37, strike
"HIGH-COST" insert "HIGHER PRICED""
8 Strike line 5,
insert "Strike lines 16 through 19"
9 Amend title to
conform
1288ca.doc
04/22/2010
3:50 PM
C:.mu
Printed By: rkescoli
Printed On: April 22, 2010 03:50 PM