Commercial Law - Credit Regulation - Reverse Mortgage Loans Act - Revisions
Sponsor: Christopher T. Adams (District 37B)Committee: Economic MattersSubject: Commercial Law - GenerallyStatus: Unfavorable Report by Economic Matters; Withdrawn (as of Dec 1, 2021)
What this bill does
Official synopsis
Requiring that a borrower of a reverse mortgage loan be at least 60 years old and occupy the dwelling that secures the reserve mortgage loan as a principal residence; requiring a certain lender or an arranger of financing to provide a prospective borrower certain documents at certain times; requiring a certain lender to provide to the borrower a certain statement by January 31 each year and a certain disclosure at certain times; etc.
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Testimony (5)
MGA witness listFAV 4FavorableUNF 1Unfavorable
| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Irwin, Steve | National Reverse Mortgage Lenders Association | Oral |
| FAV | RASMUSSEN, DENNISlobbyist | The Rasmussen Group LLC | Written (PDF) |
| FAV | Adams, Delegate Chris | Individual | Written (PDF) |
| FAV | Delegate Adams, Delegate Adamslegislator | Individual | Oral |
| UNF | Lawrie, William | Office of the Attorney General, Consumer Protection Division | Written (PDF) |
Organizations on record
Registered lobbyists who testified
FAVRASMUSSEN, DENNISThe Rasmussen Group LLCRegistered for: Baltimore Children's Museum, Inc. dba Port Discovery Children's Museum; Chesapeake Renewable Energy, LLC; Chesapeake Ventures Development, LLC; Greater Ocean City Maryland Chamber of Commerce, Inc.; HarborRock Holdings, LLC; Maryland Mortgage Bankers & Brokers Association (MMBBA)…