Commercial Law – Credit Regulation – Reverse Mortgage Loans Act – Revisions
Sponsor: Brian J. Feldman (District 15)Committee: FinanceSubject: Commercial Law - GenerallyStatus: Hearing 2/16 at 1:00 p.m. (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 (7)
MGA witness listFAV 6FavorableUNF 1Unfavorable
| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Bratsakis, John | MD|DC Credit Union Association | Oral + Written (PDF) |
| FAV | Burgess Kegan, James | Mutual of Omaha Reverse Mortgage | Oral |
| FAV | Irwin, Steve | National Reverse Mortgage Lenders Association | Oral |
| FAV | Murray, Rorylobbyist | Individual | Oral |
| FAV | Senator Feldman, Senator Feldmanlegislator | Individual | Oral |
| FAV | Struse, Frederica | Individual | Written (PDF) |
| UNF | Sakamoto-Wengel, Steven | Individual | Written (PDF) |
Organizations on record
Registered lobbyists who testified
FAVMurray, RoryRegistered for: Alliance to Prevent Legionnaire's Disease; American Council of Engineering Companies/MD; Association of Independent Maryland and D.C. Schools; Chesapeake Watershed Restoration Professionals; Kaiser Permanente; Lightstar Renewables…