Senate Amendment 3122


PAG LIN




     1  1    Amend Senate File 541 as follows:
     1  2 #1.  Page 2, line 24, by inserting after the word
     1  3 <EXEMPTION> the following:  <== CLAIMS AGAINST
     1  4 ASSIGNEES OR PURCHASERS OF LOANS>.
     1  5 #2.  Page 2, line 26, by inserting after the word
     1  6 <institutions> the following:  <or their subsidiaries
     1  7 or affiliates, or to loans originated by federally
     1  8 insured depository institutions or their subsidiaries
     1  9 or affiliates.  No claim or defense under this chapter
     1 10 may be asserted by the attorney general or any
     1 11 consumer against an assignee or purchaser of a
     1 12 mortgage loan for value unless one of the following
     1 13 applies:
     1 14    1.  The violation was committed by the assignee or
     1 15 purchaser.
     1 16    2.  The assignee or purchaser is affiliated by
     1 17 common control with the seller of the loan at the time
     1 18 of such assignment or purchase.>
     1 19 #3.  Page 2, line 31, by inserting after the word
     1 20 <chapter> the following:  <, acting only in an
     1 21 individual capacity,>.
     1 22 #4.  Page 3, by inserting after line 34 the
     1 23 following:
     1 24    <6.  A lender, mortgage banker, or mortgage broker
     1 25 in a consumer home loan who, when acting in good
     1 26 faith, fails to comply with the provisions of this
     1 27 chapter does not violate this chapter if, within sixty
     1 28 days of receiving notice of the failure to comply, the
     1 29 lender, mortgage banker, or mortgage broker makes
     1 30 appropriate restitution and whatever adjustments are
     1 31 necessary to correct the violation.>
     1 32
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     1 34                               
     1 35 STEVE WARNSTADT
     1 36 SF 541.201 82
     1 37 rn/es/8003
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