HF 2210 (LSB 5506HH (3) 86)

HOUSE FILE 2210

BY  BEARINGER

A BILL FOR

An Act concerning authorized lenders for the home ownership assistance program for military members and including effective date and retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 16.54, subsection 4, paragraph b, subparagraph (2), subparagraph division (a), Code 2016, is amended to read as follows:
   (a)  The financing is offered by a lender that participates in one of the authority’s first mortgage financing programs for homebuyers, or by a lender approved pursuant to subsection 5, or, for financed home purchases that close on or after January 1, 2015, by a bank.
    Sec. 2.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of immediate importance, takes effect upon enactment.
    Sec. 3.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2015, for financed home purchases that close on or after that date.
EXPLANATION
The inclusion of this explanation does not constitute agreement with

the explanation’s substance by the members of the general assembly.
   This bill amends the home ownership assistance program for military members to allow any bank to finance home purchases under the program if the purchase closing is on or after January 1, 2015. The bill takes effect upon enactment and is retroactively applicable to January 1, 2015, for financed home purchases that close on or after that date.