Sen. Jacqueline Y. Collins

Filed: 5/29/2005

 

 


 

 


 
09400HB4050sam001 LRB094 11549 DRJ 47375 a

1
AMENDMENT TO HOUSE BILL 4050

2     AMENDMENT NO. ______. Amend House Bill 4050 on page 11, by
3 replacing lines 24 through 34 with the following:
4     ""Pilot program area" means all areas designated as such by
5 the Department due to the high rate of foreclosure on
6 residential home mortgages that is primarily the result of
7 predatory lending practices. The Department shall designate
8 the pilot program area within 30 days after the effective date
9 of this amendatory Act of the 94th General Assembly."; and
 
10 on page 12, by deleting lines 20 through 31; and
 
11 on page 12, line 32, by changing "(d)" to "(c)"; and
 
12 on page 13, line 19, by changing "(e)" to "(d)"; and
 
13 on page 13, line 20, by changing "(d)" to "(c)"; and
 
14 on page 13, line 33, by changing "(f)" to "(e)"; and
 
15 on page 14, line 2, by changing "(d)" to "(c)"; and
 
16 on page 14, line 6, by changing "(e)" to "(d)"; and
 
17 on page 14, line 7, by changing "(g)" to "(f)"; and
 

 

 

09400HB4050sam001 - 2 - LRB094 11549 DRJ 47375 a

1 on page 14, line 11, by changing "(h)" to "(g)"; and
 
2 on page 14, line 25, by changing "(i)" to "(h)"; and
 
3 on page 15, between lines 1 and 2, by inserting the following:
4     "(i) Nothing in this Article is intended to prevent a
5 borrower from making his or her own decision as to whether to
6 proceed with a transaction."; and
 
7 on page 15, immediately below line 4, by inserting the
8 following:
9     "(k) Not later than one year after the Department
10 designates the pilot program area and annually thereafter
11 during the existence of the pilot program, the Department shall
12 report to the Governor and to the General Assembly concerning
13 its administration and the effectiveness of the pilot
14 program."; and
 
15 on page 16, by deleting lines 12 and 13; and
 
16 on page 16, line 14, by changing "(9)" to "(8)"; and
 
17 on page 16, line 17, by changing "(10)" to "(9)"; and
 
18 on page 16, line 20, by changing "(11)" to "(10)".