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House Joint Resolution 72 |
House Author: Solomons |
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For Election: 11-6-07 |
Senate Sponsor: Carona |
House Joint Resolution 72 proposes an amendment to the state constitution to clarify certain provisions relating to the making of a home equity loan and the use of home equity loan proceeds. The proposed amendment prohibits such a loan from closing, without the borrower's consent, sooner than one business day after the borrower receives a copy of the loan application if not previously provided and a final itemized disclosure of the actual closing costs. It allows the borrower to secure a loan within one year of obtaining a loan on the same homestead if the owner on oath requests an earlier closing because of a declared state of emergency that applies to the area where the homestead is located. In addition, the proposed amendment clarifies that a restriction on the use of an agricultural homestead property to secure a home equity loan refers to a homestead designated for agricultural use on the closing date, that the borrower may not be required to execute an instrument containing unfilled blanks for substantive terms of agreement, and that a solicitation check prohibited for obtaining an advance under a home equity line of credit is a preprinted check unsolicited by the borrower.