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HB 654 Homeowner/Homebuyer Protection Act

August 15, 2011
Mortgage Lending
Bill Law

SB 1015, the Homeowner and Homebuyer Protection Act, was passed in 2010. This legislation addressed a number of predatory real estate practices that took advantage of families having trouble paying their home loan or finding a decent loan to buy a home. These abuses included foreclosure rescue scams, as well as lease option and contract for deed agreements.

HB 654 introduced in 2011 is an attempt to gut these recently enacted protections. After considerable discussion in committee and on the floor, the House passed the bill by a vote of 66 to 48. The Senate held a hearing on the bill in the last week of session and decided not to vote on it. The bill remains in the Senate Commerce Committee and is eligible for consideration in the 2012 session.