H.AMDT.110 to H.R.1728

Amendment changes the grace period for renters renting a unit in violation of a mortgage contract when that property is sold to a purchaser who intends to use such property as an owner-occupied unit from 90 days to 30 days. Further, the amendment provides that creditors may only accelerate debt repayment in circumstances involving default in payment, a due-on-sale clause or a material violation in the contract.

AMENDMENT DESCRIPTION:
Amendment changes the grace period for renters renting a unit in violation of a mortgage contract when that property is sold to a purchaser who intends to use such property as an owner-occupied unit from 90 days to 30 days. Further, the amendment provides that creditors may only accelerate debt repayment in circumstances involving default in payment, a due-on-sale clause or a material violation in the contract.

AMENDMENT PURPOSE:
An amendment numbered 4 printed in House Report 111-98 to reduce the grace period for renters renting a unit in violation of a mortgage contract when that property is sold to a purchaser who intends to use such property as an owner-occupied unit from 90 days to 30 days. Additionally, creditors may only accelerate debt repayment in certain circumstances.

STATUS:

5/7/2009 12:45pm:

Amendment (A004) offered by Mr. Perlmutter. (consideration: CR H5353-5354; text: CR H5353)

5/7/2009 12:53pm:

On agreeing to the Perlmutter amendment (A004) Agreed to by voice vote.

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