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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.
H.AMDT.110(A004) Amends: H.R.1728 Sponsor: Rep Perlmutter, Ed [CO-7](offered 5/7/2009)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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