Legislation - SB0689

Title: Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures
Sponsored by: Senator Gile
Status: Approved by the Governor - Chapter 203
Analysis: Fiscal and Policy Note (Revised)

Synopsis

Requiring banking institutions, credit unions, mortgage lenders, mortgage lending businesses, and mortgage loan originators to include a certain provision in certain conventional home mortgage loans authorizing a certain borrower to purchase the property interest of a certain borrower in connection with a decree of absolute divorce if the lending entity determines that the assuming borrower qualifies for the loan; and applying certain provisions of the Act retroactively.

Committees

Original:: Finance Click to view Recorded Media

Opposite:: Economic Matters

Committee Testimony

Witness List

Details

Cross-filed with: HB1018

Bill File Type: Regular

Effective Date(s): October 1, 2025

History

Legislation History
Chamber Senate Calendar Date 1/30/2025 Legislative Date 1/26/2025 Action First Reading Finance Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures Proceedings
Chamber Senate Calendar Date 2/01/2025 Legislative Date 2/01/2025 Action Hearing 2/20 at 1:00 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - Senate - Committee - Finance Proceedings Click to view Recorded Media
Chamber Senate Calendar Date 3/12/2025 Legislative Date 3/12/2025 Action Favorable with Amendments Report by Finance Proceedings
Chamber Senate Calendar Date 3/13/2025 Legislative Date 2/24/2025 Action Favorable with Amendments {983124/1 Adopted Proceedings 44 Click to view Recorded Media
Chamber Senate Calendar Date 3/13/2025 Legislative Date 2/24/2025 Action Second Reading Passed with Amendments Proceedings 44 Click to view Recorded Media
Chamber Calendar Date Legislative Date Action Text - Third - Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures Proceedings
Chamber Senate Calendar Date 3/14/2025 Legislative Date 2/27/2025 Action Third Reading Passed (47-0) Proceedings 47 Click to view Recorded Media
Chamber House Calendar Date 3/15/2025 Legislative Date 3/06/2025 Action Referred Economic Matters Proceedings 46 Click to view Recorded Media
Chamber Calendar Date Legislative Date Action Vote - House - Committee - Economic Matters Proceedings Click to view Recorded Media
Chamber House Calendar Date 4/01/2025 Legislative Date 4/01/2025 Action Favorable with Amendments Report by Economic Matters Proceedings
Chamber House Calendar Date 4/02/2025 Legislative Date 3/17/2025 Action Favorable with Amendments {973220/1 Adopted Proceedings 57 Click to view Recorded Media
Chamber House Calendar Date 4/02/2025 Legislative Date 3/17/2025 Action Second Reading Passed with Amendments Proceedings 57 Click to view Recorded Media
Chamber House Calendar Date 4/07/2025 Legislative Date 3/23/2025 Action Third Reading Passed (122-12) Proceedings 63 Click to view Recorded Media
Chamber Senate Calendar Date 4/07/2025 Legislative Date 3/23/2025 Action Senate Concurs House Amendments Proceedings 71 Click to view Recorded Media
Chamber Senate Calendar Date 4/07/2025 Legislative Date 3/23/2025 Action Third Reading Passed (42-0) Proceedings 71 Click to view Recorded Media
Chamber Senate Calendar Date 4/07/2025 Legislative Date 3/23/2025 Action Passed Enrolled Proceedings
Chamber Calendar Date Legislative Date Action Text - Enrolled - Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures Proceedings
Chamber Post Passage Calendar Date 4/22/2025 Legislative Date 4/22/2025 Action Approved by the Governor - Chapter 203 Proceedings
Chamber Calendar Date Legislative Date Action Text - Chapter - Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures Proceedings

Chamber	Calendar Date	Legislative Date	Action	Proceedings
Senate	1/30/2025	1/26/2025	First Reading Finance
			Text - First - Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures
Senate	2/01/2025	2/01/2025	Hearing 2/20 at 1:00 p.m.
			Vote - Senate - Committee - Finance	Click to view Recorded Media
Senate	3/12/2025	3/12/2025	Favorable with Amendments Report by Finance
Senate	3/13/2025	2/24/2025	Favorable with Amendments {983124/1 Adopted	44 Click to view Recorded Media
Senate	3/13/2025	2/24/2025	Second Reading Passed with Amendments	44 Click to view Recorded Media
			Text - Third - Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures
Senate	3/14/2025	2/27/2025	Third Reading Passed (47-0)	47 Click to view Recorded Media
House	3/15/2025	3/06/2025	Referred Economic Matters	46 Click to view Recorded Media
			Vote - House - Committee - Economic Matters	Click to view Recorded Media
House	4/01/2025	4/01/2025	Favorable with Amendments Report by Economic Matters
House	4/02/2025	3/17/2025	Favorable with Amendments {973220/1 Adopted	57 Click to view Recorded Media
House	4/02/2025	3/17/2025	Second Reading Passed with Amendments	57 Click to view Recorded Media
House	4/07/2025	3/23/2025	Third Reading Passed (122-12)	63 Click to view Recorded Media
Senate	4/07/2025	3/23/2025	Senate Concurs House Amendments	71 Click to view Recorded Media
Senate	4/07/2025	3/23/2025	Third Reading Passed (42-0)	71 Click to view Recorded Media
Senate	4/07/2025	3/23/2025	Passed Enrolled
			Text - Enrolled - Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures
Post Passage	4/22/2025	4/22/2025	Approved by the Governor - Chapter 203
			Text - Chapter - Financial Institutions - Conventional Home Mortgage Loans - Assumption and Required Disclosures

File Code

Subjects

Statutes