HOUSE BILL REPORT

HB 2612

BYRepresentatives Locke, Prince, Dellwo, Zellinsky, Jacobsen and Scott

Requiring closing documents for mortgage loans to be available to loan applicants prior to closing.

House Committe on Financial Institutions & Insurance

Majority Report:  The substitute bill be substituted therefor and the substitute bill do pass.  (12)

      Signed by Representatives Dellwo, Chair; Chandler, Ranking Republican Member; Anderson, Beck, Crane, Day, Dorn, Inslee, Nutley, Schmidt, K. Wilson and Winsley.

House Staff:John Conniff (786-7119)

AS REPORTED BY COMMITTEE ON FINANCIAL INSTITUTIONS & INSURANCE

JANUARY 30, 1990

BACKGROUND:

Obtaining a home mortgage loan involves many complex documents and contracts. Often the borrower's first opportunity to read and understand these documents comes at the time of loan closing when the borrower must sign the contracts.

SUMMARY:

SUBSTITUTE BILL:  Upon request of a loan applicant within a reasonable period of time prior to loan closing, a lender shall provide copies of all closing documents to the applicant.

SUBSTITUTE BILL COMPARED TO ORIGINAL:  Provisions requiring lenders to give borrowers copies of closing documents are changed to require lenders to provide copies upon request.

Fiscal Note:      Not Requested.

House Committee ‑ Testified For:    No one.

House Committee - Testified Against:      No one.

House Committee - Testimony For:    None.

House Committee - Testimony Against:      None.