SSB 5312 -
By Senator Nelson
NOT ADOPTED 02/20/2013
On page 6, line 30, after "delinquent" strike "ten" and insert "thirty"
On page 6, line 31, after "more" insert "and the licensee has notified the borrower at least ten days prior to the date of default that the borrower is in arrears and may be in default"
On page 7, line 27, after "that" insert "a thirty-day"
On page 7, line 29, after "loan" insert ", provided the borrower has been provided notice as required in section 8(5) of this act"
EFFECT: A borrower is not considered in default until 30 days after a missed payment provided that the licensee has notified the borrower at least 10 days prior to the date of default that the borrower is in arrears and may be in default.