6178-S AMS PFLU GORR 271

SSB 6178 - S AMD 4

   By    Senator Pflug

NOT ADOPTED 11/29/2007

   On page 3, line 5, after "thereof." insert the following:

"The form shall include a disclosure statement in fourteen-point type placed at the top of the document. The statement shall advise the homeowner that the interest rate charged for the tax deferral may be higher than the market rate and that the deferral will result in the state obtaining a financial interest in the property."

   Renumber the sections consecutively and correct any internal references accordingly.

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EFFECT: Homeowners must receive notice that the interest rate charged may be higher than the market rate and that the deferral will result in the state obtaining a financial interest in the property.