5829-S AMH LOCK REDF 2

SSB 5829 - H AMDS TO APPROPRIATIONS COMM AMDS TO PAGE 16, AFTER LINE 13

By Representative Locke

     On page 1, line 8 of the amendment, strike all of subsection 1 and insert the following:

     "(1) "Loan closing documents" means any loan commitment, statement of loan conditions or other agreement to lend which has been reduced to writing, estimated settlement charges, deed or deed forms, legal descriptions of loan collateral, promissory notes and final loan contract.  Incidental forms and statements promulgated by the lender to be executed at closing to complete loan approval shall not, for purposes of this definition, be determined loan closing documents."

     On page 2, line 25 of the amendment, strike all of subsection 3 and insert the following:

     "(3) The lender, or the loan originator if not the lender, shall advise the loan applicant at the time of application that upon his/her request, the applicant has the right to receive for prior review copies of loan closing document forms.  The lender shall also advise the loan applicant that upon his/her timely request, he/she  may receive for his/her review copies of loan closing documents as prepared for loan closing.  The lender shall provide such loan closing documents no later than one business day prior to the established date of closing."