H.B.
264
REVISOR'S STATUTE
house floor
Amendments
Amendment 2 January 22, 2007 9:33 am
Representative Stephen H. Urquhart
proposes the following amendments:
1. Page
3, Lines 73 through 74
:
73
57-12-14, as enacted by Chapters 295 and 321, Laws of Utah 1998
74
{
57-15-8.5, as enacted by Chapter 224, Laws of Utah 1981
}
2. Page
79, Line 2423 through Page 80, Line 2454
:
2423
(ii) require the agency to pay the costs of the first additional appraisal.
2424
{
Section 52.
57-15-8.5
is amended to read:
2425
57-15-8.5. Acceleration -- Conditions authorizing -- Exemption of loans sold to
2426
federal agencies.
2427
(1) Notwithstanding the provisions of Sections
57-15-2
and
57-15-4
, a lender or
2428
secured party may accelerate or mature an indebtedness upon assumption of that indebtedness
2429
if:
2430
[(1)] (a) a written agreement with, or a written instrument executed by, the obligor on
2431
the indebtedness allows the secured party or lender to accelerate or mature the indebtedness
2432
and/or increase the interest rate thereon upon assumption of the indebtedness; [and]
2433
[(2)] (b) (i) the secured party or lender has offered to accept the assumption without
2434
acceleration and without maturing the indebtedness provided the assumer agree to pay the
2435
secured party or lender not more than a 1% assumption fee, a not more than 1% interest rate
2436
increase effective as of the date of assumption, whichever is earlier, and a further not more than
2437
1% interest rate increase effective a date five years after the date of assumption, whichever is
2438
earlier[. Neither of said]; and
2439
(ii) that neither of the interest rate increases in Subsection (1)(b)(i) may cause the total
2440
interest rate on the indebtedness to exceed 1% below the weighted average yield of the Federal
2441
Home Loan Mortgage Corporation weekly auction for purchases of mortgages secured by
2442
residential 1 to 4 family dwellings in effect on the date of the increase; and
2443
[(3)] (c) the assumer has refused to consent to such assumption fee and interest rate
2444
increases.
2445
(2) As used in this section, [the term] "obligor" [shall mean] means the original
2446
borrower or, if the secured party or lender has previously approved, and pursuant to that
2447
approval there has been effected, an assumption of the indebtedness, the person last approved
2448
as an assumer and who has assumed the indebtedness.
2449
(3) If a determination is made by the Federal National Mortgage Association or by the
2450
Federal Home Loan Mortgage Corporation that it will not purchase Utah mortgage loans
2451
because of the effects of this [act] chapter, and such determination is communicated in writing
2452
to the Legislature or governor of this state, then this [act] chapter will not apply, after receipt of
2453
such communication, to any mortgages originated after the effective date of this [act] chapter
2454
and sold to the entity making such determination.
}
3. Page
87, Lines 2687 through 2688
:
2687
(B) the [targeted] federal funds rate
target
:
2688
(I)
{
as defined in
}
[12 C.F.R. Sec. 201.2]
{
31 C.F.R. Sec. 203.2
}
established by the
Federal Open Markets Committee
; and
4. Page
89, Lines 2733 through 2734
:
2733
(ii) the [targeted] federal funds rate
target
:
2734
(A)
{
as defined in
}
[12 C.F.R. Sec. 201.2]
{
31 C.F.R. Sec. 203.2
}
established by the
Federal Open Markets Committee
; and
5. Page
90, Lines 2757 through 2758
:
2757
(ii) the [targeted] federal funds rate
target
:
2758
(A)
{
as defined in
}
[12 C.F.R. Sec. 201.2]
{
31 C.F.R. Sec. 203.2
}
established by the
Federal Open Markets Committee
; and
6. Page
91, Lines 2799 through 2800
:
2799
(ii) the [targeted] federal funds rate
target
:
2800
(A)
{
as defined in
}
[12 C.F.R. Sec. 201.2]
{
31 C.F.R. Sec. 203.2
}
established by the
Federal Open Markets Committee
; and
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