HI SB2023

Requires participating lenders in the federal mortgage credit certificate program (Internal Revenue Code §25) to inform prospective borrowers of program existence and eligibility criteria at time of mortgage application.

Applies to banks, savings banks, savings and loan associations, financial services loan companies, and credit unions that participate in the federal mortgage credit certificate program.

Mandates written notice (physical or electronic) including: program description, certificate terms, income and purchase price requirements, refinancing effects, list of participating lenders, and contact information for the state agency administering the program.

Effective date: July 1, 2010.