SB3551 Summary

• Amends the Residential Mortgage License Act of 1987 to include shared appreciation agreements in the definition of "residential mortgage loan," where consumers receive funds in exchange for an interest in a dwelling or residential real estate.

• Requires borrowers to receive mandatory counseling before entering into any shared appreciation agreement, with no waiver permitted.

• Authorizes the Secretary of Financial and Professional Regulation to adopt rules governing shared appreciation agreements, including disclosures about costs, duration, fees, and potential alternatives.

• Grants the Secretary authority to establish limits on interest rates and fees that may be charged to borrowers under shared appreciation agreements.