Loading chat...

MO HB2400

Bill

Official Source

Status

Introduced

3/29/2010

Primary Sponsor

Mike Cunningham

Click for details

Origin

House of Representatives

2010 Regular Session

AI Summary

  • Repeals and replaces section 30.753 of Missouri law and enacts new section 30.875 relating to linked deposits
  • Increases the aggregate cap on linked deposits from $720 million to $745 million
  • Creates a new "home loan" program allowing eligible homeowners to borrow up to 10% of a home's purchase price, capped at $10,000 for down payments
  • Allocates up to $25 million from the linked deposit program for home loans to eligible homeowners
  • Requires home loans to be repaid within five years with monthly payments and prohibits eligible lending institutions from selling such loans

Legislative Description

Allows an eligible homeowner purchasing a single-family dwelling to receive a loan from the Linked Deposit Loan Program for the down payment on the home

Last Action

Referred: Rules - Pursuant to Rule 25(32)(f) (H)

4/21/2010

Committee Referrals

Rules4/21/2010
Financial Institutions4/6/2010

Full Bill Text

No bill text available