Substitute House Bill 489 Summary

• Revises credit union laws and provides regulatory relief to state banks and credit unions, including reducing examination frequency for well-rated institutions with $10 billion or fewer in assets to once every 24 months.

• Requires mortgage loan servicers to register with the superintendent of financial institutions and establishes licensing and registration requirements for mortgage lenders, brokers, and loan originators.

• Mandates that debt collectors send written notice to debtors before collecting debts secured by junior liens on residential property, including information about bankruptcy rights and attorney access.

• Authorizes data analytics to be conducted on publicly available information regarding banks, credit unions, and consumer finance companies to assist the General Assembly in legislation.

• Provides safe harbor protections for banks and credit unions that make unintentional "bona fide errors" if they notify affected parties and make timely restitution within 60 days.