04/10/2000 02:20 PM Senate JUD

Number 2270                                                                                                                     
                     HB 435-REVISOR'S BILL                                                                                      
                                                                                                                                
CHAIRMAN TAYLOR asked if HB 435 makes any substantive changes to                                                                
law.                                                                                                                            
                                                                                                                                
MS. PAMELA FINLEY, Division of Legal Services, Legislative Affairs                                                              
Agency, said the only change is Section 7 which allows banks to own                                                             
property in connection with negatively amortizing loans.  Several                                                               
years ago the legislature passed a bill that allowed negatively                                                                 
amortized loans, the problem was that if banks did not own the                                                                  
property they could not amortize the loan.  The policy has already                                                              
been made; Section 7 only cleans up the statutes to allow banks to                                                              
do what the legislature tried to get them to do.                                                                                
                                                                                                                                
SENATOR DONLEY asked if there is anything in HB 435 that repeals                                                                
statutes based on court decisions.                                                                                              
                                                                                                                                
MS. FINLEY responded no.                                                                                                        
                                                                                                                                
SENATOR DONLEY moved HB 435 from committee with individual                                                                      
recommendations.  There being no objection, the motion carried.