03/26/1998 01:45 PM House FIN

SENATE BILL NO. 221                                                            
                                                                               
                                                                               
"An Act relating to negatively amortizing loans                                
originated under a program approved or sponsored by                            
the state or federal government."                                              
                                                                               
Co-Chair Therriault stated that the committee work draft                       
for SB 221, 0-LS1024\H, Cook, 3/26/98, specifies                               
requirements which include the State with language added                       
from the Fannie Mae program.                                                   
                                                                               
JERRY BURNETT, STAFF, SENATOR RANDY PHILLIPS, noted that                       
additional language had been drafted by Legal Services and                     
was taken from provisions which govern the federal Fannie                      
Mae program.                                                                   
                                                                               
Representative Martin MOVED that work draft, 0-LS1024\H,                       
Cook, 3/26/98, be the version before the Committee.  There                     
being NO OBJECTION, it was adopted.                                            
                                                                               
Representative Martin MOVED to report HCS CSSB 221 (FIN)                       
out of Committee with individual recommendations and with                      
the accompanying fiscal note.  There being NO OBJECTION, it                    
was so ordered.                                                                
                                                                               
HCS CSSB 221 (FIN) was reported out of Committee with a "do                    
pass" recommendation and with a zero fiscal note by the                        
Department of Commerce and Economic Development dated                          
1/27/98.