SCS SB 729 -- MORTGAGE INSURANCE

SPONSOR:  Yeckel (Luetkenhaus)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Insurance by a vote of 10 to 0.

This substitute increases the limit on the amount of mortgage
insurance that can be issued on real estate from 100% to 103% of
the fair market value of the real estate.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that many people, especially young
professionals right out of college, have the income to buy a
home, but do not have savings needed for a down payment.  The
substitute will allow more people to get into their first home
much earlier.

Testifying for the bill were Representative Luetkenhaus; and
Missouri Mortgage Association of America.

OPPONENTS:  There was no opposition voiced to the committee.

Richard Smreker, Senior Legislative Analyst

Missouri House of Representatives
Last Updated October 11, 2002 at 9:04 am