LRB-3989/2
PJK:jld:jf
2003 - 2004 LEGISLATURE
February 9, 2004 - Introduced by Representatives Grothman, LeMahieu,
Ainsworth, Hines, Krawczyk, Nass, Gundrum, Owens, J. Wood, Van Roy and
Albers, cosponsored by Senators Lazich and Reynolds. Referred to
Committee on Labor.
AB829,1,2
1An Act to create 234.37 of the statutes;
relating to: interest rates for residential
2loans involving the Wisconsin Housing and Economic Development Authority.
Analysis by the Legislative Reference Bureau
Under current law, the Wisconsin Housing and Economic Development
Authority (WHEDA) makes and participates in making various types of loans for
housing and economic development purposes, often for housing projects that benefit
low-income, elderly, or disabled persons. This bill provides that, for any residential
loan for which WHEDA determines, participates in determining, or approves an
interest rate, WHEDA may not base its determination or other action concerning the
interest rate on the occupation of the loan applicant or recipient.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB829, s. 1
3Section
1. 234.37 of the statutes is created to read:
AB829,2,2
4234.37 Prohibition on interest rate determination. For any residential
5loan under this subchapter for which the authority determines, participates in
6determining, or approves an interest rate, the authority may not base its action or
1decision concerning the interest rate on the occupation of the loan applicant or
2recipient.
AB829,2,54
(1) This act first applies to loans for which application is made on the effective
5date of this subsection.
