Amendment AA1-ASA1-AB792

LRBa2341/1

ARG:cjs:rs

2003 - 2004 LEGISLATURE

ASSEMBLY AMENDMENT 1, TO ASSEMBLY SUBSTITUTE AMENDMENT 1, TO 2003 ASSEMBLY BILL 792

February 26, 2004 - Offered by Committee on Financial Institutions.

AB792-ASA1-AA1,1,1 At the locations indicated, amend the substitute amendment as follows:

AB792-ASA1-AA1,1,2 1. Page 7, line 17: delete lines 17 to 25.

AB792-ASA1-AA1,1,3 2. Page 8, line 1: delete lines 1 and 2 and substitute:

AB792-ASA1-AA1,1,8 "(7m) Flipping; tangible benefit. No lender may make a covered loan to a customer that refinances an existing covered loan unless the refinanced covered loan provides a reasonable tangible benefit to the customer considering the circumstances, including, but not limited to, the terms of the loan and the cost of the loan to the customer.".

AB792-ASA1-AA1,1,9 (End)