Amendment SA1-SB255

LRBa0713/1

RPN:bjk:jf

2009 - 2010 LEGISLATURE

SENATE AMENDMENT 1, TO 2009 SENATE BILL 255

September 29, 2009 - Offered by Senator Erpenbach.

SB255-SA1,1,1 At the locations indicated, amend the bill as follows:

SB255-SA1,1,2 1. Page 12, line 4: after that line insert:

SB255-SA1,1,6 "(9m) Exempt financial institutions. (a) In this subsection, "financial institution" means a bank, a savings bank, a saving and loan association, a trust company, or a credit union, whether chartered under the laws of this state, another state or territory, or under the laws of the United States.

SB255-SA1,1,8 (b) This section does not apply to a financial institution with a branch office in this state if one of the following applies:

SB255-SA1,1,11 1. The financial institution did not obtain more than 5 foreclosure judgments on residential real property within the 12-month period proceeding the commencement of an action to foreclose on a first or 2nd mortgage loan.

SB255-SA1,2,2 2. The number of foreclosure judgments on residential real property that the financial institution obtained within the 12-month period proceeding the commencement of an action to foreclose on a first or 2nd mortgage loan does not exceed 3 percent of the first or 2nd mortgage loans held by the financial institution.".

SB255-SA1,2,3 (End)