State/Local Legislation

Below is a tracking chart showing all legislation introduced so far this year by state legislatures that impacts reverse mortgages.

Louisiana Governor Bobby Jindal signed a reverse mortgage consumer protection bill into law on June 21, 2010.

Lawmakers in Minnesota approved new reverse mortgage consumer protections, as part of a broader bill dealing with foreclosure procedures.

The Maryland General Assembly on Monday evening passed a reverse mortgage consumer protection bill (HB 799) and sent the measure to Gov. Martin O'Malley for his signature.

The Arizona legislature approved a reverse mortgage bill that imposes many of the same consumer protections mandated in the Home Equity Conversion Mortgage program on proprietary products.

Governor Schwarzenegger has signed into law AB 329, which amends provisions of the California Civil Code currently regulating reverse mortgages, to enact the Reverse Mortgage Elder Protection Act of 2009.

NRMLA is pleased to announce that Minnesota Governor Tim Pawlenty vetoed legislation that would have had a chilling effect on legitimate reverse mortgage business activity.

On April 21, 2009, Governor Chris Gregorie signed reverse mortgage legislation (HB 1311) into Washington law aimed at both correcting certain unintended consequences arising from the prior passage of S.B. 6471 in 2008, as well as providing a comprehensive reverse mortgage statutory scheme to protect Washington State seniors.

In an official signing ceremony on June 20, 2008 Governor Carcieri signed into law reverse mortgage legislation aimed at protecting senior homeowners.