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Legislative Year: 2024 Change
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Bill Detail: HB24-1011

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Title Mortgage Servicers Disburse Insurance Proceeds
Status Governor Signed (05/17/2024)
Bill Subjects
  • Health Care & Health Insurance
  • Housing
  • Insurance
House Sponsors K. Brown (D)
J. Amabile (D)
Senate Sponsors L. Cutter (D)
J. Marchman (D)
House Committee Business Affairs and Labor
Senate Committee Business, Labor and Technology
Date Introduced 01/10/2024
Summary

The bill requires a mortgage servicer to disclose certain
information to a borrower concerning the disbursement of insurance
proceeds to the borrower in the event that a residential property that is
subject to a mortgage is damaged or destroyed and an insurance company
pays a claim associated with such damage or destruction.
In the event that half or more of a residential property is damaged
or destroyed, a mortgage servicer must work with the borrower to create
a repair plan or a rebuild plan that includes specific milestones that
require the mortgage servicer to disburse insurance proceeds. However,
a mortgage servicer must also disburse insurance proceeds to a borrower
in specified amounts, depending on the amount of the insurance proceeds
and whether the borrower is delinquent in making payments on the
mortgage.
A mortgage servicer must promptly disburse to a borrower any
amount of insurance proceeds in excess of the remaining amount that the
borrower owes on the mortgage.
A mortgage servicer must hold in an interest-bearing account any
insurance proceeds that the mortgage servicer does not immediately
disburse to a borrower. A mortgage servicer must ensure that any interest
that is credited to the account is credited and disbursed to the borrower.
A mortgage servicer must retain for at least 4 years all written and
electronic communications between the mortgage servicer and a
borrower.

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