Daily bulletin [2009 : April 8, v.2009 : no.41]

Daily Bulletin ACTIONS BY THE NORTH CAROLINA GENERAL ASSEMBLY School of Government The University of North Carolina at Chapel Hill Legislative Reporting Service, Box 7294 State Legislative Building, Raleigh, NC 27601 Phone 919.733.2484 ~ Fax 919.715.3464 ~ www.dbulletin.org House Legislative Day 41 Vol. 2009, No. 41 Senate Legislative Day 41 Wednesday, April 8, 2009 SUMMARIES OF BILLS FILED HOUSE BILLS H 1221. DEVELOP STATE EMPLOYEE BENEFITS STATEMENT. Filed 4/8/09. DIRECTING THE OFFICE OF STATE PERSONNEL TO DEVELOP AN EMPLOYEE BENEFITS STATEMENT THAT REFLECTS THE CURRENT VALUE OF EMPLOYEE BENEFITS PROVIDED TO STATE EMPLOYEES. As title indicates. Defines benefits statement as a document showing an employee’s total compensation, including all cash income and the value of all employee benefits. Requires that the statement include a determination of at least the value of: (1) employee and dependent coverage under the State Health Plan for Teachers and State Employees and (2) employee, survivors, and dependent coverage under the Teachers’ and State Employees’ Retirement System. Directs the Office of State Personnel to submit to the General Assembly and the Fiscal Research Division, by December 31 , 2009, a report on the development of the statement, including a recommended implementation schedule and an estimate of the costs of any information technologies or modifications necessary to generate the statements. Intro, by Folwell, Crawford. UNCODIFIED H 1222. MORTGAGE/RATE SPREAD & HIGH-COST LOANS. Filed 4/8/09. TO UPDATE THE RATE SPREAD AND HIGH-COST HOME LOANS STATUTES. Generally amends GS 24-1.1 F (Rate spread home loans) and GS 24-1 . 1 E(a)(5) (Restrictions and limitations on high-cost home loans). Deletes definition of home loan in GS 24- 1 . 1 F(a){3) but uses a modified and expanded version of this definition in a substantially reorganized definition of a rate spread home loan in GS 24-1 .1 F(a)(7). Defines a rate spread home loan as a home loan in which (1 ) the loan is neither an equity line of credit, a construction loan, a reverse mortgage transaction, nor a bridge loan with a term of 12 months or less; (2) the borrower is a natural person; (3) the debt is incurred by the borrower primary for personal, family, or household purposes; (4) the principal amount does not exceed Fannie Mae’s conforming loan size limit for a single-family dwelling; (5) the loan is secured either by (i) a security interest in a manufactured home that is or will be occupied by the borrower, (ii) a mortgage or deed of trust on real property that includes an existing structure for occupancy of from one to four families that will be occupied by the borrower; or (iii) a mortgage or deed of trust on real property that serves as a site for one or more structures designed for occupancy of from one to four families that will be occupied by the borrower. (These portions of the definition largely track the existing definition of a home loan that the bill would repeal.) The proposed definition of a rate spread home loan also requires feature number (6) that the loan’s annual percentage rate exceeds the ‘‘average prime offer rate" for a comparable transaction as of the date the interest rate is set by either (i) 1 Уг% or more if the loan is secured by a first lien or (ii) by 3 Уг% or more if the loan is secured by a subordinate lien on a dwelling. Defines average prime offer rate as amended in GS 24-1 . 1 F(a)(2) as the annual percentage rate published by the Federal Reserve Board and that is derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage transactions that have low- risk pricing characteristics. © 2009 School of Government The University of North Carolina at Chapel Hill This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.