Mortgages: hazard insurance proceeds: interest.

Legislative status

1. Introduced
2. In Committee
3. Reported by Committee
4. Floor Vote Scheduled
5. Passed One Chamber
6. Passed Both Chambers
7. Sent to Executive
8. Enacted

Summary

The bill forces banks, credit unions and similar lenders that hold insurance payouts for damaged homes to earn borrowers at least a 2% simple‑interest rate. Interest must be added to the loss‑draft account or sent to the borrower by check, and uncashed checks are cancelled after 90 days. It also bars fees that would lower the effective interest rate.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Vote

Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 74. Noes 0. Page 6137.). · Aug 13, 2026

Hearings

• Appropriations Committee Hearing
  Appropriations · Aug 3, 2026
• Judiciary Committee Hearing
  Judiciary · Jun 30, 2026
• Judiciary Committee Hearing
  Judiciary · Jun 23, 2026
• Banking and Financial Institutions Committee Hearing
  Banking and Financial Institutions · Jun 17, 2026
• Appropriations Committee Hearing
  Appropriations · Jan 22, 2026

History

1. May 6, 2026Referred to Coms. on B. & F.I. and JUD.
2. Jan 29, 2026Read third time. Passed. Ordered to the Senate. (Ayes 70. Noes 0. Page 3885.)
3. Jan 29, 2026In Senate. Read first time. To Com. on RLS. for assignment.
4. Jan 26, 2026Read second time. Ordered to Consent Calendar.
5. Jan 22, 2026From committee: Do pass. To Consent Calendar. (Ayes 15. Noes 0.) (January 22).
6. Jan 15, 2026Re-referred to Com. on APPR.
7. Jan 14, 2026Read second time and amended.
8. Jan 13, 2026From committee: Amend, and do pass as amended and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 8. Noes 0.) (January 12).
9. Jan 6, 2026Re-referred to Com. on B. & F.
10. Jan 5, 2026Referred to Com. on B. & F.
11. Jan 5, 2026From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
12. Feb 24, 2025Read first time.

The 12 most recent of 14 recorded actions.

Sponsors

• John Harabedian (D) · sponsor
• Harabedian

Bill text

Opens the legislature’s own copy.

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