Home Equity Investment Loan Act.

Summary

The bill makes home‑equity investment loans—arrangements where a homeowner receives cash in exchange for a share of future home value—subject to the same rules as traditional mortgages. Companies that make, broker, or service these loans must be licensed and obtain special authorization from the state banking commissioner, and they must give homeowners detailed disclosures before closing. The aim is to increase transparency and protect homeowners from hidden costs.

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

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