In November 2024, a provision in the Economic Development bill (Section 269) created a dangerous loophole for homeowners by granting a blanket waiver of liability for non-profit Shared Appreciation Mortgages (SAMs), stripping away crucial consumer protections and leaving homeowners vulnerable to predatory lending practices. HD3988 / SD913 closes the loophole created by Section 269 and protects homeowners from the predatory nature of SAMs, regardless of the lender. This bill isn’t about eliminating SAMs as an option, but ensuring they are used responsibly and transparently.
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