Bill > A05637

This bill authorizes the establishment of the Home Equity Protection Insurance Program, which directs the agency to issue a commitment to insure and insure the full value of certain residences that are owner-occupied by persons who meet certain income qualifications. The bill outlines the program's details, including the determination of the full value of the residential property, the issuance of insurance policies, and the payment to policyholders in the event of a sale where the sales price is less than the insured amount. The bill also establishes a Home Equity Protection Insurance Fund to be used as a revolving fund for the program and provides guidelines for the investment of monies in the fund.