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State Rep. Patrick
Williams (D-Shreveport) has introduced and fought his bill (House Bill
No. 701) through the State House of Representatives floor. This bill
will go forward to the Louisiana Senate for consideration, and it reads:
PROPOSED LAW:
Provides that when a mortgage lender establishes an
escrow for property insurance or property tax, the
interest accrued in this escrow account shall be paid
annually toward the principal balance of the loan.
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This was
Representative Williams’ first bill to be considered in front of the
full House and was passed through on its first attempt.
Patrick Williams states, “This bill will allow state
homeowners the opportunity to pay their mortgage off in an earlier time
frame. It is time for our state legislators to stop just talking the
talk and walk the walk by giving the backbone of our state, the
homeowners something back.”
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