Wisconsin Legislature: Amendment ASA1-AB529

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1999 - 2000 LEGISLATURE

ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO 1999 ASSEMBLY BILL 529

February 3, 2000 - Offered by Committee on Housing.

AB529-ASA1,1,3 1An Act to renumber and amend 234.59 (3) (a); and to create 234.59 (3) (a) 1.
2and 234.59 (3) (a) 2. of the statutes; relating to: establishing the value of
3property for homeownership mortgage loans.

The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:

AB529-ASA1, s. 1 4Section 1. 234.59 (3) (a) of the statutes is renumbered 234.59 (3) (a) (intro.)
5and amended to read:

AB529-ASA1,1,96 234.59 (3) (a) (intro.) The amount of a homeownership mortgage loan may not
7exceed the lesser of 97% of the purchase price or 97% of the appraised established
8value of the eligible property. The established value of the eligible property equals
9any of the following:

AB529-ASA1, s. 2 10Section 2. 234.59 (3) (a) 1. of the statutes is created to read:

AB529-ASA1,1,1211 234.59 (3) (a) 1. The value determined by an independent appraisal of the
12property.

AB529-ASA1, s. 3

1Section 3. 234.59 (3) (a) 2. of the statutes is created to read:

AB529-ASA1,2,32 234.59 (3) (a) 2. The value insured under a property value insurance policy
3written on the property.

AB529-ASA1, s. 4 4Section 4. Initial applicability.

AB529-ASA1,2,65 (1) This act first applies to homeownership mortgage loans made on the
6effective date of this subsection.

AB529-ASA1,2,77 (End)