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2001 SESSION
HB 2708 Mortgage loans; prohibits "flipping".
Introduced by: Whittington W. Clement | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Mortgage loans; prohibited practices. Prohibits mortgage lenders and brokers from flipping mortgage loans. "Flipping" a mortgage loan means refinancing a mortgage loan within 12 months after the refinanced loan was originated, when the new loan does not result in any benefit to the borrower considering all of the circumstances. The Attorney General's office is authorized to enforce the prohibition.
SUMMARY AS PASSED HOUSE:
Mortgage loans; prohibited practices. Prohibits mortgage lenders and brokers from flipping mortgage loans. "Flipping" a mortgage loan means refinancing a mortgage loan within 12 months after the refinanced loan was originated, when the new loan does not result in any benefit to the borrower considering all of the circumstances. Mortgage lenders and brokers are also prohibited from recommending or encouraging default on an existing loan or other debt prior to and in connection with the closing or planned closing of a mortgage loan that refinances all or any portion of such existing loan or debt.
SUMMARY AS INTRODUCED:
Mortgage loans; prohibited practices. Prohibits mortgage lenders and brokers from flipping mortgage loans. "Flipping" a mortgage loan means refinancing a mortgage loan within 12 months after the refinanced loan was originated, when the new loan does not result in any benefit to the borrower considering all of the circumstances. Mortgage lenders and brokers are also prohibited from recommending or encouraging default on an existing loan or other debt prior to and in connection with the closing or planned closing of a mortgage loan that refinances all or any portion of such existing loan or debt. A mortgage lender or broker violating this prohibition forfeits all interest collected.