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2008 SESSION

• | print version

HB 1495 Real estate lending practices; prohibits prepayment penalty if owner has occupied home over 2 years.

Introduced by: Dwight Clinton Jones | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Real estate lending practices.  Prohibits the assessment of a prepayment penalty on a loan secured by a mortgage or deed of trust on an owner-occupied home more than two years after the origination date of the loan. A prepayment penalty provision that contravenes requirements applicable to such loans shall be unenforceable. The measure also amends the Mortgage Lender and Broker Act to prohibit mortgage brokers from receiving compensation that is based on or varies with the terms of a mortgage loan, and to prohibit mortgage lenders and brokers from paying compensation to any person for placing a borrower in a mortgage loan, if the compensation is based on, or varies with, the terms of the mortgage loan.

FULL TEXT

• 01/17/08  House: Presented and ordered printed 084804580  pdf

HISTORY

• 01/17/08  House: Presented and ordered printed 084804580
• 01/17/08  House: Referred to Committee on Commerce and Labor
• 01/30/08  House: Assigned C & L sub: 2
• 02/12/08  House: Left in Commerce and Labor