House Bill 488

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Last Action to Banking & Insurance (H)
Title AN ACT relating to prohibiting prepayment penalties in residential mortgages.
Bill Documents Bill
Bill Request Number 1819
Sponsors D. Owens, M. Dossett
Summary of Original Version Create a new section of Subtitle 2 of KRS Chapter 286 to declare it is unlawful to make, provide, or arrange for a residential mortgage loan that requires a borrower to pay a prepayment penalty for paying all or part of the principal prior to maturity; amend KRS 286.8-090 to authorize the executive director of the Office of Financial Institutions to revoke or suspend the license or take other action against a mortgage loan company, mortgage broker, or loan officer that makes, provides, or arranges for a a residential mortgage loan that requires a borrower to pay a prepayment penalty for paying all or part of the principal prior to maturity; amend KRS 286.8-110 to delete subsection (4); amend KRS 360.100 to delete paragraph (a) of subsection (2); amend KRS 286.8-020 to conform.
Index Headings of Original Version Banks and Financial Institutions - Mortgages, prepayment penalties in, prohibition
Real Estate - Mortgages, prepayment penalties in, prohibition
Loans and Credit - Residential mortgages, prepayment penalties in, prohibition

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02/07/08
  • introduced in House
02/11/08
  • to Banking & Insurance (H)


Last updated: 8/28/2019 8:09 AM (EDT)