06RS HB637

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HB 637 (BR 2359) - D. Owens, R. Webb

AN ACT relating to real estate mortgage loans.
Amend KRS 360.010 to prohibit a real estate mortgage loan subject to this section from including a provision that permits the lender to charge or collect prepayment fees or penalties more than 36 months after the loan closing or which exceed 3% of the amount prepaid during the first 12 months, 2% of the amount prepaid during the second 12 months, or 1% of the amount prepaid during the third 12 months.

HB 637 - AMENDMENTS

HFA (1, D. Owens) - Amend KRS 294.110 pertaining to mortgage loan companies to prohibit a prepayment penalty to be assessed against the borrower following the third, rather than the fifth, anniversary date of the mortgage; prohibit mortgage loans by mortgage loan companies from containing a provision that permits the lender to charge or collect prepayment fees or penalties more than 36 months after the loan closing or which exceed 3 percent of the amount prepaid during the first 12 months, 2 percent of the amount prepaid during the second 12 months, or 1 percent of the amount prepaid during the third 12 months.

     Feb 22-introduced in House
     Feb 23-to Banking and Insurance (H)
     Mar 3-posted in committee
     Mar 15-reported favorably, 1st reading, to Calendar
     Mar 16-2nd reading, to Rules; floor amendment (1) filed
     Mar 22-recommitted to Appropriations and Revenue (H)

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