08RS HB488

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.

HB 488 (BR 1819) - D. Owens, M. Dossett

AN ACT relating to prohibiting prepayment penalties in residential mortgages.
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.

Feb 7-introduced in House
Feb 11-to Banking & Insurance (H)

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