| 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 |
| 02/07/08 |
|
|---|---|
| 02/11/08 |
|
Last updated: 8/28/2019 8:09 AM (EDT)