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Legislation


2007 Regular Session

SENATE BILL 913

File Code: Commercial Law - Credit Regulation Crossfiled with: HOUSE BILL 1281
Sponsored By:
Senators Klausmeier and Brochin
Entitled:
Credit Regulation - Prepayment Charge or Penalty - Prohibition

Synopsis:

Prohibiting a lender that terminates a line of credit from requiring a borrower who is in good standing with the lender to pay a prepayment charge or penalty on a partial or full prepayment of the unpaid principal balance of the line of credit; providing that existing obligations or contract rights may not be impaired by the Act; and applying the Act.

History by Legislative and Calendar Date

Senate Action
2/23
First Reading Senate Rules
3/8
Re-referred Finance
Hearing 3/20 at 1:00 p.m.
3/21
Withdrawn
House Action
No Action

Sponsored by:

Senator Katherine Klausmeier, District 8
Senator Jim Brochin, District 42

Bill indexed under the following Subjects:

Consumer Protection -see also- Unfair Trade Practices
Credit
Fees -see also- Devt Fees and Taxes; Reimbursement Rates
Financial Institutions -see also- Banks; Credit Unions; etc.
Loans -see also- Mortgages
Penalties

Bill affects the following Statute:

Commercial Law
( 12-105 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled
Fiscal and Policy Note (Displayed in PDF Format): Available
Amendments: None offered
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