2006 Regular Session

HOUSE BILL 216

File Code: Commercial Law - Credit Regulation
Sponsored By:
Delegates McConkey, Bobo, Gilleland, Hogan, Holmes, Love, Niemann, Ramirez, Ross, and Trueschler
Entitled:
Credit Regulation - Prepayment Charge or Penalty - Prohibition

Synopsis:

Prohibiting a contract for a loan secured by a mortgage or deed of trust on an interest in owner-occupied residential real property from requiring a borrower to pay a prepayment charge or penalty on a partial or full prepayment of the unpaid principal balance of the loan; prohibiting a presently existing obligation or contract right from being impaired in any way by the Act; and applying the Act.

History by Legislative Date

House Action
1/23
First Reading Economic Matters
2/8
Hearing 2/15 at 1:00 p.m.
2/27
Unfavorable Report by Economic Matters
Senate Action
No Action

Sponsored by:

Delegate Tony McConkey, District 33A
Delegate Elizabeth Bobo, District 12B
Delegate Terry R. Gilleland, Jr., District 32
Delegate Patrick N. Hogan, District 3A
Delegate Marvin E. Holmes, Jr., District 23B
Delegate Mary Ann E. Love, District 32
Delegate Doyle L. Niemann, District 47
Delegate Victor R. Ramirez, District 47
Delegate Justin D. Ross, District 22
Delegate John G. Trueschler, District 42

Bill indexed under the following Subjects:

CONSUMER PROTECTION -see also- UNFAIR TRADE PRACTICES
CONTRACTS -see also- LAND INSTALLMENT CONTRACTS; PROCUREMENT
CREDIT
MORTGAGES
PENALTIES

Bill affects the following Statute:

Commercial Law
( 12-105 )

Documents:

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