HOUSE BILL 1281

File Code: Commercial Law - Credit Regulation Crossfiled with: SENATE BILL 913

Sponsored By:

Delegate Kach

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

House Action

2/23

First Reading House Rules and Executive Nominations

3/5

Re-referred Economic Matters

3/7

Hearing 3/14 at 1:00 p.m.

3/22

Withdrawn

Senate Action

No Action

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