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Legislation


2004 Regular Session

SENATE BILL 878

File Code: Commercial Law - Credit Regulation
Sponsored By:
Senator Hooper
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 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; requiring the Act to be construed to apply only prospectively; etc.

History by Legislative Date

Senate Action
2/24
First Reading Senate Rules
2/27
Re-referred Finance
3/3
Hearing 3/17 at 1:00 p.m.
3/16
Hearing cancelled
3/19
Withdrawn
House Action
No Action
Bill indexed under the following Subjects:
CONSUMER PROTECTION -see also- UNFAIR TRADE PRACTICES
CONTRACTS -see also- LAND INSTALLMENT CONTRACTS; PROCUREMENT
LOANS -see also- MORTGAGES
MORTGAGES
PENALTIES
Bill affects the following Statute:
Commercial Law
( 12-105 )

Documents:

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