07RS HB90

HB90

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.


HB 90 (BR 402) - D. Owens, R. Meeks

     AN ACT relating to limits on prepayment penalties in mortgages.
     Amend KRS 286.3-214, 286.8-110, and 360.010 to prohibit a mortgage loan lender from charging or collecting prepayment fees or penalties more than 36 months after the loan closing or which exceed three percent of the amount prepaid during the first 12 months, or two percent of the amount prepaid during the second 12 months, or one percent of the amount prepaid during the third 12 months after the loan closing; amend KRS 286.5-441 and 286.6-485 to require any charges to be assessed against the borrower if a real estate loan is paid prior to maturity to be prominently displayed and made part of the note and the loan closing statement regarding the method of computation of any rebate; prohibit a mortgage loan lender from charging or collecting prepayment fees or penalties more than 36 months after the loan closing or which exceed three percent of the amount prepaid during the first 12 months, or two percent of the amount prepaid during the second 12 months, or one percent of the amount prepaid during the third 12 months after the loan closing.

     (Prefiled by the sponsor(s).)

     Jan 2-introduced in House
     Jan 3-to Banking and Insurance (H)
     Feb 26-posted in committee


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