HB 230 (BR 94) - J. Glenn, T. Riner
AN ACT relating to home loans.
Amend KRS 360.100 to prohibit a lender from making a high-cost home loan with a prepayment penalty unless the lender offers the borrower a loan without a prepayment penalty; require the lender to provide timely notice to the borrower of any material change in the terms of the high-cost home loan prior to the closing of the loan; require the lender to timely inform the borrower if any fees payable by the borrower to the lender increase by more than ten percent or $100, whichever is greater; amend KRS 286.8-270 to provide that a mortgage loan broker who acts as an agent for a person attempting to obtain a loan shall be considered to have created an agency relationship with the borrower, shall act in the borrower's best interest, and shall not compromise the borrower's right or interest in favor of another's right or interest.
Jan 9-introduced in House
Jan 11-to Banking & Insurance (H)