(at the request of House Interim Committee on Elections, Ethics and Rules)
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Bill Title:
Relating to loans secured by real estate; declaring an emergency.
Catchline/Summary:
Specifies circumstances in which lender may charge prepayment penalty for subprime mortgage or nontraditional mortgage.Requires mortgage banker and mortgage broker to file report concerning residential mortgage lending activities by May 1 of each year. Punishes failure to file report with fine of $100 per day.]
Specifies contents of and retention requirements for registry of loan originators.]
Permits Director of Department of Consumer and Business Services to suspend or bar loan originator from employment for violating statute or rule or order of director.]
Prohibits loan originator from performing act as loan originator in negligent or incompetent manner. Prohibits mortgage banker or mortgage broker from employing person as loan originator if person is suspended or prohibited from employment as loan originator or if employment violates condition or order of director, state or federal agency or court.]
Specifies circumstances in which lender may charge prepayment penalty for subprime mortgage or nontraditional mortgage. Provides that prepayment penalties included in mortgage agreements in other than specified circumstances are void and unenforceable. Specifies timing and contents of disclosures lender must make to borrower. Requires lender to make additional disclosure to borrower if terms in initial disclosure change. Requires mortgage terms to be same as terms last disclosed.
Provides rulemaking, examination, investigation and enforcement powers to Director of Department of Consumer and Business Services.
Declares emergency, effective on passage.
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HB 3603 Senate Committee On Rules and Executive Appointments
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