Friday, August 29, 2008
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Tracking Virginia’s General Assembly
since 2007.
HB1495: Real estate lending practices; prohibits prepayment penalty if owner has occupied home over 2 years.
Chief Patron
Del.
Dwight Jones (D-70)
Dwight Jones
(D-70)
Richmond, VA
Served: 1994–
Progress
 |
Introduced |
 |
Passed Committee |
 |
Passed House |
|
Passed Senate |
|
Signed by Governor |
|
Became Law |
Status
02/12/2008: Failed to Pass in Committee
Summary
Real estate lending practices. Prohibits the assessment of a prepayment penalty on a loan secured by a mortgage or deed of trust on an owner-occupied home more than two years after the origination date of the loan. A prepayment penalty provision that contravenes requirements applicable to such loans shall be unenforceable. The measure also amends the Mortgage Lender and Broker Act to prohibit mortgage brokers from receiving compensation that is based on or varies with the terms of a mortgage loan, and to prohibit mortgage lenders and brokers from paying compensation to any person for placing a borrower in a mortgage loan, if the compensation is based on, or varies with, the terms of the mortgage loan.
View Full Text »Video
Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/17/2008, 01/30/2008, 01/30/2008 and 02/12/2008.
Poll Results
No Richmond Sunlight visitors voted on this bill while voting was open.
Tags
Bill Text
Related Bills
Status: Failed to Pass in Committee
Status: Passed the House
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