Real estate lending practices; prohibits prepayment penalty if owner has occupied home over 2 years. (HB1495)

Introduced By

Del. Dwight Jones (D-Richmond)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. Read the Bill »


Bill Has Failed


01/17/2008Presented and ordered printed 084804580
01/17/2008Referred to Committee on Commerce and Labor
01/30/2008Assigned C & L sub: 2
02/12/2008Left in Commerce and Labor