Prohibiting the assessment of a prepayment penalty against any party more than six months after the execution of a note evidencing a home loan made primarily for personal, family or household purposes secured by a real estate mortgage.

What it does: Limits the ban on prepayment penalties more than six months after signing to home loans made for personal, family or household purposes, which lets lenders charge prepayment penalties on business-purpose home loans. (AI-written summary of the bill; the official record shows the exact version voted)

Question before the chamber: Conference Committee Report was adopted

A yes vote adopted the conference committee report on HB 2497, which limits the ban on prepayment penalties to consumer-purpose home loans, allowing them on business-purpose home loans. (AI-written)

Read the official record ↗