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.

This bill would prevent lenders from charging a prepayment penalty on home loans made for personal, family, or household purposes if the loan is paid off more than six months after the note was signed. This change would affect homeowners with mortgages and the financial institutions that provide these loans. The bill also repeals the existing section of law it amends.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text