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MO HB1876
Bill
Status
1/28/2010
Primary Sponsor
Jeanette Oxford
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AI Summary
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Repeals Section 408.241, RSMo, which previously allowed prepayment fees on second mortgage loans under certain conditions.
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Enacts new Section 408.800 prohibiting any lender from imposing a fine, fee, or penalty for loan prepayment on loans issued in Missouri.
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Defines "lender" to include banks, savings and loan associations, credit unions, corporations, partnerships, and any other person or entity that makes loans.
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Applies the prepayment penalty prohibition notwithstanding any other state law to the contrary.
Legislative Description
Prohibits lenders from imposing a fine, fee, or penalty for prepaying a loan and repeals the provision allowing a prepayment fee to be charged on a second mortgage loan
Last Action
Referred: Financial Institutions (H)
5/14/2010