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MO HB584
Bill
Status
2/17/2011
Primary Sponsor
Michael Corcoran
Click for details
AI Summary
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Prohibits all lenders from imposing a fine, fee, or penalty for prepayment on any loan issued in Missouri, regardless of loan type.
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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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Repeals section 408.241, which previously allowed prepayment fees to be charged on second mortgage loans under the same provisions as section 408.036.
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Applies the prepayment penalty prohibition to all loans without exception, overriding any contrary state law.
Legislative Description
Prohibits a lender from imposing a fine, fee, or penalty for the prepayment of any loan and repeals the provision allowing a prepayment fee to be charged on a second mortgage loan
Last Action
Referred: Financial Institutions (H)
2/24/2011