RI S3073

Amends Rhode Island mortgage prepayment law to apply only to owner-occupied residential properties with 1-4 dwelling units, excluding investment properties from these protections

Maintains existing rule allowing penalty-free mortgage prepayment after one year, with prepayment penalties during the first year capped at 2% of the balance due

Permits lenders to offer nonpurchase money loans with extended prepayment penalties beyond the standard limits, provided terms are disclosed in writing, borrower consents, and no penalty applies after 60 months

Requires lenders offering extended-penalty mortgage products to also make available a comparable product that complies with standard prepayment limitations

Takes effect upon passage