SC S0780

Redefines "conventional mortgage rate" for high-cost and consumer home loans to mean the average prime offer rate as published by the Consumer Financial Protection Bureau, replacing the previous definition based on Federal National Mortgage Association or Federal Home Loan Mortgage Corporation yield requirements.

Specifies that the relevant date for determining the average prime offer rate is when the lender sets the interest rate for the final time before consummation.

Authorizes the administrator to adopt a substitute index if the average prime offer rate index becomes unavailable.

Updates threshold calculations for discount points by referencing the new "conventional mortgage rate" definition instead of the previous ninety-day standard mandatory delivery commitment language.

Takes effect upon Governor's approval.