Legislative Session number- 85

Bill Name: SF0988

3E Relating to mortgages; prohibiting certain predatory lending practices;
defining subprime loan; definining negative amortization; prohibiting lenders
from arranging special mortgages unless the borrower has obtained a written
certification from an authorized independent loan counselor on the advisability
of the loan transaction, defining special mortgage and authorized independent
loan counselor; prohibiting residential mortgage originators from entering into
subprime loans containing a provision requiring or permitting the imposition of
a penalty, fee, premium or other charge for prepayment under certain situations;
providing for borrower right of private action against residential mortgage
originators; providing for right to take private action against real estate
appraisers; defining mortgage lending process and residential mortgage loan;
prohibiting residential mortgage fraud; prescribing penalties for violation,
limit; providing for penalty for residential mortgage fraud involving a
vulnerable victim
(Ch. 74, 2007)