Introduced
by
To prohibit lenders making certain high-cost home loans from encouraging a borrower to default on a loan, charging fees for products or services that are not provided, financing credit insurance, and more. The bill limits certain fees, and prohibits compensating or coercing an appraiser to get a higher appraisal. It also prohibits misleading statements, including statements about the cost of a loan, the ability of the borrower to repay it, or the value of the property, and requires the lender to consider whether the type of audience to which the statement is directed can reasonably be expected to comprehend it. The bill is part of a legislative package comprised of House Bills 5424 to 5430.
Referred to the Committee on Commerce
