Concerning the foreclosure prevention fee.

Summary

The bill requires lenders to collect an $80 foreclosure‑prevention fee at the time a residential mortgage closes, and to deposit it into a statewide foreclosure fairness account. The fee can be rolled into the loan or paid in cash, but it must be disclosed to the borrower. Exemptions include reverse mortgages for borrowers 60 or older and certain chattel or retail installment loans.

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