Relating to loan form

Summary

The bill revises the state’s residential mortgage lender rules, capping finance charges on subordinate loans at 18% and requiring lenders to keep written proof that a refinance provides a tangible benefit to the borrower. It also bans many undisclosed or duplicate fees, limits prepayment rebates, and sets new documentation and disclosure standards. The changes affect licensed mortgage lenders, brokers, and servicers and aim to protect borrowers from excessive costs.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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