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Re: Ma law
Posted by AeroDave [Email] (more from AeroDave) on Tue, 28 Mar 2006 21:32:04
In Reply to: Check the fine print, Bill Homer
[Profile/Gallery]
, Tue, 28 Mar 2006 15:24:53
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Your property is in MA, right Nick? Here's the relevant part of MGL 183:
Prepayment Penalty statute – revisions to MGL c. 183 Section 56. In general this state law limits prepayment penalties on owner occupied 1-4 family properties to the lesser of 3 months interest or the remainder of the first years’ interest PLUS an additional three months if repayment is due to a refinancing with another financial institution in the first 3 years.
The amendments clarify that:
· No prepayment fee or additional penalty shall be payable by a mortgagor if the mortgage note is paid in full after 36 months from the date of the note.
· A mortgagor shall not be required to pay a prepayment fee or penalty for making additional payments toward the principal balance for the term of the loan. (NOTE: this provision seems problematic in it’s implication that a borrower could prepay a loan down to a minimum balance, but not pay the loan off, without triggering the prepayment provisions.)
Also note that the above is included in the Attorney General's
940 CMR 8:00: Mortgage Brokers and Mortgage Lenders document:
(10) It is an unfair or deceptive act or practice for any mortgage lender to charge a prepayment fee which:
(a) violates M.G.L. c. 183, § 56;
(b) significantly deviates form industry-wide standards; or
(c) is otherwise unconscionable.
-Dave
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