Bill > SSB1103

Introduced Session

This bill relates to closing costs for a debt secured by an interest in land. Under the bill, in addition to permitted finance charges, with respect to a debt secured by an interest in land, a creditor may contract for and receive closing costs, provided they are bona fide, reasonable in amount, and not for the purpose of circumvention or evasion of Code chapter 537, including fees or charges listed in Code section 535.8(4)(a) and (b), except if a creditor that is a mortgage banker makes a consumer loan secured by an interest in land in which the points and fees the borrower is charged by all lenders in connection with the loan do not exceed the amounts specified in 12 C.F.R. §1026.43(e)(3), the consumer loan shall not be S.F. _____ subject to Code section 535.8(4)(a), or Code section 535.8(5). A creditor may also contract for and receive discount points for the purpose of reducing, and which result in a reduction of, the interest rate or time-price differential applicable to the loan, and points agreed upon by the creditor and borrower to offer a given interest rate.

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No sponsors listed

Other Sponsors (1)

Committee report approving bill, renumbered as SF 398. (on 02/20/2025)

Official Document