Clarifies that mortgage loans are primarily for personal, family, or household purposes.
This bill amends existing law to clarify that mortgage loans are primarily made for personal, family, or household purposes. It aims to strengthen clarity in lending laws by confirming that consumer mortgage loans, made primarily for personal, family, or household purposes, are protected from prepayment penalties. The bill also modernizes lending frameworks by allowing prepayment penalty flexibility for commercial mortgage loans, supporting small real estate investors, and promoting economic growth.
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