Home Equity Investment Loan Act regulates home equity investment loans as residential mortgage loans, imposes consumer protections, and prohibits.

The Home Equity Investment Loan Act regulates home equity investment loans as residential mortgage loans, imposes consumer protections, and prohibits certain mandatory arbitration terms in covered mortgage transactions. It mandates housing counseling, independent legal counsel, and specific disclosures for homeowners. The act also prohibits prepayment penalties, voids certain contract terms, and limits the company's right to collect amounts exceeding those actually advanced. It authorizes the Commissioner to adopt rules and enforce the act, including imposing civil penalties for violations.

Home Equity Investment Loan Act regulates home equity investment loans as residential mortgage loans, imposes consumer protections, and prohibits.

The Home Equity Investment Loan Act regulates home equity investment loans as residential mortgage loans, imposes consumer protections, and prohibits certain mandatory arbitration terms in covered mortgage transactions. It mandates housing counseling, independent legal counsel, and specific disclosures for homeowners. The act also prohibits prepayment penalties, voids certain contract terms, and limits the company's right to collect amounts exceeding those actually advanced. It authorizes the Commissioner to adopt rules and enforce the act, including imposing civil penalties for violations.