Rhode Island H8104 restricts mortgage prepayment penalties to owner-occupied properties with one to four dwelling units.
Rhode Island H8104 amends the state's mortgage laws to limit prepayment penalties to mortgages on owner-occupied properties with one to four dwelling units. The bill requires lenders to disclose prepayment penalty terms and conditions in writing to borrowers, who must agree to these terms. It prohibits prepayment penalties for mortgages on owner-occupied properties with up to four dwelling units. This act takes effect upon passage.
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