Repealing a provision that allows a loan contract to expressly prohibit a borrower from prepaying all or part of specified outstanding unpaid indebtedness at any time; and authorizing a borrower to prepay all or part of specified outstanding unpaid indebtedness at any time without a penalty.

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Sponsored by:

Delegate Michael D. Smigiel, Sr., District 36

Delegate Joseph C. Boteler, III, District 8

Delegate Charles R. Boutin, District 34A

Delegate Jean B. Cryor, District 15

Delegate John P. Donoghue, District 2C

Delegate Donald H. Dwyer, Jr., District 31

Delegate D. Page Elmore, District 38A

Delegate Marilyn R. Goldwater, District 16

Delegate Jeannie Haddaway, District 37B

Delegate James W. Hubbard, District 23A

Delegate Mary-Dulany James, District 34A

Delegate John R. Leopold, District 31

Delegate Pat McDonough, District 7

Delegate Dan K. Morhaim, District 11

Delegate Shirley Nathan-Pulliam, District 10

Delegate Nathaniel T. Oaks, District 41

Delegate David D. Rudolph, District 34B

Delegate Richard A. Sossi, District 36

Delegate Veronica Turner, District 26

Delegate Mary Roe Walkup, District 36

Delegate Richard B. Weldon, Jr., District 3B

Bill indexed under the following Subjects:

CONSUMER PROTECTION -see also- UNFAIR TRADE PRACTICES

CONTRACTS -see also- LAND INSTALLMENT CONTRACTS; PROCUREMENT

LOANS -see also- MORTGAGES

MORTGAGES

PENALTIES

Bill affects the following Statute:

Commercial Law

( 12-126 )

Documents:

Bill Text: First Reading (RTF / PDF), Third Reading, Enrolled

Fiscal Note: Available (WORD / PDF)

Amendments: None offered