PREPAYMENT PENALTIES - Compliance

PREPAYMENT PENALTIES

Legal Disclaimer: Although a good faith attempt has been made to make this table as complete as possible, it is still subject to human error and constantly changing laws. It should neither be considered complete nor used as a substitute for legal advice. No warranty, either expressed or implied, is attached in any regard to this table. Any reproduction, distribution, sharing, or modification of this table without the express written permission of an authorized agent of Docutech Corporation is prohibited.

Important Note About the Interest Rate/APR/LTV Column: This column reflects the interest rate, APR, LTV, or other similar restriction which applies to the types of loans a prepayment penalty restriction applies, as promulgated under the same chapter, article, or title of such restriction. It does not, however, indicate the maximum interest rate which may be charged, which may be set forth in another part of state law. The numbers in this column should not be used to determine which rates to charge. Unless otherwise specified, a percentage listed in the column refers to the interest rate.

Last Updated: July, 2019

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Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Guam Hawaii Idaho

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Table of Contents

Click text to jump to page. To return to Table of Contents, click on the state abbreviation.

Illinois

Nebraska

Indiana

Nevada

Iowa

New Hampshire

Kansas

New Jersey

Kentucky

New Mexico

Louisiana

New York

Maine

North Carolina

Maryland

North Dakota

Massachusetts

Ohio

Michigan

Oklahoma

Minnesota

Oregon

Mississippi

Pennsylvania

Missouri

Rhode Island

Montana

South Carolina

South Dakota Tennessee Texas Utah Vermont Virginia

Virgin Islands Washington West Virginia Wisconsin

Wyoming

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State Loan Type

Property and Occupancy Type

Loan Amount

Interest Rate/APR/LTV

AL

Consumer Credit Transaction1

Not specified

Any

Not specified

Lien Type

Time Payment May Be

Made Without Penalty

Both

Any

AL

Exempted

Consumer Credit Transaction3

Can include real property4

$2,0005

AL

Credit Transaction7

Not specified

Loan Contracts AK and

Commitments

1-to-4 family dwellings

AK

A contract of loan11

Not specified

AZ

Consumer Lender Loan14

Not specified

AZ

Home Equity Revolving Loan18

Not specified

8% of T-Bills

OR Pts and Fees >6%68

A dwelling

Brokered

(defined under

CT

Residential Mortgage

TILA) or residential real

Any

Loans70

estate containing

such a dwelling71

Not specified

1-to-4 family,

CT

Alternative

owner-occupied

Mortgage Loan72 residential real

Any

property73

Not specified

Any58 Primary64 Primary69

Any Primary74

Time Payment May Be

Made Without Penalty

Any

3 years +

Any

Any

Any

Terms of the Penalty Charge

Legal Reference

Prohibited59

Colo. Rev. Stat. Ann. ? 5-2-210 Uniform Consumer Credit Code ? Finance Charges and Related Provisions

Colo. Rev. Stat. 6 months' interest Ann. ? 5-3.5-

102(1)(g)(I)

Colo. Rev. Stat. Prohibited Ann. ? 5-3.5-

102(1)(g)(II)

Prohibited

Conn. Gen. Stat. Ann. ? 36a498(f)(2) Banking Law of Connecticut

Prohibited

Conn. Gen. Stat. Ann. ? 36a-265(c) Banking Law of Connecticut

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State Loan Type

Property and Occupancy Type

Loan Amount

CT

High-Cost Home Loan75

1-to-4 family, borroweroccupied residential property76

1-to-4 family,

CT

Nonprime Home Loan78

borroweroccupied, residential real

property79

CT

Other Mortgage Loans

DE A loan82

Residential

mortgage loan

DE

or a revolving credit plan83

secured by real

estate84

DE

Revolving Credit Plan85

Not specified Not specified Not specified Not specified

Any

$417,00080 Not specified

Any Any Any

Interest Rate/APR/LTV

APR > APOR by: 1st Lien: >6.5% 1st Lien (8.5% 2nd Lien: >8.5%77

APR > APOR by: 1st Lien: >1.5% 2nd Lien: >3.5%81

Not specified

Not specified

Not specified

Not specified

Lien Type

Time Payment May Be

Made Without Penalty

Any

Any

Any

Any

Not specified Any

Contracted For

Any

Any

Contracted For

Any

Any

Terms of the Penalty Charge

Legal Reference

Prohibited

Prohibited Contracted For

Prohibited

Conn. Gen. Stat. Ann. ? 36a-746c(5) Connecticut Abusive Home Loan Lending Practices

Conn. Gen. Stat. Ann. ? 36a760e(a)(1) Connecticut Abusive Home Loan Lending Practices

E. Sav. Bank, FSB v. Munson, 50 Conn. Supp. 374, 375 (Super. Ct. 2007) Del. Code Ann. tit. 5, ? 2234(e)

Del. Code Ann. tit. As Contracted For 5, ?? 2218(b) &

2234(e)

Del. Code Ann. tit. Prohibited 5, ? 2218(a)(5) &

(b)

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State Loan Type

Property and Occupancy Type

Loan Amount

Interest Rate/APR/LTV

Loan secured by

residential real Residential real

DC property or an

property or an

Any

interest in a co- interest in a co-op

op86

FL Mortgage89

Not specified

Any

24%87 Not specified

FL

A loan90

Not specified

$25,00091

18%92

GA A loan

Not specified

7% unless

Any

otherwise

contracted for94

1-to-4 family unit,

APR > APOR by:

GA

High-cost Home Loans95

borroweroccupied, structure upon

6.5% 1st Lien (8.5%

real estate96

2nd Lien: >8.5%97

GU

Consumer Loan98

Not specified

Insubstantial in

relation to value of collateral99

>10% finance charge100

Lien Type

Any Any Any Any Any Any

Time Payment May Be

Made Without Penalty

Terms of the Penalty Charge

Legal Reference

2 months' interest on aggregate of

3 years+

prepayment exceeding 1/3 of the amount of the original loan88

D.C. Code ? 283301(f)(1)

Contracted For

Any

Any, unless contract provides

otherwise

Contracted For Prohibited93

Fla. Stat. Ann. ? 697.06

Fla. Stat. Ann. ?? 516.15(3) & 516.031 Florida Consumer Finance Act

Prohibited, unless contract provides Ga. Code Ann. ? 7otherwise 4-2(b)(2)

2 years+

1st 12 months: 2% of loan amount prepaid 2nd 12 months: 1% of amount prepaid

Ga. Code Ann. ? 76A-5(1) Georgia Fair Lending Act

None

A penalty equal to the amount of the minimum retained charge101

14 Guam Code Ann. ? 3210(2) Uniform Consumer Credit Code - Loans

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