PREPAYMENT PENALTIES - Compliance
PREPAYMENT PENALTIES
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? 2022 First American Financial Corporation and/or its affiliates. All rights reserved.
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 2022
? 2022 First American Financial Corporation and/or its affiliates. All rights reserved.
Version 2022.07
Page 1
Table of Contents
Click text to jump to page. To return to Table of Contents, click on the state abbreviation.
Alabama
Illinois
Nebraska
South Dakota
Alaska
Indiana
Nevada
Tennessee
Arizona
Iowa
New Hampshire
Texas
Arkansas
Kansas
New Jersey
Utah
California
Kentucky
New Mexico
Vermont
Colorado
Louisiana
New York
Virginia
Connecticut
Maine
North Carolina
Virgin Islands
Delaware
Maryland
North Dakota
Washington
District of Columbia
Massachusetts
Ohio
West Virginia
Florida
Michigan
Oklahoma
Wisconsin
Georgia
Minnesota
Oregon
Wyoming
Guam
Mississippi
Pennsylvania
Hawaii
Missouri
Rhode Island
Idaho
Montana
South Carolina
? 2022 First American Financial Corporation and/or its affiliates. All rights reserved.
Version 2022.07
Page 2
State
Loan Type
Property and
Occupancy
Type
Loan Amount
Interest
Rate/APR/LTV
Lien Type
Time
Payment
May Be
Made
Without
Penalty
Terms of the Penalty Charge
AL
Consumer
Credit
Transaction 1
Not specified
Any
Not specified
Both
Any
Prohibited
AL
Exempted
Consumer
Credit
Transaction 3
Can include
real property 4
¡Ý$2,000 5
Not specified
Both
Not
Specified
Any
AL
Credit
Transaction 7
Not specified
8% of TBills OR
Pts and Fees
>6% 26
Any
Any
Any
Not specified
Any
5 years+
An amount of up to 6 months¡¯ interest
on the amount prepaid in excess of
20% of the original principal amount 30
Any
Not specified
Any
7 years+
An amount of up to 6 months¡¯ interest
on the amount prepaid in excess of
20% of the original principal amount 33
? 2022 First American Financial Corporation and/or its affiliates. All rights reserved.
Version 2022.07
Page 4
State
Loan Type
Property and
Occupancy
Type
Loan Amount
Interest
Rate/APR/LTV
Lien Type
Time
Payment
May Be
Made
Without
Penalty
Terms of the Penalty Charge
Legal
Reference
Cal. Fin. Code ¡ì
50703; Cal. Bus.
& Prof. Code ¡ì
10242.6
California
Residential
Mortgage
Lending Act &
Real Estate Law
Cal. Fin. Code ¡ì
22337(c)
California
Finance Lenders
Law
A 1-to-4 family
dwelling 35
1st Lien:
................
................
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