Legislative Session number- 85

Bill Name: SF0766

Regulating predatory lending practices; providing for certain additional
requirements for residential mortgage originators and servicers to discourage
predatory lending including determining reasonable ability to pay; prohibiting
the practice of churning; prohibiting a loan resulting in negative amortization;
prohibiting lenders from arranging residential mortgage loans with a portion of
the proceeds put toward a special mortgage; requiring lenders to inform
borrowers of additional money due for taxes and insurance; requiring mortgage
originators to act in good faith; specifying criminal penalties for grossly
unsuitable loans; providing additional penalties to lenders attempting to take
advantage of elderly and disabled persons; providing for a private right of
action
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