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Committee approves bill clarifying prepayment-penalty limits for consumer home loans
Summary
The committee passed HB 2497, which clarifies that no prepayment penalty may be assessed more than six months after executing a note for home loans made primarily for personal, family, or household purposes; members debated potential effects on housing affordability and whether the change would benefit commercial buyers.
The House Committee on Financial Institutions and Pensions voted to pass HB 2497 out of committee after a substantive debate about prepayment penalties and housing affordability.
David (revisor) summarized that HB 2497 would amend KSA 16-207 to specify that no prepayment penalty shall be assessed more than six months after execution of a note evidencing a home loan made primarily for personal, family or household purposes. In the reviser's explanation, loans made…
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