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Committee reports bill to curb certain prepayment penalties in lending
Summary
House Bill 23 91, sponsored by Chairman Scott Conklin, would prohibit specified prepayment penalties in certain lending transactions; the committee reported the bill by a vote the clerk recorded as 14 ayes and 12 nays.
The Commerce Committee voted to report House Bill 23 91 to the next legislative stage. A staff reader summarized the bill as providing prohibitions on the use of prepayment penalties in certain lending situations.
The committee conducted a roll call. The clerk announced the ayes were 14 and the nays were 12; the chair said the bill will be reported. The transcript records no extended debate or sponsor remarks during the summary read for this item.
The committee did not provide in the hearing transcript a detailed list of which lending products or borrower categories would be covered by the prohibition; that detail will appear in the bill text outside the committee summary.
