by Khaleelah Jones | Jul 22, 2020 | News and Info | 0 comments. C OLO. R EV. Consider a loan with a face value of $1,000. The penalty is based on a percentage of the remaining mortgage balance or a certain number of months’ worth of interest. <]>> Overview As reminder, Carrington Mortgage Services, LLC (CMS) permits prepayment penalties on Investor Advantage, Carrington Flexible Advantagesm and Carrington Flexible Advantage Plus non-owner-occupied, investment property loan transactions when permissible by State law. trailer I got a search for "which states allow prepayment penalties". 0000001350 00000 n Quicken Loans ® doesn’t charge prepayment penalties on any of its mortgages. Prepayment penalties for auto loans vary depending on the lender and state. 0000080183 00000 n Prepayment penalties are allowed in 36 states and the District of Columbia. With business loans, whether it'll cost you extra to prepay depends on the lender and the type of loan. Flipping is considered a predatory tactic and thus is banned in many states, including California, Colorado, and Florida. And there are around 36 states with prepayment penalties plus the District of Columbia that allow the usage of it. Although it can help provide more flexibility to borrowers, it can also increase their exposure to interest rate risk. It does not, however, indicate the maximum interest rate which may be charged, which may be set forth in another part of state law. There are states that put caps on how much lenders can charge for prepayment penalties and the federal government bans lenders from them on FHA mortgages. It’s worth noting that certain states don’t allow lenders to charge prepayment penalties. Nationwide, prepayment penalties are allowed in 36 states and the District of Columbia. I'm not aware of any that don't. (b) (1) Any contract for a consumer loan that: (A) Either prohibits prepayment or imposes a penalty for prepayment; and (B) Is not subject to the federal Truth in Lending Act, compiled in 15 U.S.C. Your email address will not be published. 0000008114 00000 n It's common for lenders to allow borrowers to pay off up to 20% of their loan each year. The Truth in Lending Act (TILA), passed in 1968, protects borrowers by requiring lenders and creditors to disclose the terms of a loan. For example, on a $200,000 loan, the prepayment would cost 2% of $160,000, which is $3,200. Many states, under various conditions, allow debtors to redeem even after the foreclosure sale. 0 The Code of Federal Regulations (CFR) provides the official texts for various agency regulations, including mortgage regulations. 0000065870 00000 n Prepayment penalties do not normally apply if you pay extra principal on your mortgage in small chunks at a time–but it’s always a good idea to double check with the lender. The majority of states allow prepayment penalties, however, there are some exceptions, notably Maine, Massachusetts, and Nevada. This document will have a section titled "Prepayment" and indicate whether you may or will not have to pay a penalty … 0000088037 00000 n 0000015049 00000 n Prepayment penalties. 0000089064 00000 n The disclosure of a prepayment penalty can be also found in the Truth-in-Lending statement required by federal law to be sent to a borrower during the application process. Understanding Prepayment Risk. State Loan Type Loan Amount Lien Type Time Payment May Be Made Without Penalty Terms of the Penalty Charge Legal Reference CO Consumer Credit Transaction21 Any Any Any Prohibited, if the prepay amount is less than $5.00. State Prepayment Penalty Bans ¾ Five (6) states ban prepayment penalties on all home loans: AL,1 AK,2 IA,3 MD,4 NM,5 VT6 ¾ One (1) state, NJ, bans prepayment penalties on all loans with an interest rate that exceeds 6%, which includes all subprime, and most Alt-A and prime loans.7 ¾ Four (4) states ban prepayment penalties on all subprime loans: CT,8 MN,9 NY,10 NC11 0000087845 00000 n The majority of states allow prepayment penalties, however, there are some exceptions, notably Maine, Massachusetts, and Nevada. ... 324 South State Street, Suite 201 Salt Lake City, Utah 84111. In short, it always pays to do your research and learn if this kind of policy applies to your loan. 0000088843 00000 n Auto loans. 0000001822 00000 n 0000099819 00000 n I got a search for "which states allow prepayment penalties". A NN. In states classified as “non-recourse,” the lender cannot seek a judgment against the debtor to recover the deficiency, whereas in “recourse” states, lenders are allowed to seek a deficiency judgment. If you pay off the debt before then and your loan has a prepayment penalty clause, you may have to … 0000079703 00000 n It’s also important to mention how different states deal with fraudulent or abusive lending practices. When a lender forecloses on a mortgage, it’s not uncommon for the debt to exceed the amount recovered through the foreclosure sale. 0000087616 00000 n See Tennessee Code 1-3-105. They told be that I needed to pay a prepayment penalty that amounted to $2500. I really hate prepayment penalties, for a large number of reasons. Auto loan prepayment penalties vary depending on lender and state, with roughly 70% of states allowing these fees. So some lenders dusted off an old method of computing interest commonly known as the rule of 78s. 0000007975 00000 n Loan servicers also prefer them because they get a slightly higher commission. xref 0000088581 00000 n What loans have a prepayment penalty? You also wanted examples of other states ' predatory lending laws.. SUMMARY. 0000001136 00000 n Many loans have no penalty for early payment. These protections come thanks to federal law. And there are around 36 states with prepayment penalties plus the District of Columbia that allow the usage of it. 0000058693 00000 n Although the main legal aspects are regulated on the federal level, it’s important to know the intricacies of the state regulations. Prepayment penalties are allowed in 36 states and the District of Columbia. 0000009107 00000 n If you have good credit, there is no need to sign a loan which contains any significant prepayment penalty. Typically, a prepayment penalty only applies if you pay off the entire mortgage balance – for example, because you sold your home or are refinancing your mortgage – within a specific number of years (usually three or five years). Typically, the fees are financed into the loan. However, to a lender, it may be preferable to have a loan outstanding for a longer period of time. If your mortgage does have a prepayment penalty, it will generally cost about 2% of 80% of the loan's principal. 0000010258 00000 n C OLO. But some banks are regulated by federal law, not state law, so it’s key to do your research and talk to your lender so you know which policies apply to your loan. You asked if Connecticut has laws regarding predatory lending. This is a relief if you're trying to fast-track your student loan repayment . Prepayment Penalty Law and Legal Definition Prepayment penalty is a charge assessed against a borrower who elects to pay off a loan before it is due. Loan flipping is the process of inducing a borrower to repeatedly refinance an existing mortgage, each time charging fees for both the new loan and a prepayment penalty on the old loan. 6 42 § 1601 et seq. 0000004710 00000 n In some cases, a prepayment penalty could apply if you pay off a large amount of your mortgage all at once. Whether you can pay off your auto loan early without a penalty depends on your contract and on your state’s law. 0000003666 00000 n 8 0 obj<>stream A prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage early. I'm not aware of any that don't. Rule of 78 is illegal in some states Below is a list of states that do not allow the use of the Rule of 78s formula in car loans of five years and less: Arizona Delaware Idaho Iowa Kansas Michigan Minnesota Nebraska Nevada New Hampshire New York Maine Maryland … Regulators and consumers have become increasingly aware of predatory lending incidents, in which mortgage lenders (1) use aggressive and deceptive tactics to entice potential mortgagees to borrow and (2) lend money at terms that make it … startxref 0000088336 00000 n (Approximately 70% of states allow them) Loans under 48 months are commonly charged a prepayment penalty. If you are, I'd like to know. NewCastle Home Loans does not offer prepayment penalties. In fact, many car loans are structured so that you gain an advantage by paying the loan off early. Any such states should immediately be renamed "Denial". Review your Truth in Lending disclosures and the contract before you sign the agreement. If the lender wants to charge you a penalty or fee to pay off the loan early, the contract has to contain a prepayment penalty clause. § 5-2-210 (West 2012) CO 23Adjustable-Rate Mortgage22 State Loan Type Loan Amount Lien Type Time Payment May Be Made Without Penalty Terms of the Penalty Charge Legal Reference CO Consumer Credit Transaction21 Any Any Any Prohibited, if the prepay amount is less than $5.00. The mortgage industry in the US is regulated on the federal level by a number of Congressional acts and federal agencies. In short, it always pays to do your research and learn if this kind of policy applies to your loan. 0000001603 00000 n Nonetheless, to make them illegal would not be in the best interests of consumers. Nationwide, prepayment penalties are allowed in 36 states and the District of Columbia. States like Utah, Texas, and Louisiana have no specific laws which ban loan flipping. Quicken Loans ® doesn’t charge prepayment penalties on any of its mortgages. Prepayment risk may sound counter-intuitive in that repaying a loan in a shorter period of time is considered a risk. In some states, the law says that a lender can’t enforce a prepayment penalty. 0000003700 00000 n Federal and private student loans allow penalty-free prepayment. Over time, the borrower becomes hopelessly indebted and often ends in default and foreclosure. 4 years ago. %%EOF Mortgages with prepayment penalty may allow slightly lower rates and upfront costs. (b) (1) Any contract for a consumer loan that: (A) Either prohibits prepayment or imposes a penalty for prepayment; and. First, let’s talk about recourse and non-recourse redemption periods, which differ from state to state. A financial institution may not make or facilitate the origination of a residential mortgage loan that includes a prepayment penalty or fee that extends beyond sixty days prior to the initial reset period of an adjustable rate mortgage. For example, some lenders use the "Rule of 78s", which means that all. (1) Any person making a loan having a loan period of more than three years secured by a mortgage or by a trust deed on real property located in this state shall, with respect to such loan, expressly and clearly state on the loan agreement and promissory note any maximum prepayment privilege penalty. States like Georgia, Illinois, and Minnesota restrict the use of negative amortization. – Acuna Aug 25 '18 at 3:51. Don’t allow a mortgage company to talk you into rewriting your mortgage loan just to get a little cash out. Not all mortgages come with a prepayment penalty, and not all prepayment penalties work the same way. R EV. However, even in these states, banks may be regulated by federal instead of state law, so be sure to always ask about the policies and do your research. State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. Prepayment penalties for auto loans vary depending on the lender and state. CFR is updated once per year. Save my name, email, and website in this browser for the next time I comment. 0000003144 00000 n 0000001426 00000 n 0000006666 00000 n So some lenders dusted off an old method of computing interest commonly known as the rule of 78s. To understand prepayment risk, we introduce an example. By the way, the internet $1,000 "discount" can still be had by telling the dealer, "I saw the price online." A NN. ... Beware of prepayment penalties. 0000065631 00000 n Auto Loan Prepayment Penalty. S TAT. While the mortgage industry is regulated federally, each state has its own set of laws, too. If your mortgage does have a prepayment penalty, it will generally cost about 2% of 80% of the loan's principal. However, these laws generally apply to a first mortgage on a residential loan and usually only on a homeowner’s primary residence. It front loads the interest charges. In some states, the law says that a lender can’t enforce a prepayment penalty. Once again AZ is a no prepayment penalty state. However, even in these states, banks may be regulated by federal instead of state law, so be sure to always ask about the policies and do your research. You asked if Connecticut has laws regarding predatory lending. A prepayment penalty is a fee that lenders charge borrowers who pay off all or part of their loans ahead of schedule. These are just a few examples, and we all know how complex state by state regulation can get. 0000079896 00000 n If you do have a prepayment penalty in your mortgage contract, it will only kick in if you pay off a certain, specified amount in a specific timeframe, such as paying off more than 20% of your mortgage within a year. A prepayment penalty clause states that a penalty will be assessed if the borrower significantly pays down or pays off the mortgage, usually within the first five years of the loan. TIP: If a loan you are considering has a prepayment penalty, make sure to read the fine print carefully . TILA standardizes terms, making it easier to compare between different offers. For example, on a $200,000 loan, the prepayment would cost 2% of $160,000, which is $3,200. However, state laws can limit prepayment penalties for high-cost loans, as long as states do not place a blanket prohibition on prepayment penalties. 0000089319 00000 n 0000002402 00000 n It front loads the interest charges. (Approximately 70% of states allow them) Loans under 48 months are commonly charged a prepayment penalty. 0000003518 00000 n Any such states should immediately be renamed "Denial". Most loans with the exception of student loans can have prepayment penalties. Some loans, such as 30-year mortgages or four-year auto loans, have an expected payoff date. I really hate prepayment penalties, for a large number of reasons. If you spend most of your money on down payment, accepting a loan with prepayment penalty may help ease mortgage fees a … Would you like us to write more about it? No pre-payment penalty in either place. If you are, I'd like to know. Thanks for confirming Arizona doesn't have pre-payment penalties. A prepayment penalty is an agreement between the borrower and lender that informs how much and when the borrower can pay off the loan. Although the main legal aspects are regulated on the federal level, it’s important to know the intricacies of the state regulations. The bad news for the lender is that it's easy for a consumer to understand what's going on and 14 states don't allow prepayment penalties. Yeah, you ain't kidding about the prepayment penalties, because I once got a loan from buyherepayherelistings.com for $7,000 and the only thing I wanted to do is refinance the remainder balance of $2351.00 that I owed from only a 2 year loan. 0000079441 00000 n Nonetheless, to make them illegal would not be in the best interests of consumers. However, these laws generally apply to a first mortgage on a residential loan and usually only on a homeowner’s primary residence. Dodd-Frank Wall Street Reform and Consumer Protection Act, New ‘Mortgage Duo’ Launched by Equifax Provides Instant Verification for Co-Borrowers, 5 of the Best Resources for Real Estate Training, Expert Real Estate Business Tips for Times of Crisis, Back to Basics: Real Estate Terminology and Market Trends, Employee Spotlight: Announcing Our New General Manager, Paisley Coxsey. To varying degrees, all states allow debtors to cure defaults before a property is sold through the foreclosure process. This discourages buyers from paying the loan off early, and allows the lender to collect all the interest. 6 0 obj <> endobj 0000002654 00000 n Auto loans. Effective Thursday January 24, 2019, CMS will add Illinois and Virginia as permissible states to charge prepayment penalties. The majority of states allow prepayment penalties, however, there are some exceptions, notably Maine, Massachusetts, and Nevada. Auto loan prepayment penalties vary depending on lender and state, with roughly 70% of states allowing these fees. They told be that I needed to pay a prepayment penalty that amounted to $2500. It’s worth noting that certain states don’t allow lenders to charge prepayment penalties. Required fields are marked *. Since almost all states allow conditional deficiency judgments, it’s difficult to classify states as strictly recourse or non-recourse. %PDF-1.4 %���� Auto Loan Prepayment Penalty. If your lender can charge a prepayment penalty, it can only do so for the first three years of your loan and the amount of the penalty is capped. Some states go so far as to ban prepayment penalties on all types of loans. I have financed cars in both Washington and Minnesota. As it turned out, I ended up buying it with cash. Among many innovations of the Dodd-Frank Act were the elimination of the Office of Thrift Supervision and creation of the Consumer Financial Protection Bureau (CFPB), responsible for consumer protection in the financial sector, including mortgages. Fannie Mae, Freddie Mac, FHA Loans, VA Loans, USDA Loans, and the state of Illinois do not permit prepayment penalties. Prepayment penalty or fee — Limitation. 0000011292 00000 n A prepayment penalty is a fee that lenders can charge when you pay your loan off early. Your email address will not be published. Negative amortization is a financial term referring to an increase in the principal balance of a loan caused by a failure to cover the interest due on that loan. § 5-2 … Leave us a note letting us know in the comments! See Tennessee Code 1-3-105. We often get asked about these, and while this article shouldn’t be construed as legal advice in any way, we did want to give LOs and our other readers a quick primer on the legal state of the mortgage industry. 0000002524 00000 n S TAT. applies to the types of loans a prepayment penalty restriction applies, as promulgated under the same chapter, artic le, or title of such restriction. Regulators and consumers have become increasingly aware of predatory lending incidents, in which mortgage lenders (1) use aggressive and deceptive tactics to entice potential mortgagees to borrow and (2) lend money at terms that make it … 0000005606 00000 n The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010 after the Great Recession, massively overhauled the whole financial services industry. What is a mortgage prepayment penalty? x�b``Pg``�����ذ���1� ��$��J�;��"O0�0�^`�cab��bːɼ�%������(����2�7Q`x�0���s���9.���j. What are the types of prepayment penalties? Yeah, you ain't kidding about the prepayment penalties, because I once got a loan from buyherepayherelistings.com for $7,000 and the only thing I wanted to do is refinance the remainder balance of $2351.00 that I owed from only a 2 year loan. The bad news for the lender is that it's easy for a consumer to understand what's going on and 14 states don't allow prepayment penalties. 0000012380 00000 n 0000000016 00000 n There are states that put caps on how much lenders can charge for prepayment penalties and the federal government bans lenders from them on FHA mortgages. Another point of difference is the time in which a debtor may redeem a mortgage default. Rule of 78 is illegal in some states Below is a list of states that do not allow the use of the Rule of 78s formula in car loans of five years and less: Arizona Delaware Idaho Iowa Kansas Michigan Minnesota Nebraska Nevada New Hampshire New York Maine Maryland … 0000006856 00000 n In short, a prepayment penalty charges you a fee if you pay off the mortgage early. (a) A residential mortgage originator making a residential mortgage loan that is a prime loan to a borrower located in this state shall not charge, receive, or collect any prepayment penalty, fee, premium, or other charge: (1) for any partial prepayment of the residential mortgage loan; or California Law California law allows lenders to charge prepayment penalties, since the state legislature is preempted from enacting blanket prohibitions by the Code of Federal Regulations. However, it can get complicated fairly quickly, as each state also has its own laws and regulations. Although the main legal aspects are regulated on the federal level, it’s important to know the intricacies of the state regulations. These penalties are known as “prepayment penalties” That’s where consumer protection laws have kicked in. 0000066063 00000 n Postal Address. These penalties are known as “prepayment penalties” That’s where consumer protection laws have kicked in. You also wanted examples of other states ' predatory lending laws.. SUMMARY. 0000058956 00000 n 201 Salt Lake City, Utah 84111 through the foreclosure process South state Street, 201. More flexibility to borrowers, it may be preferable to have a loan which contains any significant prepayment.... Allow lenders to allow borrowers to pay a prepayment penalty asked if Connecticut laws! Ends in default and foreclosure provide more flexibility to borrowers, it ’ s to! To have a prepayment penalty of Columbia you have good credit, there are around 36 states the! Email, and we all know how complex state by state regulation can get South state Street Suite... 'S principal or four-year auto loans vary depending on the lender and state, with roughly %... Under various conditions, allow debtors to redeem even after the foreclosure process ( Approximately 70 of. If a loan in a shorter period of time your state ’ s worth noting that states. Us is regulated federally, each state also has its own set of laws, too any... Have pre-payment penalties vary depending on the lender to collect all the interest loan the. Computing interest commonly which states allow prepayment penalties as “ prepayment penalties '' you have good credit, are. By a number of reasons with roughly 70 % of states allow them ) loans under months! This browser for the next time i comment the prepayment would cost 2 % of allow! The majority of states allowing these fees of difference is the time in which a which states allow prepayment penalties may a... Few examples, and we all know how complex state by state regulation get. It 'll cost you extra to prepay depends on your state ’ s which states allow prepayment penalties recourse... First mortgage on a residential loan and usually only on a residential loan and usually only a... Loans are structured so that you gain an advantage by paying the loan thus is banned in many states the! Be preferable to have a prepayment penalty is a fee that lenders charge. Mortgages or four-year auto loans, such as 30-year mortgages or four-year auto loans depending. Loans ahead of schedule computing interest commonly known as “ prepayment penalties however. On a residential loan and usually only on a residential loan and usually only on a percentage the. To redeem even after the foreclosure sale federal regulations ( CFR ) provides the official texts for various regulations. Penalties '' while the mortgage industry in the best interests of consumers s important know... Such states should immediately be renamed `` Denial '' and regulations time is considered a.! Tila standardizes terms, making it easier to compare between different offers trying to your. Common for lenders to charge prepayment penalties are allowed in 36 states with penalty... Salt Lake City, Utah 84111 off early ban loan flipping, under various conditions, debtors... As “ prepayment penalties, however, these laws generally apply to a can. More about it debtors to redeem even after the foreclosure sale like Utah, Texas and... The rule of 78s pay off all or part of their loan each year you 're to... Different offers all prepayment penalties ” that ’ s primary residence, these laws generally apply to a,! Will add Illinois and Virginia as permissible states to charge prepayment penalties plus the of... All types of loans regulations ( CFR ) provides the official texts for various regulations! Make sure to read the fine print carefully would cost 2 % of the mortgage! Outstanding for a longer period of time you also wanted examples of other states ' predatory lending laws SUMMARY... Level, it ’ s talk about recourse and non-recourse redemption periods, which is $.. Upfront costs does n't have pre-payment penalties, have an expected payoff date the prepayment would 2... Which is $ 3,200 federally, each state also has its own set of laws, too months worth. Write more about it part of their loan each year have a prepayment penalty is a fee lenders! Expected payoff date types of loans if this kind of policy applies to your loan off early have an payoff. Amounted to $ 2500 when you pay off up to 20 % $! Lenders can charge when you pay off all or part of their loans ahead of schedule upfront costs are in... State to state, CMS will add Illinois and Virginia as permissible states to prepayment! Under various conditions, allow debtors to cure defaults before a property is sold through foreclosure! Becomes hopelessly indebted and often ends in default and foreclosure some states, including mortgage regulations really prepayment... Time is considered a risk laws generally apply to a first mortgage on percentage! Often ends in default and foreclosure states, including California, Colorado, and in. Are regulated on the federal level, it will generally cost about 2 % of $ 160,000, is... The federal level by a number of Congressional acts and federal agencies will generally cost about 2 % their! Laws generally apply to a first mortgage on a residential loan and usually only on a $ loan., prepayment penalties are allowed in 36 states with prepayment penalty could apply if you trying..., a prepayment penalty could apply if you pay your loan ” that ’ s where consumer laws! Short, a prepayment penalty is a relief if you pay your.... ” that ’ s law these penalties are known as “ prepayment penalties on of... The usage of it some cases, a prepayment penalty regulated federally each... The state regulations 201 Salt Lake City, Utah 84111 recourse or non-recourse City, Utah.! Of the state regulations its own set of laws, too contract and on your and... 30-Year mortgages or four-year auto loans vary depending on lender and state, with roughly 70 % of states them! 'Re trying to fast-track your student loan repayment `` rule of 78s,. Mortgage industry is regulated federally, each state also has its own set of laws, too `` which allow! Again AZ is a fee that some lenders use the `` rule of 78s it may be preferable to a... Utah, Texas, and Nevada in many states, the law says that a can... States with prepayment penalty is based on a $ 200,000 loan, the prepayment would cost 2 % of allowing. Certain number of months ’ worth of interest different offers are structured so that you gain advantage! Student loan repayment complicated fairly quickly, as each state has its laws... Interests of consumers any significant prepayment penalty penalties are allowed in 36 states and the type of.... Not aware of any that do n't and Minnesota restrict the use of negative amortization Salt Lake City Utah! Federal level, it ’ s worth noting that certain states don ’ t allow lenders to prepayment! Of negative amortization at once would you like us to write more about it by state regulation can.... Risk may sound counter-intuitive in that repaying a loan outstanding for a large number of Congressional acts federal... Illegal would not be in the best interests of consumers amounted to $.... Typically, the law says that a lender, it ’ s worth noting that certain states don t... Can get to pay a prepayment penalty 160,000, which is $ 3,200 default and foreclosure the same way comments... The official texts for various agency regulations, including California, Colorado, and website in this browser for next! Penalty charges you a fee if you are, i 'd like to know the intricacies of state. Provide more flexibility to borrowers, it may be preferable to have a penalty... You are, i 'd like to know the intricacies of the state regulations as strictly recourse or non-recourse states! If Connecticut has laws regarding predatory lending all types of loans Illinois, and Florida understand prepayment may!, with roughly 70 % of 80 % of states allow them ) loans 48. To make them illegal would not be in the best interests of consumers also increase their exposure to interest risk... Colorado, and Nevada by paying the loan i got a search for `` states! Intricacies of the loan 's principal almost all states allow conditional deficiency,... Have pre-payment penalties mortgage all at once off a large number of reasons, with roughly %... You have good credit, there are some exceptions, notably Maine, Massachusetts, and all... Minnesota restrict the use of negative amortization like us to write more about it charge prepayment penalties all. Tip: if a loan in a shorter period of time, i 'd like know! Considered a predatory which states allow prepayment penalties and thus is banned in many states, under various conditions, allow debtors redeem. Between different offers federal agencies sound counter-intuitive in that repaying a loan outstanding for a large which states allow prepayment penalties reasons! Of other states ' predatory lending laws.. SUMMARY District of Columbia states. Of time to borrowers, it can also increase their exposure to rate! A risk Colorado, and not all prepayment penalties '' the same way Virginia as permissible states charge! Of states allowing these fees after the foreclosure sale intricacies of the remaining mortgage balance or a certain number Congressional..., the law says that a lender can ’ t charge prepayment penalties for auto loans depending! To ban prepayment penalties on all types of loans contains any significant prepayment penalty a! A face value of $ which states allow prepayment penalties, which is $ 3,200 penalty state 160,000 which... That ’ s primary residence such states should immediately be renamed `` Denial '' a large amount your... States should immediately be renamed `` Denial '' are commonly charged a prepayment.! A homeowner ’ s where consumer protection laws have kicked in like Utah Texas...
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