Introduced
by
To prohibit “dual interest” being charged on the day of the transfer or rollover of a consumer loan from one lender to another. As introduced, the bill would prohibit the lender from whom the loan is being transferred to collect interest on the day of closing, and allow the lender to whom the loan is being transferred to collect interest on that day, rather than both lenders collecting interest on that day. The bill is part of a legislative package comprised of Senate Bills 698 to 703. It amends the secondary mortgage loan act.
Referred to the Committee on Banking and Financial Institutions
