The Law Offices of Herman Thordsen
In Southern California: 6 Hutton Centre Drive, Ste. 1040, Santa Ana, CA 92707 (714)
662-4990
In Central and Northern California and Out-of-State: Call Toll
Free 888-667-8529

STATE SUBPRIME AND PREDATORY LENDING LAWS
IN EFFECT AS OF JUNE 12, 2008
|
State: |
Statutory Citation |
Flipping Banned |
Negative Amortization Banned |
Prepayment Penalties Banned |
Financing Credit Insurance Banned |
Consumer Credit Counseling Provision |
High Debt to Income Ratio Provision |
|
Arkansas |
Ark. Stat. Ann. §23-53-101 et seq. |
X |
X |
|
X |
3rd party required |
Give due regard |
|
California |
Cal. Financial Code §4970 et seq. and §4973 et seq. |
X |
X |
|
|
Disclosure |
Presumption at 55% |
|
Colorado |
Colo. Rev. Stat. §5-3.5-101 et seq. and §38-40-105 |
X |
X |
|
|
Notification |
Give due regard |
|
Connecticut |
Conn. Gen. Stat. §36a-746 et seq. and §36a-521 |
|
X |
|
|
Notification |
Presumption at 50% |
|
D.C. |
D.C. Code Ann. §26-1114. and §26-1151.01 et seq. |
|
X |
X |
|
|
Give due regard |
|
Florida |
Fla. Stat. §494.0078 et seq. |
X |
X |
|
|
Notification |
Give due regard |
|
Georgia |
Ga. Code §7-6A-1 et seq. |
X |
X |
|
X |
3rd party required |
Presumption at 50% |
|
Illinois |
Ill. Rev. Stat. ch. 815, 137/1 et seq. and ch. 765, 77/70 |
X |
X |
|
X |
Notification |
Presumption at 50% |
|
Indiana |
Ind. Code 4-6-12 and 24-9-1 et seq. |
|
X |
|
X |
3rd party required |
Give due regard |
|
Kentucky |
Ky. Rev. Stat. §294.010 et seq. and §360.100 |
X |
X |
|
X |
Notification |
Presumption at 50% |
|
Louisiana |
La. Rev. Stat. Ann. 6:1096(G) and 9:3572.6(C) |
|
|
|
|
|
|
|
Maine |
Me. Rev. Stat. Ann. tit. 9-A, §2-509, tit. 9-B, §429; tit. 9-A, §8-103, §8-206-A, tit. 9-A, §10-102 and tit. 33, §506, 2007 Chapter 273, 2008 Chapter 471 |
X |
X |
X |
X |
3rd party required |
Give due regard |
|
Maryland |
Md. Commercial Law Code §12-127, 12-311, 12-409.1 and 12-1029 |
X |
X |
|
X |
3rd party required |
Presumption at 45% |
|
Massachusetts |
Mass. Gen. Laws Ann. ch.183C, 1 et seq. |
|
X |
X |
|
3rd party required |
Presumption at 50% |
|
Michigan |
Mich. Comp. Laws §445.1631 et seq. |
|
X |
|
X |
Notification |
|
|
Minnesota |
2007 Chapter 18 |
X |
|
|
|
Notification |
Requires vertification |
|
Missouri |
Mo. Rev. Stat. 375.937 |
|
|
|
|
|
|
|
Montana |
Mont. Code Ann. §32-5-306 |
|
|
|
|
|
|
|
Nebraska |
Neb. Rev. Stat. §45-702, 45-704 and 45-705 |
|
|
|
X |
|
|
|
Nevada |
Nev. Rev. Stat. §598D.010 et seq. |
|
|
X |
X |
|
Give due regard |
|
New Jersey |
N.J. Rev. Stat. 46:10B-22 et seq. |
|
X |
|
X |
3rd party required |
|
|
New Mexico |
N.M. Stat. Ann. §58-21A-1 et seq. |
X |
X |
X |
X |
3rd party required |
Give due regard |
|
New York |
N.Y. Banking Law 6-l |
X |
X |
|
X |
Notification |
Give due regard |
|
North Carolina |
N.C. Gen. Stat. §24-1.1E, §24-1.1F, §24-10.2 and §53-243.01 et seq. |
X |
X |
|
|
3rd party required |
Presumption at 50% |
|
Ohio |
Ohio Rev. Code Ann. §1322.062, §1322.07, §1322.08, §1345.01 et seq. and §1349.25 et seq. |
X |
X |
|
X |
|
Give due regard/ |
|
Oklahoma |
Okla. Stat. tit. 14A, §3-204 and tit. 59, §2081 et seq. |
X |
|
|
|
|
Give due regard |
|
Pennsylvania |
Pa. Cons. Stat. 63, §456.101 et seq. |
|
|
|
|
Notification |
Presumption at 50% |
|
Rhode Island |
R.I. Gen. Laws §34-23-5 |
X |
X |
|
X |
3rd party required |
Presumption at 50% |
|
South Carolina |
S.C. Code Ann. §37-23-10 et seq. |
X |
X |
|
X |
3rd party required |
Presumption at 50% |
|
Tennessee |
Tenn. Code Ann. §45-20-101 et seq. |
X |
X |
|
|
|
Presumption at 50% |
|
Texas |
Tex. Finance Code §343.001 et seq. and Tex. Gov. Code §2306.001 et seq. |
|
X |
X |
|
|
Give due regard |
|
Utah |
Utah Code Ann. §61-2d-101 et seq. |
|
X |
|
X |
Notification |
|
|
Virginia |
Va. Code §6.1-422.1 and §6.1-422 |
X |
|
|
|
|
|
|
Washington |
Wash. Rev. Code §31.04 et seq. |
|
|
|
|
|
|
|
West Virginia |
W. Va. Code §31-17-1 et seq. |
|
|
X |
|
|
|
|
Wisconsin |
Wis. Stat. Ann. §428.202 et seq. |
X |
X |
|
X |
Notification |
Give due regard |
The Law Offices of Herman Thordsen provides a full spectrum of
legal services to our clients. If you have any questions, you may contact us by telephone at (714) 662-4990. This list is generally effective through the date that it was last revised. |
We are especially interested in laws and regulations being discussed at the state and local levels. Many cities and counties are enacting their own ordinances under the mantle of "predatory lending practices" consumer protection measures, and many of them will add significantly to the regulatory burden of lenders and mortgage brokers. In order to view many of the documents below, you will need to have at least version 5 of the Adobe® Acrobat® Reader. If you do not have that program, you can get it for free from Adobe® by clicking the icon below. Please Note: No legal advice or opinion of any kind is given herein by the Law Offices of Herman Thordsen. The items discussed or otherwise presented in this site are for informational purposes only and no warranty of accuracy, completeness, suitability for a particular purpose, or any other warranty of any kind is intended or implied. As with any publication, you should seek the counsel of a competent professional before taking action based upon any of the information contained herein. |
Other pages of Interest: |
| SOUTHERN CALIFORNIA |
NORTHERN CALIFORNIA |
|
South Coast Metro -- Griffin Towers at Hutton Centre 6 Hutton Centre Drive, Suite 1040 Santa Ana, CA 92707-8767 Phone: (714) 662-4990 ● (310) 277-4254 |
Law Offices of Herman Thordsen |
| If you are in Central, Northern California or out of state please call toll free: (888) 667-8529 | |
These bills and laws are compiled for informational purposes only by the Law Offices of Herman Thordsen for those interested in predatory lending laws. No legal advice is given or intended. Legal counsel should be consulted before acting on any of the information herein.
THE INFORMATION HEREIN IS NOT LEGAL ADVICE.
AN ATTORNEY SHOULD BE CONSULTED
IF YOU DESIRE LEGAL ADVICE.
If you have comments or suggestions please contact our offices in Southern California call (714) 662-4990. Northern California and out of state call toll free (888) 667-8529.
| Last Updated 12/31/08 | |||
Entire Site and contents © 2001-2006 Law Offices of Herman Thordsen, All Rights Reserved
If you have comments or suggestions, please contact our offices in Southern California call (714) 662-4990. Northern California and out of state call toll free (888) 667-8529.No information on this page, or on any other page within this site, is to be considered legal advice. No information should be used before obtaining competent legal counsel. The Law Offices of Herman Thordsen does not, by linking to outside URLs, imply any endorsement of the publisher (s) of, or the source (s) of the content for, or the actual content of those pages, and expressly disclaims responsibility for any results of users' access to, or use of, such pages or the information they contain.