Amendment H-1226 to SF 398
Relating to closing costs for a debt secured by an interest in land
Withdrawn · April 17, 2025
Filed April 14, 2025 in the House by
In plain words
AI summary This amendment removes the original rules regarding closing costs and replaces them with a new rule. It states that if a licensed mortgage banker provides a loan where the interest rate and fees stay within certain federal limits, the loan will not be subject to specific state limits on fees.1
What it changes
- Page 1, by striking lines 1 through
- Page 1, after line 19 by inserting: Sec. ___. “Section 537.2501, Code 2025, is amended by adding the following new subsection: NEW SUBSECTION .
- For a consumer loan secured by an interest in land, if a creditor that is a mortgage banker licensed under section 535B.5 or registered under section 535B.3 originates such consumer loan in which the annual percentage rate, points, and fees the consumer is charged by all lenders in connection with the consumer loan do not exceed the amounts specified in 12 C.F.R. §1026.43(e)(2)(vi) and 12 C.F.R. §1026.43(e)(3), the consumer loan shall not be subject to the limitations on fees specified in section 535.8, subsection 4, paragraph “a” , or section 535.8, subsection
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- By renumbering as necessary.