Bills › 91st General Assembly
Relating to closing costs for a debt secured by an interest in land
Sponsored by the House Commerce Committee
Where it is now
- Done: IntroducedFebruary 5, 2025
- Done: SubcommitteeFebruary 5, 2025
- Done: House committeeFebruary 18, 2025
- Done: Passes the HouseApril 17, 202593–0
- Skipped: Senate committeeSkipped
- Done: Passes the SenateMarch 26, 202547–0
- Done: To the GovernorMay 6, 2025
- Done: Signed into lawMay 6, 2025
SF 398 became law → The same legislation passed as SF 398, so this version was set aside. Go to SF 398 What’s a funnel?
What’s in it
AI summary Lenders who provide loans for land or homes can charge certain closing costs as long as the fees are fair and reasonable. They are also allowed to charge discount points if those fees help lower the borrower's interest rate. These rules apply to how much money a person pays upfront when taking out a mortgage.1
Read the official explanation
This bill relates to closing costs for a debt secured by an interest in land.8(5). A creditor may also contract for and receive discount points for the purpose of reducing, and which result in a reduction of, the interest rate or time-price differential applicable to the loan, and points agreed upon by the creditor and borrower to offer a given interest rate.
Changed since by amendment H-1240; see Amendments.
House subcommittee
Named February 5, 2025 (as HSB 125). On February 11, 2025 it recommended passage.
- Rep. Carter F. Nordman REmail
- Rep. Jacob Bossman REmail
- Rep. Scheetz
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
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91st General Assembly