Bills › 91st General Assembly
Relating to closing costs for a debt secured by an interest in land
Where it is now
- Done: IntroducedFebruary 5, 2025
- Done: SubcommitteeFebruary 5, 2025
- Done: Senate committeeFebruary 20, 2025
- Skipped: Passes the SenateContinued as SF 398
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Became SF 398 → Its progress continues under the new number. 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. These lenders are also allowed to charge discount points if those points are used to lower the borrower's interest rate.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.
Senate subcommittee
Named February 5, 2025. On February 13, 2025 it recommended amendment and passage.
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