HCS/HB 1189 - This act modifies the limit on the prepayment penalty for residential real estate loans to no more than 2% of the average daily balance of the loan for the prior 6 months.

Lenders making unsecured loans of under $500 would be authorized to collect for reasonable attorney's fees and court costs incurred by a breach of contract.

Additionally, a retail charge account is deemed opened by the purchaser in the absence of a signature if the signature is later obtained, or if the account is used by the purchaser or someone with the purchaser's authorization.
DENISE GARNIER

SCA 1 - SPECIFIES PREPAYMENT PENALTY FOR SECOND MORTGAGES. SA 1 - DELETES SECTION 408.500 FROM BILL.