SB 1043 - Under the act, lenders may not encourage nonpayment of existing debts in connection with the closing of a home loan that refinances portions of the existing debt. Lenders may not affect appraiser's independent judgement with respect to the value of real estate covered by a home loan or is being offered as security in an application for a home loan. In addition, lenders may not leave any blanks in any loan document, to be filled in after the borrower signs the documents and if the discussion between the borrower and the lender is in a language other than English, the lender must provide a copy, free of charge, of all disclosures in the language in which the discussion was primarily conducted. This act bars the lender from allowing advance collection of premiums for life or health insurance, or other fees in connection with a home loan. The lender may not knowingly refinance an existing home loan when the new loan does not have tangible benefit to the borrower. This act provides restrictions on charging late payment fees. High-cost home loans shall not contain provisions allowing lenders to accelerate the loan upon their sole discretion. Amounts of compensation paid to a mortgage broker must be disclosed to the borrower no later than three days prior to closing. The act places restrictions on high-cost home loans pertaining to prepayment penalties, interest increases after default, payments of contractors under the loan, inability to make payments, and mandatory arbitration. The act also includes disclosure requirements of and procedures for curing high-cost home loans. Lenders who violate the provisions of this act are eligible for actual, statutory, and punitive damages along with injunctive, declaratory and other equitable relief. CHRIS HOGERTY