INTEREST-PREPAYMENT PENALTY
Sponsored By: Daniel Didech (Democratic)
In Committee
Summary
Amends the Interest Act. Provides that, whenever the rate of interest exceeds an annual percentage rate of 8% on any written contract, agreement or bond for deed providing for the installment purchase of residential real estate made primarily for personal, family, or household purposes (rather than for the installment purchase of residential real estate), or on any loan secured by a mortgage on residential real estate made primarily for personal, family, or household purposes (rather than on any loan secured by a mortgage on residential real estate), it shall be unlawful to provide for a prepayment penalty or other charge for prepayment.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Daniel Didech
Democratic • House
Cosponsors
Michael J. Kelly
Democratic • House
Rick Ryan
Democratic • House
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Rule 19(a) / Re-referred to Rules Committee
3/27/2026HouseAssigned to Financial Institutions and Licensing Committee
2/11/2026HouseAdded Co-Sponsor Rep. Michael J. Kelly
1/21/2026HouseAdded Co-Sponsor Rep. Rick Ryan
1/21/2026HouseReferred to Rules Committee
1/14/2026HouseFirst Reading
1/14/2026HouseFiled with the Clerk by Rep. Daniel Didech
1/6/2026House
Bill Text
Introduced
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