Title 34, Title 34 Title 34

This chapter shall be construed liberally in aid of its declared purpose of protecting the homes and the equity of individual borrowers in this state.

If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter which can be given effect without the in…

The general assembly finds that predatory lending has become an increasing problem in this state, threatening the viability of many communities and causing decreases in home ownership. While the marketplace may appear to be operating effectively for most home loans, too many home…

The purpose of this act is to prohibit predatory lending practices in this state while preserving access to credit in the subprime market.

The following definitions shall apply for the purposes of this chapter, unless the context otherwise requires: (a) “Accelerate” means the advancing of a loan agreement’s maturity date so that payment of the entire debt is due immediately. (b) “Affiliate” means any company that co…

A home loan shall be subject to the following prohibited acts and practices. (a) No creditor making a home loan shall finance, directly or indirectly, any credit life, credit disability, credit unemployment or credit property insurance, or any other life or health insurance, or a…

A high-cost home loan shall be subject to the following additional limitations and prohibited practices: (a) In connection with a high-cost home loan, no creditor shall directly or indirectly finance any points or fees which total is greater than five percent (5%) of the total lo…

(a) Any person who purchases or is otherwise assigned a high-cost home loan shall be subject to all affirmative claims and any defenses with respect to the loan that the borrower could assert against the original creditor of the loan; provided, that this section shall not apply i…

(a) An aggrieved borrower or borrowers may bring a civil action for injunctive relief or damages in a court of competent jurisdiction for any violation of this chapter. (b) In addition, the court shall, as the court may consider appropriate: (1) Issue an order or injunction resci…

It shall be a violation of this chapter for any person to attempt in bad faith to avoid the application of this chapter by: (1) Dividing any loan transaction into separate parts for the purpose of evading the provisions of this chapter; (2) Structuring a home loan transaction as …