Mortgages; authorize lenders to mortgagors to make additional mortgage payments
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill allows mortgage servicers in Alabama to permit borrowers to make additional mortgage payments, either biweekly or semi-monthly, without incurring penalties. These extra payments would be applied directly to the principal balance of the loan. The bill also outlines definitions related to mortgage payments and escrow accounts, and specifies that the changes apply to new consumer mortgages originated after a certain date and do not cover certain types of mortgages like open-end loans or those with existing penalty-free biweekly/semi-monthly payment options.
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1 on record
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