To amend the Truth in Lending Act to prohibit prepayment penalties, and for other purposes.
Promoting Mortgage Responsibility Act - Amends the Truth in Lending Act to prohibit prepayment fees or penalties under any consumer credit transaction secured by the consumer's owner-occupied principal dwelling.
Makes any prepayment penalty in violation of this prohibition unenforceable.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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