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Issue #21: Effective notice of prepayment charges

Issue #21: Effective notice of prepayment charges

This dilemma is talked about pertaining to problems #13 and #14, above. Conditions relating to prepayment charges have already been integrated to the draft legislation connected as Appendix # 1; see area 3 and area 7 of this proposed legislation.

Issue #22: needing that “unpaid balance” figures reflect extra funds needed as prepayment charges

Because a lot of customers have actually told OCCR that they didn’t understand these people were susceptible to a prepayment penalty until they attempted to pay down their loan early, this proposal will have needed that each and every time the lender notified the debtor associated with unpaid stability on the loan (as an example, upon demand, or with every month-to-month declaration, or at year-end), the financial institution could be necessary to include into that stability the prepayment penalty, to give a precise image of the particular buck amount required to pay back the mortgage.

We felt that the proposition had been an easy and revolutionary method to avoid “payoff shock.

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