3E Relating to mortgages; prohibiting certain predatory lending practices; defining subprime loan; definining negative amortization; prohibiting lenders from arranging special mortgages unless the borrower has obtained a written certification from an authorized independent loan counselor on the advisability of the loan transaction, defining special mortgage and authorized independent loan counselor; prohibiting residential mortgage originators from entering into subprime loans containing a provision requiring or permitting the imposition of a penalty, fee, premium or other charge for prepayment under certain situations; providing for borrower right of private action against residential mortgage originators; providing for right to take private action against real estate appraisers; defining mortgage lending process and residential mortgage loan; prohibiting residential mortgage fraud; prescribing penalties for violation, limit; providing for penalty for residential mortgage fraud involving a vulnerable victim
(Ch. 74, 2007)