HB3345 - Tennessee - Mortgages

Companion Bill SB3834. Mortgages - Requires mortgage counselor be consulted before an adjustable rate mortgage can be completed. - Amends TCA Title 47. Fiscal Summary for *HB3345 / SB3834 MINIMAL Bill Summary for *HB3345 / SB3834 This bill prohibits a person, firm, or corporation from engaging in the business of making adjustable rate mortgage loans, unless the person, firm, or corporation is an authorized lender. Prior to accepting an application for an adjustable rate mortgage loan, an authorized lender must refer the borrower to a counselor and must receive certification from the counselor that all borrowers have received counseling. Any adjustable rate mortgage loan that does not contain certification from a counselor may be invalidated and converted to a fixed rate loan at the prime interest rate at a competing financial [...]

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