Regarding the revised Home Loan Protection Act of 2002 (predatory lending law): Will this apply to state chartered banks supervised by a regulatory agency? I realized this doesn't apply to FNMA or FLMC loans but there is a confusing paragraph under the definition of a covered loan that makes me think that it does not apply to any loans made by a bank.

I tried to call DC, but getting an answer from them is like pulling teeth.

Does anyone know this off the top of their head?

BTW, this new forum is WONDERFUL!!!! I seem to have good luck finding info on federal issues but when I have a state issue come up, I'm on my own.

KUDOS to whoever thought of this!!!!!!

DC's Home Loan Protection Act of 2002 appears to apply to state chartered savings banks but changes the rules to mirror Section 32 of TIL rather than what's described in section 7(A) of DC's Act. The difference is that the threshold for Section 32 loans is higher (in APR and fees) than DC's rules are.

The opinions expressed here are my own and not necessarily those of my employer. This information should not be considered legal advice.

If anyone is looking at this for the recent changes.....

Looks like banks and subs thereof are exempt, EXCEPT if they inadvertently end up with a covered loan from a broker or correspondent. Hopefully that won't happen too often.