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#2202868 - 01/14/19 04:47 PM KY Prepayment Penalty for HELOC
workerbee Offline
Member
Joined: Oct 2015
Posts: 61
Looking over KY for prepayment penalty- it looks like if we have a heloc where rate can change monthly, that we are unable to do a prepayment penalty due to verbiage of not allowing after first interest rate reset? Am I understanding this correctly?

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#2202886 - 01/14/19 05:37 PM Re: KY Prepayment Penalty for HELOC workerbee
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
To which State stature are you referring for HELOCs?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2202893 - 01/14/19 06:02 PM Re: KY Prepayment Penalty for HELOC workerbee
workerbee Offline
Member
Joined: Oct 2015
Posts: 61
KY Rev. Stat 286.8-110(4) Thanks!

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#2202906 - 01/14/19 07:28 PM Re: KY Prepayment Penalty for HELOC workerbee
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
I would concur.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2209161 - 03/21/19 02:24 PM Re: KY Prepayment Penalty for HELOC workerbee
M&M Offline
Platinum Poster
Joined: Nov 2003
Posts: 529
Midwest
This section does not apply to financial institutions per the exemption in 286.8-020(1)(a).

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