Home Loan Protection Act

The act regulates residential mortgage lending, applying baseline standards to home loans generally and a stricter set of limits and prohibitions to loans that meet a high-cost threshold. It bars specified lending practices, extends liability to parties who take assignment of covered loans, gives borrowers a private civil remedy that supplements rather than displaces other legal rights, and forbids attempts to evade its requirements through the structuring of a transaction. Oversight, including reporting obligations and exemptions for certain lenders or loan types, is administered through the state agency charged with regulating business and financial services.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.