§ 34.23. Prepayment fees.
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/us/cfr/t12/s§ 34.23·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A national bank offering or purchasing ARM loans may impose fees for prepayments notwithstanding any State law limitations to the contrary. For purposes of this section, prepayments do not include:
(a)Payments that exceed the required payment amount to avoid or reduce negative amortization; or
(b)Principal payments, in excess of those necessary to retire the outstanding debt over the remaining loan term at the then-current interest rate, that are made in accordance with rules governing the determination of monthly payments contained in the loan documents.
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§ 34.23
Prepayment fees.
Fed. Reg.×1
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