The bill amends Section 34-23-5 of the General Laws in Chapter 34-23, which pertains to mortgages of real property in Rhode Island. It introduces new provisions regarding the prepayment of mortgage loans, specifically stating that the limitations on prepayment penalties shall only apply to mortgage loans made for real estate containing owner-occupied dwelling houses of not more than four (4) dwelling units. This change aims to protect borrowers in this category by ensuring they have the option to pay off their mortgages without incurring excessive penalties. The act will take effect upon passage.

Statutes affected:
3073: 34-23-5