The Oklahoma House of Representatives has passed the Oklahoma Home Ownership and Equity Protection Act, a predatory lending bill, by a 73-26 vote.Gary Huddleston, a lobbyist for the Oklahoma Financial Services Association, said the highlights of the bill are a limit on prepayment penalties, a restriction of refinancing on certain loans, and a requirement that the lender determine the borrower's ability to pay back the loan. He described it as an industry bill that bars localities in the state from passing their own laws and does not include any assignee liability.
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