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Oklahoma Governor Signs Mortgage Lending Bill
Oklahoma Governor Brad Henry signed into law H.B. 1574, the Oklahoma Home Ownership and Equity Protection Act, on May 29. Supported by the Oklahoma Financial Services Association, the bill provides additional disclosure information about high-rate loans, and additional limitations on prepayment penalties and requires that refinancing be in the best interest of the borrowers. Officials of an anti-poverty group in Tulsa, who said it legalized "predatory lending," opposed the bill.
Financial institutions trying to comply with new requirements under the USA PATRIOT Act finally have some legal guidance as a result of a recent rulemaking from the U.S. Treasury Department. The rulemaking permits financial institutions to share information with each other for counter-terrorist or anti-money laundering purposes without risk of liability, and it immunizes a financial institution that divulges information to the government against all possible harm that could arise out of that information-sharing.
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