Thanks for the case overview, Abe. It's a really unfortunate side effect of well-intentioned actions. I'm all for educating the consumer to help them better understand the choices they face, but the way this was setup seems more like a tax that ended up discouraging business, particularly smaller ones. Policy makers aren't always shrewd enough businessmen to understand the impact of their policies.
That said, there needs to be more education about the impact of some of the higher risk loans. Many folks for example, don't understand the 1% neg-ams. They can be valuable tools but they also have serious consequences.
The Governor put HB4050 on hold until further notice and it may never come back. If you have clients that are going to go in for their counseling session - CANCEL it! The no longer have to go through that at the current time. Just thought I should mention this. I became aware of this on this past Monday and think that is when it was announced.
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