State

Is Creditor required to determine a TNB to the Borrower?

Does Creditor need to provide Borrower a TNB Worksheet?

Occupancy Status

Citations

Notes

Alabama

No

No

N/A

N/A

Alabama has not enacted any TNB requirements.

Alaska

No

No

N/A

N/A

Alaska has not enacted any TNB requirements

Alaska

Yes

No

N/A

Alaska Stat. § 06.60.350

A mortgage licensee may not refinance a mortgage loan within 12 months after the date the mortgage loan is closed, unless the refinancing is beneficial to the borrower.

Arizona

No

No

N/A

N/A

Arizona has not enacted any TNB requirements.

Arkansas

Yes

No

O/O

Ark. Code Ann. § 23-39-513; 23-53-104(b)

No creditor may engage in the unfair act or practice of “flipping” a home loan. “Flipping” a loan is the making of a high-cost home loan to a borrower that refinances an existing home loan when the new loan does not have reasonable, tangible net benefit to the borrower considering all of the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's circumstances.

California

No

No

N/A

N/A

California has not enacted any TNB requirements.

Colorado

Yes

Yes

O/O

Colo. Rev. Stat. § 5-3.5-

103; 12-61-904.5(1); 38-

40-105(1.7)(a)(II)

A mortgage broker or mortgage originator shall not knowingly or intentionally engage in flipping a residential mortgage loan. "Flipping" means making a residential mortgage loan that refinances an existing residential mortgage loan when the new loan does not have reasonable, tangible net benefit to the consumer considering all of the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan, and the consumer's circumstances. A mortgage broker shall have a duty of good faith and fair dealing to not recommend or induce the borrower to enter into a transaction that does not have a reasonable,

tangible net benefit to the borrower, considering all of the circumstances, including the terms of a loan, the cost of a loan, and the borrower's circumstances.

Connecticut

Yes

No

O/O

Conn. Gen. Stat. § 36a-

746e(8)

In the making of a high cost home loan no lender shall make such loan to a borrower that refinances an existing loan unless the high cost home loan provides a benefit to the borrower considering all of the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's circumstances.

Delaware

No

No

N/A

N/A

Delaware has not enacted any TNB requirements.

D.C.

No

No

N/A

N/A

District of Columbia has not enacted any TNB requirements.

Florida

No

No

N/A

N/A

Florida has not enacted any TNB requirements.

Georgia

Yes

No

O/O

GA ST § 7-6A-4

No creditor may knowingly or intentionally engage in the unfair act or practice of "flipping" a home loan. Flipping a home loan is the consummating of a high-cost home loan to a borrower that refinances an existing home loan that was consummated within the prior five years when the new loan does not provide reasonable, tangible net benefit to the borrower considering all of the circumstances including, but not limited to, the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's circumstances.

Hawaii

No

No

N/A

N/A

Hawaii has not enacted any TNB requirements.

Idaho

No

No

N/A

N/A

Idaho has not enacted any TNB requirements.

Illinois

Yes

No

O/O

815 ILCS 120/2; 120/3;

137/45

to any person, may: Engage in equity stripping or loan flipping. "Loan flipping" means to assist a person in refinancing a loan secured by the person's principal residence for the primary purpose of receiving fees related to the refinancing when (i) the refinancing of the loan results in no tangible benefit to the person and (ii) at the time the loan is made, the financial institution does not reasonably believe that the refinancing of the loan will result in a tangible benefit to the person.

Indiana

No

No

N/A

N/A

Indiana has not enacted any TNB requirements

Iowa

No

No

N/A

N/A

Iowa has not enacted any TNB requirements.

Kansas

No

No

N/A

N/A

Kansas has not enacted any TNB requirements

Kentucky

No

No

N/A

N/A

Kentucky has not enacted any TNB requirements.

Louisiana

No

No

N/A

N/A

Louisiana has not enacted any TNB requirements.

Maine

Yes

Yes

O/O

HB 1301; 9-A MRSA §8-

103, sub-§1-A; 9-A

MRSA §8-206-D

A creditor may not knowingly or intentionally engage in the act or practice of flipping a residential mortgage loan. "Flipping a residential mortgage loan" means the making of a residential mortgage loan to a borrower that refinances an existing residential mortgage loan when the new loan does not have reasonable, tangible net benefit to the borrower considering all of the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan and the borrower’s circumstances.

Maryland

Yes

Yes

O/O

Md. Regs. Code tit. 9 §

03.06.20

A licensee may not refinance a mortgage loan unless the refinance has a net tangible benefit to the borrower, considering all of the circumstances, including the terms of the loan, the cost of the loan, and the borrower's circumstances.

Massachusetts

Yes

Yes

O/O

MA ST 183 § 28C; 209

MA ADC 53

A lender shall not knowingly make a home loan if the home loan pays off all or part of an existing home loan that was consummated within the prior 60 months or other debt of the borrower, unless the refinancing is in the borrower's interest. The "borrower's interest" standard shall be narrowly construed, and the burden is upon the lender to determine and to demonstrate that the refinancing is in the borrower's interest.

Michigan

No

No

N/A

N/A

Michigan has not enacted any TNB requirements.

Minnesota

Yes

No

O/O

Minn. Stat. § 58.13(24);

58.13(25)

No person acting as a residential mortgage originator or servicer, including a person required to be licensed under this chapter, and no person exempt from the licensing requirements of this chapter under section 58.04, except as otherwise provided in paragraph (b), shall: engage in "churning." "Churning" means knowingly or intentionally making, providing, or arranging for a residential mortgage loan when the new residential mortgage loan does not provide a reasonable, tangible net benefit to the borrower considering all of the circumstances including the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's circumstances.

Mississippi

No

No

N/A

N/A

Mississippi has not enacted any TNB requirements.

Missouri

No

No

N/A

N/A

Missouri has not enacted any TNB requirements.

Montana

No

No

N/A

N/A

Montana has not enacted any TNB requirements

Nebraska

No

No

N/A

N/A

Nebraska has not enacted any TNB requirements

Nevada

No

No

N/A

N/A

Nevada has not enacted any TNB requirements

Nevada

Yes

Yes

O/O

Nev. Rev. Stat. §

598D.100(b)

No lender may knowingly or intentionally make a home loan, other than a reverse mortgage, to a borrower, including, without limitation, a low document home loan, no-document home loan or stated-document home loan, without determining, using any commercially reasonable means or mechanism, that the borrower has the ability to repay the home loan.

New Hampshire

No

No

N/A

N/A

New Hampshire has not enacted any TNB requirements.

New Jersey

Yes

Yes

O/O

N.J. Rev. Stat. § 46:10B-

23; 46:10B-25(b)

The "New Jersey Home Ownership Security Act of 2002," (N.J.S.A. 46:10B-22 et seq.) was amended to delete the covered home loan category and the prohibition on flipping a home loan, shall create no presumption that any home loan that has been refinanced is not unconscionable. The deletions of the covered home loan category and of the prohibition on flipping from N.J.S.A. 46:10B-25 shall also create no presumption that any home loan that is refinanced does not constitute an unlawful practice under the Consumer Fraud Act, N.J.S.A. 56:8-1 et seq.

New Mexico

Yes

No

O/O

N.M. Stat. Ann. § 58-21A-

4(B); NM ADC 12.15.5

No creditor shall knowingly and intentionally engage in the unfair act or practice of flipping a home loan. As used in this subsection, "flipping a home loan" means the making of a home loan to a borrower that refinances an existing home loan when the new loan does not have reasonable, tangible net benefit to the borrower considering all of the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan and the borrower's circumstances.

New York

Yes

No

O/O

NY Banking Law §6-

l(2)(i); NY ADC

41.5(b)(4)

No "loan flipping". No lender or mortgage broker making or arranging a high-cost home loan may engage in the unfair act or practice of "loan flipping". "Loan flipping" is making a home loan to a borrower that refinances an existing home loan when the new loan does not have a tangible net benefit to the borrower considering all of the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's situation.

North Carolina

Yes

No

O/O

N.C. Gen. Stat. § 24-

10.2©

No lender may knowingly or intentionally engage in the unfair act or practice of "flipping" a consumer home loan. "Flipping" a consumer loan is the making of a consumer home loan to a borrower which refinances an existing consumer home loan when the new loan does not have reasonable, tangible net benefit to the borrower considering all of the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's circumstances.

North Dakota

No

No

N/A

N/A

North Dakota has not enacted any TNB requirements.

Ohio

Yes

Yes

O/O

Ohio Rev. Code §

1345.031; 1349.27; Ohio

Admin. Code § 109:4-3-

26

A supplier shall not knowingly or intentionally engage in the act or practice of “flipping” a mortgage loan by making a residential mortgage loan that refinances an existing mortgage loan when the new loan does not have a reasonable, tangible net benefit to the consumer considering all of the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan, and the consumer’s

Oklahoma

Yes

No

O/O

14A Okla. Stat. § 3-

410(2)(d); 3-411; OK

ADC 160:45-9-4

Creditor may not refinance any consumer loan to the same borrower into a subsection 10 mortgage, unless the refinancing is in the borrower's interest. Within one year of having made a subsection 10 mortgage, a creditor may not refinance subsection 10 mortgage to the same borrower into another subsection 10 mortgage, unless the refinancing is in the borrower's interest. An assignee holding or servicing a subsection 10 mortgage may not, for the remainder of the one-year period following the date of origination of the credit, refinance any subsection 10 mortgage to the same borrower into another subsection 10 mortgage, unless the

refinancing is in the borrower's interest.

Oregon

No

No

N/A

N/A

Oregon has not enacted any TNB requirements.

Pennsylvania

No

No

N/A

N/A

Pennsylvania has not enacted any TNB requirements.

Rhode Island

Yes

Yes

O/O

R.I. Gen. Laws § 34-25.2-

5(b); R.I. Banking

Regulation 3 § 5(B)(ii)

Creditors may not knowingly or intentionally engage in flipping a home loan. "Flipping a home loan" is the making of a home loan to a borrower that refinances an existing home loan that was consummated within the prior 60 months when the new loan does not have reasonable, tangible net benefit to the borrower considering all of the circumstances, including, but not limited to, the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's circumstances.

South Carolina

Yes

No

O/O

S.C. Code Ann. § 37-23-

20; 37-23-70(A)

A lender may not engage knowingly or intentionally in the unfair act or practice of "flipping" a consumer home loan. Flipping" a consumer home loan means the making of a consumer home loan that refinances within forty two months an existing consumer home loan of the borrower when the new loan does not have a reasonable, tangible net benefit to the borrower, considering all the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's circumstances.

South Dakota

No

No

N/A

N/A

South Dakota has not enacted any TNB requirements.

Tennessee

No

No

N/A

N/A

Tennessee has not enacted any TNB requirements.

Texas

No

No

N/A

N/A

Texas has not enacted any TNB requirements.

Utah

No

No

N/A

N/A

Utah has not enacted any TNB requirements.

Vermont

No

No

N/A

N/A

Vermont has not enacted any TNB requirements.

Virginia

Yes

No

O/O

Va. Code § 6.1-422.1

No mortgage lender or broker shall knowingly or intentionally engage in the act or practice of "flipping" a mortgage loan. "Flipping" a mortgage loan means refinancing a mortgage loan within 12 months following the date the refinanced mortgage loan was originated, unless the refinancing is in the borrower's best interest.

Washington

No

No

N/A

N/A

Washington has not enacted any TNB requirements.

West Virginia

Yes

Yes

O/O

W. Va. Code § 31-17-

8(d); WV Code of State

Rules §106-5-3(q); §106-

5-6(o)

Where loan origination fees, investigation fees or points have been charged by the licensee, the charges may not be imposed again in any refinancing of that loan or any additional loan on that property made within twenty-four months thereof, unless the new loan has a reasonable, tangible net benefit to the borrower considering all of the circumstances, including the terms of both the new and the refinanced loans, the cost of the new loan and the borrower's circumstances. The licensee shall document this benefit in writing on a form prescribed by the commissioner

and maintain such documentation in the loan file.

Wisconsin

No

No

N/A

N/A

Wisconsin has not enacted any TNB requirements.

Wyoming

No

No

N/A

N/A

Wyoming has not enacted any TNB requirements.