Section 345.45  Prepayment Penalty

No lender shall make a high risk home loan that includes a penalty provision for payment made:

a)         after the expiration of the 36 month period following the date the loan was made; or

b)         that is more than:

1)         3% of the total loan amount, if the prepayment is made within the first 12 month period following the date the loan was made; or

2)         2% of the total loan amount, if the prepayment is made within the second 12 month period after the date the loan was made; or

3)         1% of the total loan amount, if the prepayment is made within the third 12 month period following the date the loan was made.