The Committee on Labor, Commerce and Industry proposes the following amendment (LC-787.SA0002H):

Amend the bill, as and if amended, SECTION 1, by striking Section 37-3-110 and inserting:

 Section 37-3-110. "Bridge loan" means a consumer loan with a maturity of less than eighteen twelve months connected withto facilitate the acquisition or construction of residential real property intended to be occupied by the borrower. All bridge loans shall be offered under the following terms and conditions:
  (1) the loan may be prepaid by the borrower at any time, without penalty; and
  (2) the ballon payment, upon coming due, is allowed to be extended one time at the borrower's request for a period of three months, provided that the borrower continues to make monthly installments set forth in the original loan agreement.

Renumber sections to conform.

Amend title to conform.