An equity loan may be paid in advance without penalty or other charge.
  (1) A lender may not charge a penalty to a borrower for paying all or a portion of an equity loan early.
  (2) A lockout provision is not permitted in an equity loan agreement because it is considered a prepayment penalty.

Source Note: The provisions of this §153.7 adopted to be effective January 8, 2004, 29 TexReg 84