With the clock ticking toward the July 1 effective date, the legality of an Office of Thrift Supervision rule on the Alternative Mortgage Transaction Parity Act has yet to be determined. The rule, published last year, would remove prepayment penalties and late fees from the list of loan terms subject to federal preemption under AMTPA. The 21-year-old statute allows state-chartered lenders to forgo state law on so-called “alternative