Does Google penalize for having too much important content below the fold?

No, Google does not explicitly penalize sites for having too much important content below the fold. However, it can indirectly impact your search rankings in a few ways:

For starters, having vital information and calls to action hidden below where visitors need to scroll can really hurt the user experience on your pages. If people have to hunt around and scroll a bunch just to find what they're looking for, they're more likely to just leave - increasing your bounce rate. Google looks at bounce rate as one of the signals for ranking content.

Secondly, Google wants to surface the absolute most relevant pages for any given search query. So if your page buries the most important content below the fold, Google may not identify it as being as valuable for that query compared to other pages with that info prominently displayed.

Finally, remember that Google heavily favours mobile-friendly pages these days. Having too much important stuff below the fold is an even bigger usability issue on smaller mobile screens where scrolling is maximized. Poor mobile experience could cause ranking degradation.

So in summary - no direct penalty, but following web design best practices to prioritize key content and CTAs above the fold makes the overall user experience better which plays nicely with how Google ranks pages. Take a look at your most important pages and make sure that the main content is immediately visible.