115 HR 2954 RH: Home Mortgage Disclosure Adjustment Act U.S. House of Representatives 2017-06-20 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IB Union Calendar No. 359 115th CONGRESS2d Session H. R. 2954 [Report No. 115–485] IN THE HOUSE OF REPRESENTATIVES June 20, 2017 Mr. Emmer (for himself and Mr. Luetkemeyer) introduced the following bill; which was referred to the Committee on Financial Services January 8, 2018Additional sponsors: Mr. Duffy, Mr. Hill, Mr. Latta, Mr. Arrington, Mr. Smith of Nebraska, and Mr. Ross January 8, 2018 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on June 20, 2017 A BILL To amend the Home Mortgage Disclosure Act of 1975 to specify which depository institutions are subject to the maintenance of records and disclosure requirements of such Act, and for other purposes.

1.

Short title

This Act may be cited as the Home Mortgage Disclosure Adjustment Act.

2.

Depository institutions subject to maintenance of records and disclosure requirements

(a)

In general

Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended— (1)by redesignating subsection (i) as paragraph (3) and adjusting the margins accordingly; and (2)by inserting before paragraph (3), as so redesignated, the following: (i)

Exemptions

(1)

Closed-end mortgage loans

With respect to a depository institution, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to closed-end mortgage loans if the depository institution originated less than 500 closed-end mortgage loans in each of the 2 preceding calendar years. (2)

Open-end lines of credit

With respect to a depository institution, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to open-end lines of credit if the depository institution originated less than 500 open-end lines of credit in each of the 2 preceding calendar years.. (b)

Technical correction

Section 304(i)(3) of the Home Mortgage Disclosure Act of 1975, as so redesignated by subsection (a)(1), is amended by striking section 303(2)(A) and inserting section 303(3)(A).

January 8, 2018 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed