There is 1 version of this bill. View text

Click the check-box to add or remove the section, click the text link to scroll to that section.
Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Residential Mortgage Credit Fairness Act of 1992

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Truth in Lending Act to prohibit creditors from extending credit for any residential mortgage transaction under terms and conditions which are less favorable to the consumer than the terms and conditions disclosed to the consumer at the time of application for such credit, and for other purposes.


Actions Overview (1)

Date Actions Overview
04/30/1992Introduced in House

All Actions (3)

Date All Actions
05/15/1992Referred to the Subcommittee on Consumer Affairs and Coinage.
Action By: Committee on Banking, Finance, and Urban Affairs
04/30/1992Referred to the House Committee on Banking, Finance + Urban Affrs.
Action By: House of Representatives
04/30/1992Introduced in House
Action By: House of Representatives

Cosponsors (8)


Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Banking, Finance, and Urban Affairs04/30/1992 Referred to
House Banking, Finance, and Urban Affairs Subcommittee on Consumer Affairs and Coinage05/15/1992 Referred to

No related bill information was received for H.R.5037.


Subjects (8)


Latest Summary (1)

There is one summary for H.R.5037. View summaries

Shown Here:
Introduced in House (04/30/1992)

Residential Mortgage Credit Fairness Act of 1992 - Amends the Truth in Lending Act to prohibit a creditor from: (1) imposing terms and conditions for a residential mortgage transaction which are less favorable to the consumer than the terms and conditions which were originally disclosed to the consumer; or (2) limiting the availability or effectiveness of such terms and conditions to a specified period. Allows an exception to such requirements if: (1) the disclosure contains a clear and conspicuous statement that such terms and conditions are subject to change; or (2) any delay in consummating the transaction is due to an unreasonable delay caused by the consumer.

Requires that any disclosure made in connection with a residential mortgage shall: (1) be mailed or delivered before the earlier of the date on which the credit is extended or three days after the creditor receives the consumer's application; and (2) include a statement of the rights and duties of the creditor and the consumer and any form to be used by the consumer to exercise the right to withdraw the application.

Allows a consumer to withdraw a mortgage application without incurring any obligation to the creditor (other than certain reasonable fees) if the consumer provides the creditor written notice within three days after receiving the required disclosure statement from the creditor.

Specifies that, for purposes of such required disclosure statements, the term "finance change" shall include any fee imposed by the creditor for any such extension of credit.

Increases the civil penalty for failure to make a required disclosure for a residential mortgage from a minimum of $100 and a maximum of $1,000 to a minimum of $1,000 and a maximum of $10,000.