Summary: H.R.3153 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for H.R.3153. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/28/1993)

Home Equity Protection Act of 1993 - Amends the Truth in Lending Act to require the creditor of each high cost mortgage to provide certain clearly written, conspicuous disclosures regarding the risks associated with such mortgages.

Prohibits such mortgages from containing: (1) a prepayment penalty for paying all or part of the principal prior to the date on which the balance is due; (2) certain refinancing fees; (3) balloon payments; (4) negative amortization; (5) certain prepared payments; and (6) specified unfair, deceptive, or evasive acts.

Declares that State authority to regulate certain high rate mortgage loans is not preempted by specified Federal statutes.

Includes within the creditor's liability for damages for noncompliance with this Act all finance charges and fees paid by the consumer.

Empowers the appropriate State attorney general to bring an action to enforce this Act. Subjects an assignee of a high cost mortgage to all the claims and defenses that the consumer could assert against the creditor.