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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Home Equity Protection Act of 1993

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To protect home ownership and equity through enhanced disclosure of the risks associated with certain mortgages, and for other purposes.


Actions Overview (1)

Date
09/28/1993Introduced in House

All Actions (5)

Date
03/22/1994Subcommittee Hearings Held.
Action By: House Banking, Finance, and Urban Affrs Subcommittee on Consumer Credit and Insurance
10/18/1993Referred to the Subcommittee on Consumer Credit and Insurance.
Action By: Committee on Banking, Finance, and Urban Affairs
09/29/1993Sponsor introductory remarks on measure. (CR E2290-2292)
Action By: House of Representatives
09/28/1993Referred to the House Committee on Banking, Finance + Urban Affrs.
Action By: House of Representatives
09/28/1993Introduced in House
Action By: House of Representatives

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 Affairs09/28/1993 Referred to
House Banking, Finance, and Urban Affrs Subcommittee on Consumer Credit and Insurance10/18/1993 Referred to
03/22/1994 Hearings by

No related bill information was received for H.R.3153.


Latest Summary (1)

There is one summary for H.R.3153. View summaries

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.