H.R.3642 - Commercial Mortgage Capital Availability Act of 1993103rd Congress (1993-1994)
|Sponsor:||Rep. Frank, Barney [D-MA-4] (Introduced 11/22/1993)|
|Committees:||House - Banking, Finance, and Urban Affrs; Energy and Commerce|
|Latest Action:||House - 12/20/1993 Referred to the Subcommittee on Telecommunications and Finance. (All Actions)|
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Summary: H.R.3642 — 103rd Congress (1993-1994)All Information (Except Text)
Introduced in House (11/22/1993)
Commercial Mortgage Capital Availability Act of 1993 - Sets forth a regulatory scheme under which qualified insured depository institutions meeting prescribed reserve and capital requirements may execute mortgage loan transfers with a recourse arrangement.
Amends the Securities Exchange Act of 1934 to modify the definition of "mortgage related security" to include notes directly secured by a first lien on real estate with commercial structures located upon it (thus bringing such securities within the purview of the Act).
Directs the Secretary of Labor to exempt commercial mortgage related securities transactions from: (1) certain restrictions of the Employee Retirement Income Security Act of 1974; and (2) certain taxes imposed under the Internal Revenue Code.
Mandates that securities relying on the provisions of this Act comply with all Federal securities laws relating to disclosure to investors, registrations, reporting and anti-fraud provisions.
Requires insured depository institutions to maintain the minimum adequate capital prescribed by regulatory banking agencies when executing mortgage backed securities transactions.