Summary: H.R.4213 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.4213. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/06/2000)

Consumer Mortgage Protection Act of 2000 - Amends the Truth in Lending Act to: (1) reformulate annual percentage rates and total points and fees in connection with certain credit transactions secured by to the consumer's principal dwelling (high-cost mortgage); (2) repeal disclosure requirements with respect to prepayment penalties; (3) revise requirements for permissible prepayment penalties; (4) prohibit mandatory prepaid payments on such mortgages; (5) place limitations upon the charging of closing costs; and (6) proscribe creditor encouragement of consumer's default.

(Sec. 3) Requires a creditor to report a consumer's mortgage payment history to a nationally recognized credit bureau at least quarterly.

Prohibits creditor profit from the sale at foreclosure of property securing a high-cost mortgage.

Requires a high-cost mortgage creditor to respond within three business days to a request for a written statement setting forth the amounts necessary to fully satisfy the debt obligation.

Redraws creditor liability guidelines.

(Sec. 4) Amends the Real Estate Settlement Procedures Act to revise guidelines for: (1) standard Federal forms for the statement of settlement costs; and (2) information booklets that advise the consumer of certain sources of mortgage broker compensation.

(Sec. 5) Establishes Federal preemption of State law concerning subject matter under this Act. Empowers the Board of Governors of the Federal Reserve System to interpret Federal preemption issues under this Act.