H.R.2446 - RESPA Home Warranty Clarification Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Biggert, Judy [R-IL-13] (Introduced 07/07/2011)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 112-633|
|Latest Action:||Senate - 08/02/2012 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.2446 — 112th Congress (2011-2012)All Information (Except Text)
Passed House amended (08/01/2012)
(This measure has not been amended since it was reported to the House on July 31, 2012. The summary of that version is repeated here.)
RESPA Home Warranty Clarification Act of 2012 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to state that no prohibited kickback or unearned fee incident to a real estate settlement service involving a federally related mortgage loan shall be deemed to include, or be deemed to have included, homeowner warranties or similar residential service contracts for the repair or replacement of home system components or home appliances.
Requires any person that pays another person not employed by the person for selling, advertising, marketing, or processing, or performing an inspection in connection with, a homeowner warranty or similar residential service contract for the repair or replacement of home system components or home appliances, to include a specified statement reflecting this Act in any such warranty or contract incident to a transaction involving the origination of a federally related mortgage loan.
Requires any person who has contracted to receive payment from a provider of such services for recommending the purchase of a home warranty or similar residential service contract, and is not an employee of such provider, to give the potential purchaser, upon first recommending such a purchase, a written notice informing the individual that such person has received or will receive compensation from the warranty company for the residential service. Allows the individual to opt out of purchasing such a warranty or service contract, or to purchase it from another provider.