H.R.5667 - Seller Finance Regulation Reduction Act113th Congress (2013-2014)
|Sponsor:||Rep. Williams, Roger [R-TX-25] (Introduced 09/18/2014)|
|Committees:||House - Financial Services|
|Latest Action:||House - 09/18/2014 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5667 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (09/18/2014)
Seller Finance Regulation Reduction Act - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) has less than $25 million in assets; and (2) only originates residential mortgage loans with respect to property owed by the person, and in an amount of $150,000 or less.
Amends the Truth in Lending Act, with respect to minimum standards for residential mortgage loans, to prohibit, in determining whether a residential mortgage loan is a qualified mortgage, from applying to loans originated by such a person certain guidelines and regulations relating to ratios of total monthly debt to monthly income.