H.R.685 - Mortgage Choice Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Huizenga, Bill [R-MI-2] (Introduced 02/03/2015)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Meetings:||04/13/15 5:00PM|
|Committee Reports:||H. Rept. 114-54|
|Latest Action:||Senate - 04/16/2015 Committee on Banking, Housing, and Urban Affairs. Hearings held. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Text: H.R.685 — 114th Congress (2015-2016)All Information (Except Text)
Text available as:
Referred in Senate (04/15/2015)
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction.
This Act may be cited as the “Mortgage Choice Act of 2015”.
(a) Amendment to section 103 of TILA.—Section 103(bb)(4) of the Truth in Lending Act (15 U.S.C. 1602(bb)(4)) is amended—
(1) by striking “paragraph (1)(B)” and inserting “paragraph (1)(A) and section 129C”;
(A) by inserting “and insurance” after “taxes”;
(B) in clause (ii), by inserting “, except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement (as defined in section 2(7) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602(7))” after “compensation”; and
(C) by striking clause (iii) and inserting the following:
“(I) a bona fide third-party charge not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator; or
“(II) a charge set forth in section 106(e)(1);”; and
(A) by striking “accident,”; and
(B) by striking “or any payments” and inserting “and any payments”.
(b) Amendment to section 129C of TILA.—Section 129C of the Truth in Lending Act (15 U.S.C. 1639c) is amended—
(1) in subsection (a)(5)(C), by striking “103” and all that follows through “or mortgage originator” and inserting “103(bb)(4)”; and
(2) in subsection (b)(2)(C)(i), by striking “103” and all that follows through “or mortgage originator)” and inserting “103(bb)(4)”.
Not later than the end of the 90-day period beginning on the date of the enactment of this Act, the Bureau of Consumer Financial Protection shall issue final regulations to carry out the amendments made by this Act, and such regulations shall be effective upon issuance.
Passed the House of Representatives April 14, 2015.
|Attest:||karen l. haas,|