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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - House of Representatives

Short Titles as Reported to House

TRID Improvement Act of 2017

Short Titles as Introduced

TRID Improvement Act of 2017

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes.


Actions Overview (3)

Date Actions Overview
02/14/2018Passed/agreed to in House: On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77).(text: CR H1155-1156)
01/25/2018Reported by the Committee on Financial Services. H. Rept. 115-524.
10/05/2017Introduced in House

All Actions (23)

Date Chamber All Actions
02/15/2018SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
02/14/2018-5:05pmHouseMotion to reconsider laid on the table Agreed to without objection.
02/14/2018-5:05pmHouseOn passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77). (text: CR H1155-1156)
02/14/2018-4:57pmHouseOn motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76).
02/14/2018-4:31pmHouseThe previous question on the motion to recommit with instructions was ordered without objection.
02/14/2018-4:20pmHouseDEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed.
02/14/2018-4:19pmHouseMr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166)
02/14/2018-4:18pmHouseH.Amdt.518 On agreeing to the Foster amendment (A002) Agreed to by voice vote.
02/14/2018-4:18pmHouseThe previous question was ordered on the bill and amendment pursuant to the rule.
02/14/2018-4:11pmHouseDEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.
02/14/2018-4:11pmHouseH.Amdt.518 Amendment (A002) offered by Mr. Foster. (consideration: CR H1165; text: CR H1165)
02/14/2018-3:15pmHouseDEBATE - The House proceeded with one hour of debate on H.R. 3978.
02/14/2018-3:13pmHouseProvides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
02/14/2018-3:13pmHouseConsidered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169)
02/14/2018-1:50pmHouseRule H. Res. 736 passed House.
02/13/2018-7:12pmHouseRules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
01/25/2018HousePlaced on the Union Calendar, Calendar No. 389.
01/25/2018HouseReported by the Committee on Financial Services. H. Rept. 115-524.
11/15/2017HouseOrdered to be Reported by the Yeas and Nays: 53 - 5.
Action By: Committee on Financial Services
11/15/2017HouseCommittee Consideration and Mark-up Session Held.
Action By: Committee on Financial Services
10/05/2017HouseReferred to the House Committee on Financial Services.
10/05/2017HouseIntroduced in House
09/07/2017HouseHearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.
Action By: House Financial Services Subcommittee on Financial Institutions and Consumer Credit

Cosponsors (18)


Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services10/05/2017 Referred to
11/15/2017 Markup by
01/25/2018 Reported by H. Rept. 115-524
House Financial Services Subcommittee on Financial Institutions and Consumer Credit09/07/2017 Hearings by
Senate Banking, Housing, and Urban Affairs02/15/2018 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.


Latest Summary (3)

There are 3 summaries for H.R.3978. View summaries

Shown Here:
Passed House amended (02/14/2018)

(Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million.

TITLE I--TRID IMPROVEMENT

(Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings.

TITLE II--PROTECTION OF SOURCE CODE

(Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena.

TITLE III--FOSTERING INNOVATION

(Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies.

These requirements shall not apply with respect to any audit report prepared for an issuer that:

  • ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities,
  • had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and
  • is not a large accelerated filer.

This exemption shall expire at the earliest of: (1) the last day of the fiscal year 10 years after the issuer's first sale of common equity securities, (2) the end of the fiscal year in which the issuer's average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer.

TITLE IV--NATIONAL SECURITIES EXCHANGE REGULATORY PARITY

(Sec. 401) The bill amends the Securities Act of 1933 to exempt from state registration securities qualified for national trading by the SEC and authorized to be listed on a national securities exchange. Currently, securities listed on exchanges specified by statute or rule are exempt.

TITLE V--ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS

(Sec. 501) The bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution.

(Sec. 502) The bill revises the S.A.F.E. Mortgage Licensing Act's civil liability immunity provisions.