S.1614 - Home Buyer and Home Owner Protection Act93rd Congress (1973-1974)
|Sponsor:||Sen. Percy, Charles H. [R-IL] (Introduced 04/17/1973)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 04/17/1973 Referred to Senate Committee on Banking, Housing and Urban Affairs. (All Actions)|
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Summary: S.1614 — 93rd Congress (1973-1974)All Information (Except Text)
Introduced in Senate (04/17/1973)
Home Buyer and Home Owner Protection Act - States that in any case where a mortgage covering property improved by a one- to four-family dwelling is insured under any provision of the National Housing Act and the mortgage is approved for such insurance prior to the beginning of construction, the seller or such other person as may be required by the Secretary shall deliver to the mortgagor a warranty that the dwelling is constructed in substantial conformity with the plans and specifications on which the Secretary based his valuation of the dwelling, and has no structural or other defects which could seriously affect the use and livability of the dwelling.
States that the warranty required by this Act shall be in addition to, and not in derogation of, all other rights and privileges which the mortgagor may have under any other law or instrument.
Provides that if the owner of any property which is improved by a one- to four-family dwelling covered by a mortgage insured under any provision of this Act requests assistance from the Secretary within five years after the insurance of the mortgage, the Secretary is authorized: (1) to correct structural defects in any such property or any other defects in such property which seriously affect the use and livability of the dwelling; (2) to pay the claims of such owners arising from any such defect or from any substantial nonconformity with any plans and specifications on which the Secretary based his valuation of the dwelling; or (3) to acquire title to property in which any such defect or nonconformity exists.
Permits the Secretary to require from the seller of any dwelling an agreement to reimburse him for any payments made pursuant to this subsection with respect to such dwelling.
Authorizes the Secretary to provide, in connection with the operation of the Federal Housing Administration, neighborhood counseling services in areas in which he determines that there is a special interest in and need for federally assisted homeownership programs. Sets forth the provisions of such programs.
Directs the Secretary by regulation to prescribe 'fair-dealing requirements' which must be observed by any person selling real property, if the property is to be occupied by the purchaser or his family as a residence, and the sale is to be financed with assistance under this Act. Sets forth the requirements of such regulations.
Establishes in the Department of Housing and Urban Development an Office of Consumer Affairs which shall represent and be an advocate in behalf of the interests of housing consumers in proceedings within the Department.
Directs the Secretary of Housing and Urban Development to transmit to the Congress a report on the need for and the feasibility of: (1) a program to provide, by insurance or otherwise, home repair assistance for low- and moderate-income homeowners; and (2) a program whereby mortgagors under mortgages insured by the Secretary pay a monthly fee or premium into an escrow account to be utilized for repairs resulting from latent defects.