H.R.10592 - Real Estate Settlement Procedures Act Amendments94th Congress (1975-1976)
|Sponsor:||Rep. Kelly, Richard [R-FL-5] (Introduced 11/06/1975)|
|Committees:||House - Banking|
|Latest Action:||11/06/1975 Referred to House Committee on Banking, Currency and Housing. (All Actions)|
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Summary: H.R.10592 — 94th Congress (1975-1976)All Bill Information (Except Text)
Introduced in House (11/06/1975)
Real Estate Settlement Procedures Act Amendments. Repeals, under the Real Estate Settlement Procedures Act, the requirements for advance disclosure of specific settlement costs and the disclusure of the house's previous selling price.
Alters, under such Act, the definition of "federally related mortgage loan" to exclude construction loans and second trusts. Excludes any agency or instrumentality of a State from the definition of "creditor.
Provides the Secretary of the Department of Housing and Urban Development with authority to modify the uniform settlement statement required under the Real Estate Settlement Procedures Act to adopt such statment to area differences in local laws and customs.
Modifies the information booklet designed by HUD to include general estimates of the settlement costs likely to be borne by the borrower. Requires lenders to give out the booklet and estimates only upon a written application for a mortgage loan.