Summary: H.R.15150 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.15150. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (08/10/1976)

Amends the Consumer Credit Protection Act to prohibit practices in the case of second mortgages which secure residential property including (1) prepayment of mortgage penalization; (2) foreclosure or seizure of real property under a judgment entered upon warrant of attorney to confess judgment without an opportunity for a judicial hearing; (3) extension of credit to a mortgagor who the creditor knows does not have projected income sufficient to meet the payment schedule; and (4) harassment of the mortgagor in connection with the collection of mortgage payments.

Prescribes remedies for such violations. Entitles a mortgagor of a second mortgage to retain funds obtained under the mortgage without obligation to repay on or after the date of any violation. Prohibits any real estate broker (other than the mortgagor) who has arranged a second mortgage which is secured by residential real property to acquire, directly or indirectly, such property (or proceeds resulting from its disposition) at a foreclosure sale or auction of such property. Imposes a fine of up to $10,000 for such violation.