S.1678 - A bill to amend the Employee Retirement Income Security Act of 1974 with regard to mortgage investments.97th Congress (1981-1982)
|Sponsor:||Sen. Hatch, Orrin G. [R-UT] (Introduced 09/29/1981)|
|Committees:||Senate - Labor and Human Resources|
|Latest Action:||Senate - 01/26/1982 Subcommittee on Labor. Hearings held. (All Actions)|
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Summary: S.1678 — 97th Congress (1981-1982)All Information (Except Text)
Introduced in Senate (09/29/1981)
Amends the Employee Retirement Income Security Act of 1974 to provide that certain fiduciary duties under such Act shall be deemed satisfied by investments in residential housing mortgages that provide adequate security and a reasonable rate of interest.
Exempts from specified prohibitions under such Act the placing, investing, or purchase of a mortgage secured by residential housing property if such investment or sale: (1) is adequately secured; (2) is made in accordance with specific provisions regarding such loans set forth in the employee benefit plan; and (3) bears a reasonable rate of interest.