H.R. 4818 (107th): Mortgage Loan Consumer Protection Act

Introduced:
May 22, 2002 (107th Congress, 2001–2002)
Sponsor:
Rep. John LaFalce [D-NY29]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on May 22, 2002, in a previous session of Congress, but was not enacted.

Progress
Introduced May 22, 2002
Cosponsors
none
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act to make the residential mortgage process more understandable, fair, and competitive.

Summary

No summaries available.

Text

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Last updated May 22, 2002.
9 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/22/2002--Introduced.
Mortgage Loan Consumer Protection Act - Amends the Truth in Lending Act, with respect to credit extensions secured by a real property interest, to revise the category of excluded finance charge items.
Amends the Real Estate Settlement Procedures Act, with respect to the uniform settlement statement, to require: (1) separate lines for "closing costs, "prepaid items," and "all other costs paid at closing"; (2) at least two days' advance availability of the final settlement statement; and (3) disclosure of all lender fees.
Provides, with respect to special information booklets, for: (1) harmonization of good faith estimates and settlement statements; and (2) inclusion of refinancing and upfront payment option information.
Prohibits markups and unearned fees.
Sets forth servicer escrow-related liabilities.
Revises damage and cost, and jurisdiction and statute of limitations provisions.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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