S. 2280 (109th): STOP FRAUD Act

Introduced:
Feb 14, 2006 (109th Congress, 2005–2006)
Sponsor:
Sen. Barack Obama [D-IL]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 1222 (110th) on Apr 25, 2007.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on February 14, 2006, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 14, 2006
Referred to Committee Feb 14, 2006
Cosponsors
2 cosponsors (2D) (show)
Committees

Senate Banking, Housing, and Urban Affairs

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

Full Title

A bill to stop transactions which operate to promote fraud, risk, and under-development, and for other purposes.

Summary

No summaries available.

Text

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Last updated Feb 14, 2006.
10 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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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.

2/14/2006--Introduced.
Stopping Transactions which Operate to Promote Fraud, Risk, and Underdevelopment Act or the STOP FRAUD Act - Amends federal criminal law to make it unlawful for any mortgage professional (as defined by this Act) to execute, or attempt to execute, a scheme or artifice to:
(1) defraud any natural person or financial institution in connection with the offer of consumer credit secured by an interest in real property, or in personal property used or expected to be used as a principal dwelling; or
(2) falsely obtain any money or property from a natural person in connection with an extension of consumer credit secured by an interest in real property, or in personal property used or expected to be used as the principal dwelling of such natural person.
Provides for:
(1) fines and/or imprisonment for violations of such provisions; and
(2) a private right of action.
Includes within the definition of "financial institution" for specified federal monetary transaction provisions the Federal National Mortgage Association (Fannie Mae), the Government National Mortgage Association (Ginnie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), mortgage appraisers, real estate accountants, real estate attorneys, real estate brokers, mortgage underwriters, mortgage processors, mortgage settlement and title companies, mortgage brokers, mortgage loan originators, and any other mortgage professional engaged in the mortgage industry.
Amends the Housing and Urban Development Act of 1968 to authorize the Secretary of Housing and Urban Development to provide tenants, homeowners, and other consumers with mortgage fraud counseling.

House Republican Conference Summary

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House Democratic Caucus Summary

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

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 18 U.S.C. Chapter 63