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H.R. 2954 (115th): Home Mortgage Disclosure Adjustment Act

The text of the bill below is as of Jan 18, 2018 (Passed the House).


IB

115th CONGRESS

2d Session

H. R. 2954

IN THE HOUSE OF REPRESENTATIVES

AN ACT

To amend the Home Mortgage Disclosure Act of 1975 to specify which depository institutions are subject to the maintenance of records and disclosure requirements of such Act, and for other purposes.

1.

Short title

This Act may be cited as the Home Mortgage Disclosure Adjustment Act.

2.

Depository institutions subject to maintenance of records and disclosure requirements

(a)

In general

Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended—

(1)

by redesignating subsection (i) as paragraph (3) and adjusting the margins accordingly; and

(2)

by inserting before paragraph (3), as so redesignated, the following:

(i)

Exemptions

(1)

Closed-end mortgage loans

With respect to a depository institution, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to closed-end mortgage loans if the depository institution originated less than 500 closed-end mortgage loans in each of the 2 preceding calendar years.

(2)

Open-end lines of credit

With respect to a depository institution, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to open-end lines of credit if the depository institution originated less than 500 open-end lines of credit in each of the 2 preceding calendar years.

.

(b)

Technical correction

Section 304(i)(3) of the Home Mortgage Disclosure Act of 1975, as so redesignated by subsection (a)(1), is amended by striking section 303(2)(A) and inserting section 303(3)(A).

3.

Securities and Exchange Commission Reserve Fund

Notwithstanding section 4(i)(2)(B)(i) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(i)(2)(B)(i)), the amount deposited in the Securities and Exchange Commission Reserve Fund for fiscal year 2018 may not exceed $48,000,000.

Passed the House of Representatives January 18, 2018.

Karen L. Haas,

Clerk.