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

The text of the bill below is as of Jun 20, 2017 (Introduced).


I

115th CONGRESS

1st Session

H. R. 2954

IN THE HOUSE OF REPRESENTATIVES

June 20, 2017

(for himself and Mr. Luetkemeyer) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

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)

Loan volume threshold

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

(1)

by redesignating subsection (i) as paragraph (2) and adjusting the margin appropriately; and

(2)

by inserting before such paragraph (2) the following:

(i)

Exemptions

(1)

In general

With respect to a depository institution, the requirements of subsections (a) and (b) shall not apply—

(A)

with respect to closed-end mortgage loans, if such depository institution originated less than 1,000 closed-end mortgage loans in each of the two preceding calendar years; and

(B)

with respect to open-end lines of credit, if such depository institution originated less than 2,000 open-end lines of credit in each of the two preceding calendar years.

.

(b)

Technical correction

Section 304(i)(2) of such Act, as redesignated by subsection (a), is amended by striking section 303(2)(A) and inserting section 303(3)(A).

(c)

Data points

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

(1)

by striking paragraphs (5) and (6);

(2)

in paragraph (3), by inserting and at the end; and

(3)

in paragraph (4), by striking age..