H. R. 2954
IN THE HOUSE OF REPRESENTATIVES
June 20, 2017
Mr. Emmer (for himself and Mr. Luetkemeyer) introduced the following bill; which was referred to the Committee on Financial Services
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.
This Act may be cited as the
Home Mortgage Disclosure Adjustment Act.
Depository institutions subject to maintenance of records and disclosure requirements
Loan volume threshold
Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended—
by redesignating subsection (i) as paragraph (2) and adjusting the margin appropriately; and
by inserting before such paragraph (2) the following:
With respect to a depository institution, the requirements of subsections (a) and (b) shall not apply—
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
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.
Section 304(i)(2) of such Act, as redesignated by subsection (a), is amended by striking
section 303(2)(A) and inserting
Section 304(b) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(b)) is amended—
by striking paragraphs (5) and (6);
in paragraph (3), by inserting
and at the end; and
in paragraph (4), by striking