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

The text of the bill below is as of Jan 8, 2018 (Reported by House Committee).


IB

Union Calendar No. 359

115th CONGRESS

2d Session

H. R. 2954

[Report No. 115–485]

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

January 8, 2018

Additional sponsors: Mr. Duffy, Mr. Hill, Mr. Latta, Mr. Arrington, Mr. Smith of Nebraska, and Mr. Ross

January 8, 2018

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic

For text of introduced bill, see copy of bill as introduced on June 20, 2017


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)

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).

January 8, 2018

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed