3.0.0 4719 2023-01-15T04:49:18Z 2023-01-15T04:49:18Z House H HR 2004-06-25 108 hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Referred to 2004-08-03T18:44:28Z Referred to 2004-06-25T13:04:30Z 2004-08-03 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Referred to the Subcommittee on Financial Institutions and Consumer Credit. Committee 2004-06-25 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2004-06-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2004-06-25 Introduced in House IntroReferral 1000 9 Library of Congress B000072 Rep. Baker, Richard H. [R-LA-6] RICHARD BAKER R LA H. 6 N R000487 Rep. Royce, Edward R. [R-CA-40] ED ROYCE R CA 40 2004-06-25 True H001036 Rep. Hensarling, Jeb [R-TX-5] Jeb Hensarling R TX 5 2004-06-25 True Finance and Financial Sector Civil actions and liability Commerce Consumer credit Consumer education Damages Debtor and creditor Housing and Community Development Law Legal fees Liability (Law) Limitation of actions Mortgages Finance and Financial Sector 00 2004-06-25 Introduced in House 2004-08-04T20:47:32Z Mortgage Market Protection Act of 2004 - Amends the Truth in Lending Act governing liability of a creditor assignee to redefine a "violation on the face of the disclosure statement" as one where: (1) the disclosure can be determined to be incomplete or inaccurate from a comparison of any disclosure provided pursuant to specified statutory criteria; or (2) credit disclosures do not contain the terms required by such criteria.

Repeals a consumer's right to rescind a credit transaction as against an assignee.

Extends joint and several liability to the mortgage assignee, the original creditor, and prior or subsequent assignees for material violations committed by the original creditor, to the extent that the violation is apparent on the face of the disclosure.

Revises the limitation on damages to: (1) provide that a cause of action for a liability may be asserted by the borrower only in an individual action; (2) limit the amount of relief to the total amount that the borrower has paid in connection with the loan, including reasonable attorney's fees; (3) bar such action from being brought after the end of the three-year period beginning on the date of the violation giving rise to the liability; and (4) provide that such cause of action shall constitute the exclusive remedy of the consumer against an assignee of a mortgage.

Denies a consumer the right to void or rescind high cost mortgages as against an assignee of such mortgage.

Repeals assignee liability for consumer credit transactions secured by real property.

]]> Mortgage Market Protection Act of 2004 Display Title Mortgage Market Protection Act of 2004 Official Title as Introduced To amend the Truth in Lending Act to limit the liability of any assignee of a creditor, and for other purposes. Introduced in House IH Short Titles as Introduced Mortgage Market Protection Act of 2004 Introduced in House 2004-06-25T04:00:00Z 2004-08-03 Referred to the Subcommittee on Financial Institutions and Consumer Credit. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.