3.0.0 1928 2023-01-15T09:03:29Z 2023-01-15T09:03:29Z Senate S S 2003-11-21 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2003-11-22T00:25:55Z 2003-11-21 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S15471-15473) IntroReferral 2003-11-21 Sponsor introductory remarks on measure. (CR S15470-15471) IntroReferral B00100 9 Library of Congress 2003-11-21 Introduced in Senate IntroReferral 10000 9 Library of Congress S000064 Sen. Sarbanes, Paul S. [D-MD] PAUL SARBANES D MD SPYROS N S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2003-11-21 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2003-11-21 True C001042 Sen. Corzine, Jon S. [D-NJ] JON CORZINE D NJ S. 2003-11-21 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2003-11-21 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2003-11-21 True M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2003-11-21 True C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2003-11-21 True L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2003-11-21 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2003-11-21 True A000069 Sen. Akaka, Daniel K. [D-HI] DANIEL AKAKA D HI KOHIKINA 2003-11-21 True K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE 2003-11-21 True L000123 Sen. Lautenberg, Frank R. [D-NJ] FRANK LAUTENBERG D NJ R. 2003-11-21 True D000596 Sen. Dayton, Mark [D-MN] MARK DAYTON D MN 2003-11-21 True D000388 Sen. Dodd, Christopher J. [D-CT] CHRISTOPHER DODD D CT JOHN 2003-11-21 True E000286 Sen. Edwards, John [D-NC] JOHN EDWARDS D NC 2003-12-09 False Finance and Financial Sector Civil actions and liability Collection of accounts Commerce Commercial arbitration Consumer credit Consumer education Consumer protection Credit insurance Debtor and creditor Fees Housing and Community Development Law Life insurance Loan defaults Mortgage interest rates Mortgages Restrictive trade practices Finance and Financial Sector 00 2003-11-21 Introduced in Senate 2004-02-04T18:04:27Z Requires additional disclosures that the consumer is contracting to pay a much higher loan than most people pay. Specifies additional prohibitions against prepayment penalties, except in certain circumstances. Prohibits all balloon payments. Prohibits the terms of a high-cost mortgage from including advance collection of a premium on a single premium basis for specified credit insurance products.

Restricts the number of points and amount of fees which a creditor may finance in connection with a high-cost mortgage. Prohibits certain creditors from financing the prepayment fees or penalties due from the consumer.

Prohibits a high-cost mortgage creditor from engaging in specified practices, including actions encouraging default and requiring arbitration or any other nonjudicial procedure as a method for resolving any controversy or claims arising from the transaction. Prescribes consumer counseling requirements.

Declares a consumer's waiver of the right of rescission ineffective if the creditor either advised, or encouraged such waiver, or required it as a precondition for a transaction.

Amends the Fair Credit Reporting Act to require that each high-cost mortgage creditor (including the successor creditor) report the debtor's complete payment history to certain consumer reporting agencies in accordance with specified regulations.]]>

Predatory Lending Consumer Protection Act of 2003 Display Title Predatory Lending Consumer Protection Act of 2003 Official Title as Introduced A bill to amend the Truth in Lending Act to protect consumers against predatory practices in connection with high cost mortgage transactions, to strengthen the civil remedies available to consumers under existing law, and for other purposes. Introduced in Senate IS Short Titles as Introduced Predatory Lending Consumer Protection Act of 2003 Introduced in Senate 2003-11-21T05:00:00Z 2003-11-21 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S15471-15473) 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.