3.0.0 4471 2023-01-13T04:49:27Z 2023-01-13T04:49:27Z House H HR 2005-12-08 109 hsba00 Financial Services Committee House Standing Referred to 2005-12-08T15:01:10Z Responsible Lending Act 109 1295 HR 2005-06-27 Sponsor introductory remarks on measure. (CR H5182) Related bill CRS 2005-12-08 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2005-12-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-12-08 Introduced in House IntroReferral 1000 9 Library of Congress C001049 Rep. Clay, Wm. Lacy [D-MO-1] WM. CLAY D MO LACY 1 N Housing and Community Development Administrative procedure Civil actions and liability Class actions (Civil procedure) Commerce Commercial arbitration Computer software Consumer education Consumer protection Counseling Credit insurance Damages Debtor and creditor Department of Housing and Urban Development Economics and Public Finance Executive reorganization Federal Reserve System Federal advisory bodies Federal aid to housing Federal preemption Fees Finance and Financial Sector Fines (Penalties) Foreclosure Government Operations and Politics Government publications Government publicity Home ownership Housing finance Interest rates Law Liability (Law) Licenses Limitation of actions Loan defaults Mortgages Science, Technology, Communications Settlement costs Social Welfare State laws Housing and Community Development 00 2005-12-08 Introduced in House 2006-03-01T21:24:46Z Fair and Responsible Lending Act - Uniform National Mortgage Lending Standards Act - Amends the Truth in Lending Act to define high-cost home loans.

Revises guidelines regarding: (1) requirements for high-cost home loans; (2) dispute and error resolution; (3) damages, rescission, and liability; (4) state law coordination; (5) state enforcement authority; and (6) disclosure guidelines.

Prescribes consumer counseling requirements.

Expanding Housing Opportunities Through Education and Counseling Act - Amends the Department of Housing and Urban Development Act to establish, in the Office of the Secretary of Housing and Urban Development (HUD), the Office of Housing Counseling to carry out homeownership and rental counseling functions, including related research, grant administration, public outreach, and development of policy and performance measures.

Amends the Housing and Urban Development Act of 1968 to direct the Secretary to: (1) establish homeownership and rental counseling procedures, and a related a toll-free telephone number and World Wide Web site; (2) certify computer software programs for consumer evaluation of residential mortgage loans; (3) establish a housing counseling multimedia outreach program for vulnerable populations; (4) assist states, local government, and non-profit organizations with consumer education programs about mortgage, refinancing, home equity, or home repair loans; and (5) make grants for state, local government, and nonprofit organization housing counseling assistance.

Requires organizations to use HUD-certified counselors in order to qualify for specified HUD assistance.

Amends the Real Estate Settlement Procedures Act of 1974 to: (1) direct the Secretary to prepare an updated booklet to help consumers applying for federally related mortgage loans to understand the nature and costs of real estate settlement services; and (2) prescribe guidelines governing an option for notice of foreclosure prevention counseling availability.

]]> Fair and Responsible Lending Act Display Title Fair and Responsible Lending Act Official Title as Introduced To amend the Home Ownership and Equity Protection Act of 1994 and other sections of the Truth in Lending Act, so as to enact the "Fair and Responsible Lending Act;" to provide for definitions; to provide for prohibited practices and limitations relating to high-cost home loans; to provide for prohibited practices and limitations relating to home loans; to provide for penalties and remedies and enforcement; to provide for corrections of certain unintentional violations; to provide for coordination with state laws; to provide for related matters; to provide for consumer counseling requirements; to expand housing counseling opportunities; and for other purposes. Introduced in House IH Short Titles as Introduced Fair and Responsible Lending Act Short Titles as Introduced for portions of this bill Expanding Housing Opportunities Through Education and Counseling Act Short Titles as Introduced for portions of this bill Uniform National Mortgage Lending Standards Act Introduced in House 2005-12-08T05:00:00Z 2005-12-08 Referred to the House Committee on Financial Services. 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.