3.0.0 2153 2023-01-11T20:21:01Z 2023-01-11T20:21:01Z Senate S S 2007-10-04 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-10-04T22:42:40Z Mortgage Disclosure Improvement Act of 2007 110 4019 HR 2008-01-11 Referred to the Subcommittee on Financial Institutions and Consumer Credit. Related bill CRS Foreclosure Prevention Act of 2008 110 2636 S 2008-02-14 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 577. Related bill CRS 2007-10-04 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 S12781) IntroReferral 2007-10-04 Sponsor introductory remarks on measure. (CR S12780-12781) IntroReferral B00100 9 Library of Congress 2007-10-04 Introduced in Senate IntroReferral 10000 9 Library of Congress R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. N W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2007-10-17 False Finance and Financial Sector Commerce Consumer credit Consumer education Damages Housing and Community Development Law Mortgage interest rates Mortgages Finance and Financial Sector 00 2007-10-04 Introduced in Senate 2008-03-03T22:28:47Z Mortgage Disclosure Improvement Act of 2007 - Amends the Truth in Lending Act to require a creditor to disclose to a consumer with respect to an extension of credit secured by the consumer's dwelling that the consumer is not required to complete the credit agreement merely because the consumer has received required disclosures or signed a loan application.

Requires such disclosure to be furnished to the borrower not later than seven business days before the consummation of the transaction, as well as at the time of consummation.

Requires additional disclosures in such a circumstance regarding any variable rates or payment schedules.

Increases the actual damages for which a creditor is liable for noncompliance with such Act in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling. Replaces the current range of damages from $200 to $2,000 with a flat damages amount of $5,000, adjusted annually for inflation.

]]> Mortgage Disclosure Improvement Act of 2007 Official Title as Introduced A bill to amend the Truth in Lending Act to enhance disclosure of the terms of home mortgage loans, and for other purposes. Introduced in Senate IS Display Title Mortgage Disclosure Improvement Act of 2007 Short Titles as Introduced Mortgage Disclosure Improvement Act of 2007 Introduced in Senate 2007-10-04T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2153is/xml/BILLS-110s2153is.xml 2007-10-04 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S12781) 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.