3.0.0 3978 2023-01-11T13:38:28Z 2023-01-11T13:38:28Z House HR 2017-10-05 115 [Congressional Record Volume 163, Number 160 (Thursday, October 5, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HILL:H.R. 3978.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1[Page H7888]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2018-02-15T21:26:57Z hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Hearings by 2017-09-07T21:34:40Z Reported by 2018-01-25T17:38:45Z Markup by 2017-11-15T22:32:33Z Referred to 2017-10-05T13:03:40Z H. Rept. 115-524 Financial CHOICE Act of 2017 115 10 HR 2017-07-13 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108. Related bill CRS Fostering Innovation Act of 2017 115 1645 HR 2017-11-28 Placed on the Union Calendar, Calendar No. 315. Related bill CRS To amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license for loan originators transitioning between employers, and for other purposes. 115 2948 HR 2018-02-13 Placed on the Union Calendar, Calendar No. 414. Related bill CRS Protection of Source Code Act 115 3948 HR 2018-02-08 Placed on the Union Calendar, Calendar No. 412. Related bill CRS National Securities Exchange Regulatory Parity Act 115 4546 HR 2018-01-25 Placed on the Union Calendar, Calendar No. 390. Related bill CRS SAFE Transitional License Act 115 1753 S 2017-08-03 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Fostering Innovation Act of 2017 115 2126 S 2018-06-26 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-354. Related bill CRS Protection of Source Code Act 115 3733 S 2018-12-10 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS TRID Improvement Act of 2018 115 5078 HR 2018-02-28 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Providing for consideration of the bill (H.R. 620) to amend the Americans with Disabilities Act of 1990 to promote compliance through education, to clarify the requirements for demand letters, to provide for a notice and cure period before the commencement of a private civil action, and for other purposes; providing for consideration of the bill (H.R. 3299) to amend the Revised Statutes, the Home Owners' Loan Act, the Federal Credit Union Act, and the Federal Deposit Insurance Act to require the rate of interest on certain loans remain unchanged after transfer of the loan, and for other purposes; providing for consideration of the bill (H.R. 3978) to amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes; and providing for proceedings during the period from February 16, 2018, through February 23, 2018. 115 736 HRES 2018-02-14 Motion to reconsider laid on the table Agreed to without objection. 13:51:12 Procedurally-related House TRID Improvement Act of 2018 115 2490 S 2018-03-05 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2018-02-15 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2018-02-14 17:05:10 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2018-02-14 17:05:08 On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77). (text: CR H1155-1156) Floor H37100 2 House floor actions 77 https://clerk.house.gov/evs/2018/roll077.xml House 115 2018-02-14T22:05:08Z 2 2018-02-14 17:05:08 Passed/agreed to in House: On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77).(text: CR H1155-1156) Floor 8000 9 Library of Congress 77 https://clerk.house.gov/evs/2018/roll077.xml House 115 2018-02-14T22:05:08Z 2 2018-02-14 16:57:17 On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76). Floor H36110 2 House floor actions hsba00 Financial Services Committee 76 https://clerk.house.gov/evs/2018/roll076.xml House 115 2018-02-14T21:57:17Z 2 2018-02-14 16:31:03 The previous question on the motion to recommit with instructions was ordered without objection. Floor H8A000 2 House floor actions 2018-02-14 16:20:53 DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed. Floor H8D000 2 House floor actions 2018-02-14 16:19:26 Mr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166) Floor H36100 2 House floor actions hsba00 Financial Services Committee 2018-02-14 16:18:39 The previous question was ordered on the bill and amendment pursuant to the rule. Floor H35000 2 House floor actions 2018-02-14 16:11:40 DEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1. Floor H8D000 2 House floor actions 2018-02-14 15:15:11 DEBATE - The House proceeded with one hour of debate on H.R. 3978. Floor H8D000 2 House floor actions 2018-02-14 15:13:40 Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018. Floor H8D000 2 House floor actions 2018-02-14 15:13:35 Considered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169) Floor H30000 2 House floor actions 2018-02-14 13:50:13 Rule H. Res. 736 passed House. Floor H1L220 2 House floor actions 2018-02-13 19:12:03 Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018. Floor H1L210 2 House floor actions 2018-01-25 Placed on the Union Calendar, Calendar No. 389. Calendars H12410 2 House floor actions U00389 2018-01-25 Reported by the Committee on Financial Services. H. Rept. 115-524. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2018-01-25 Reported by the Committee on Financial Services. H. Rept. 115-524. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2017-11-15 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported by the Yeas and Nays: 53 - 5. Committee 2017-11-15 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-10-05 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2017-10-05 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-10-05 Introduced in House IntroReferral 1000 9 Library of Congress 2017-09-07 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral. Committee H001072 Rep. Hill, J. French [R-AR-2] J. Hill R AR French 2 N K000390 Rep. Kihuen, Ruben J. [D-NV-4] Ruben Kihuen D NV J. 4 2017-10-05 True L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 2017-11-10 False R000487 Rep. Royce, Edward R. [R-CA-39] ED ROYCE R CA 39 2017-11-10 False B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 2017-11-10 False S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2017-11-10 False E000294 Rep. Emmer, Tom [R-MN-6] Tom Emmer R MN 6 2017-11-10 False R000593 Rep. Ross, Dennis A. [R-FL-15] Dennis Ross R FL A. 15 2017-11-10 False H001074 Rep. Hollingsworth, Trey [R-IN-9] Trey Hollingsworth R IN 9 2017-11-10 False S000344 Rep. Sherman, Brad [D-CA-30] BRAD SHERMAN D CA 30 2017-11-10 False G000581 Rep. Gonzalez, Vicente [D-TX-15] Vicente Gonzalez D TX 15 2017-11-10 False W000816 Rep. Williams, Roger [R-TX-25] Roger Williams R TX 25 2017-11-14 False T000478 Rep. Tenney, Claudia [R-NY-22] Claudia Tenney R NY 22 2017-11-14 False M001189 Rep. Messer, Luke [R-IN-6] Luke Messer R IN 6 2017-11-14 False Z000017 Rep. Zeldin, Lee M. [R-NY-1] Lee Zeldin R NY M. 1 2017-11-14 False S001191 Rep. Sinema, Kyrsten [D-AZ-9] Kyrsten Sinema D AZ 9 2017-11-14 False N000190 Rep. Norman, Ralph [R-SC-5] Ralph Norman R SC 5 2017-11-16 False P000588 Rep. Pearce, Stevan [R-NM-2] Stevan Pearce R NM 2 2017-11-16 False G000583 Rep. Gottheimer, Josh [D-NJ-5] Josh Gottheimer D NJ 5 2017-12-22 False 2018-01-18T18:37:00Z H.R. 3978, TRID Improvement Act of 2017 https://www.cbo.gov/publication/53485 As ordered reported by the House Committee on Financial Services on November 15, 2017 Finance and Financial Sector Accounting and auditing Business records Civil actions and liability Computers and information technology Consumer Financial Protection Bureau Financial services and investments Government information and archives Government liability Government trust funds Housing finance and home ownership Intellectual property Licensing and registrations Real estate business Securities Securities and Exchange Commission (SEC) State and local government operations User charges and fees Finance and Financial Sector 00 2017-10-05 Introduced in House 2018-02-09T14:41:29Z TRID Improvement Act of 2017

This bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings.

]]> 79 2018-01-25 Reported to House without amendment 2018-02-09T15:44:19Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

TRID Improvement Act of 2017

(Sec. 2) This bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings.

]]> 36 2018-02-14 Passed House amended 2018-02-22T15:23:39Z

(Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million.

TITLE I--TRID IMPROVEMENT

(Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings.

TITLE II--PROTECTION OF SOURCE CODE

(Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena.

TITLE III--FOSTERING INNOVATION

(Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies.

These requirements shall not apply with respect to any audit report prepared for an issuer that:

  • ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities,
  • had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and
  • is not a large accelerated filer.

This exemption shall expire at the earliest of: (1) the last day of the fiscal year 10 years after the issuer's first sale of common equity securities, (2) the end of the fiscal year in which the issuer's average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer.

TITLE IV--NATIONAL SECURITIES EXCHANGE REGULATORY PARITY

(Sec. 401) The bill amends the Securities Act of 1933 to exempt from state registration securities qualified for national trading by the SEC and authorized to be listed on a national securities exchange. Currently, securities listed on exchanges specified by statute or rule are exempt.

TITLE V--ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS

(Sec. 501) The bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution.

(Sec. 502) The bill revises the S.A.F.E. Mortgage Licensing Act's civil liability immunity provisions.

]]> TRID Improvement Act of 2017 Display Title TRID Improvement Act of 2017 Short Titles as Introduced TRID Improvement Act of 2017 Short Titles as Reported to House TRID Improvement Act of 2017 H House Official Title as Introduced To amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes. 518 115 HAMDT An amendment numbered 1 printed in Part C of Report 115-559 to clarify that the requirement applies only to proprietary source code related to algorithmic trading, which contains prescriptive information. An amendment numbered 1 printed in Part C of Report 115-559 to clarify that the requirement applies only to proprietary source code related to algorithmic trading, which contains prescriptive information. 2020-12-15T16:33:31Z 2018-02-14 On agreeing to the Foster amendment (A002) Agreed to by voice vote. 16:18:53 F000454 Rep. Foster, Bill [D-IL-11] Bill Foster D IL 11 2018-02-14T05:00:00Z House of Representatives 115 HR House H 3978 TRID Improvement Act of 2017 2023-01-11T13:38:28Z 7 2018-02-14 16:18:53 On agreeing to the Foster amendment (A002) Agreed to by voice vote. Floor H34111 2 House floor actions 2018-02-14 16:11:37 Amendment (A002) offered by Mr. Foster. (consideration: CR H1165; text: CR H1165) Floor H3A100 2 House floor actions 2018-02-14 16:11:37 House amendment offered/reported by: Amendment (A002) offered by Mr. Foster.(consideration: CR H1165; text: CR H1165) NotUsed 71500 9 Library of Congress 2018-02-14 House amendment offered Floor 71000 9 Library of Congress 2018-02-14 16:18:53 Amendment agreed to by House: On agreeing to the Foster amendment (A002) Agreed to by voice vote. NotUsed 79000 9 Library of Congress 2018-02-14 16:18:53 House amendment agreed to: On agreeing to the Foster amendment (A002) Agreed to by voice vote. Floor 72000 9 Library of Congress 517 115 HAMDT Pursuant to the provisions of H.Res. 736, the amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-59, modified by the amendment printed in Part B of the report are considered as adopted. Pursuant to the provisions of H.Res. 736, the amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-59, modified by the amendment printed in Part B of the report are considered as adopted. 2020-12-15T16:33:31Z Rules Committee 2018-02-14T05:00:00Z House of Representatives 115 HR House H 3978 TRID Improvement Act of 2017 2023-01-11T13:38:28Z Committee Print 115-59 https://www.congress.gov/committee-print/115th-congress/house-committee-print/28557 H.Res. 736 https://www.congress.gov/bill/115th-congress/house-resolution/736 2 2018-02-14 House amendment offered Floor 71000 9 Library of Congress Referred in Senate 2018-02-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3978rfs/xml/BILLS-115hr3978rfs.xml Engrossed in House 2018-02-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3978eh/xml/BILLS-115hr3978eh.xml Reported in House 2018-01-25T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3978rh/xml/BILLS-115hr3978rh.xml Introduced in House 2017-10-05T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3978ih/xml/BILLS-115hr3978ih.xml 2018-02-15 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.