[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 490 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 490

  To relieve the Puerto Rico Housing Bank and Finance Agency and its 
   assignees of liability for certain loans subject to the Truth-in-
                              Lending Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 21, 1997

 Mr. Romero-Barcelo  introduced the following bill; which was referred 
           to the Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
  To relieve the Puerto Rico Housing Bank and Finance Agency and its 
   assignees of liability for certain loans subject to the Truth-in-
                              Lending Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. DEFINITIONS AND RULES OF CONSIDERATION.

    (a) Unless otherwise provided, the terms used in this act have the 
same meaning and are subject to the same rules of construction as those 
set forth in the Truth-in-Lending Act (15 U.S.C. 1601-1667) and its 
implementing regulation.
    (b) The term ``Housing Bank'' refers to the Puerto Rico Housing 
Bank and Finance Agency, created pursuant to Act No. 146 of June 30, 
1961, P.R. LAWS ANN. tit. 7, sec 901 et seq. (1961).

SEC. 2. LIMITATION ON LIABILITY.

    (a) For any credit transaction subject to the Truth-in-Lending Act 
(15 U.S.C. 1601-1667) in which the Housing Bank was a creditor, and 
which was consummated before the date of enactment of this act, neither 
the Housing Bank nor any of its assignees shall have any civil 
criminal, or administrative liability under the Truth-in-Lending Act 
for any failure of the Housing Bank to comply with the provisions of 
that act or any regulations promulgated pursuant to it.
    (b) No consumer who consummated a credit transaction subject to the 
Truth-in-Lending Act (15 U.S.C. 1601-1667) in which the Housing Bank 
was a creditor, and which was consummated before the date of enactment 
of this act, shall have any rescission right under section 125 of the 
Truth-in-Lending (15 U.S.C. 1635) against an assignee for the failure 
by the Housing Bank to deliver any disclosures required thereunder.
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