I 111th CONGRESS 1st Session H. R. 514 IN THE HOUSE OF REPRESENTATIVES January 14, 2009 Mr. Gallegly introduced the following bill; which was referred to the Committee on Financial Services A BILL To provide that certain amendments made by the Board of Governors of the Federal Reserve System to Regulation Z to prohibit certain unfair, abusive, or deceptive home mortgage lending practices and restricts certain other mortgage practice shall take effect as a matter of law and a new effective date, and for other purposes.

1.

Short title

This act may be cited as the Responsible Subprime Lending Act.

2.

Accelerated effective date for amendments to regulation Z regarding truth in lending

(a)

In general

Notwithstanding paragraph 1(d)(5)–1 of Supplement I to section 226.1 of title 12, Code of Federal Regulations, as added by the final rule of the Board of Governors of the Federal Reserve System amending Regulation Z, relating to Truth in Lending, published July 30, 2008 (73 Fed. Reg. 44605; Docket No. R–1305), or any other provision of law: (1)The Board's revisions to Regulation Z under such final rule shall apply as a matter of law to covered loans for which the creditor receives an application after the end of the 30-day period beginning on the date of the enactment of this Act, except for the final rules on advertising, escrows, and loan servicing. (2)The final rules on escrows in section 226.35(b)(3) of title 12, Code of Federal Regulations, as amended by such final rule, shall be effective for covered loans for which the creditor receives an application on or after October 1, 2009, but for such loans secured by manufactured housing on or after April 1, 2010. (b)

Examples

The Board of Governors of the Federal Reserve System shall issue a final rule, without regard to the notice and comment procedures under 5 U.S.C. section 553 (or without regard to 5 U.S.C. section 553), as soon as possible to revise examples under clauses i., ii., and iii. of paragraph 1(d)(5)–1 of Supplement I referred to in subsection (a) of this section in accordance with the effective dates provided under subsection (a).