[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3651 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3651

To amend the Truth in Lending Act to exempt certain creditors from the 
 escrow account requirement for higher-priced mortgage loans, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 13, 2011

  Mr. Barrow introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Truth in Lending Act to exempt certain creditors from the 
 escrow account requirement for higher-priced mortgage loans, and for 
                            other purposes.

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

SECTION 1. EXEMPTION FOR CERTAIN CREDITORS.

    (a) In General.--Section 129D of the Truth in Lending Act, as added 
by section 1461 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, is amended by adding at the end the following new 
subsection:
    ``(k) Exemption for Certain Creditors.--A creditor with less than 
$1,000,000,000 in assets shall be exempt from--
            ``(1) the requirements of subsection (a) with respect to a 
        consumer credit transaction secured by a first lien on the 
        consumer's principal dwelling with an annual percentage rate 
        that exceeds the average prime offer rate for a comparable 
        transaction as of the date the interest rate is set by 1.5 or 
        more percentage points; and
            ``(2) any other provision of this Act, to the extent such 
        provision requires the creditor to establish an escrow or 
        impound account described under subsection (a) with respect to 
        a consumer credit transaction described under paragraph (1).''.
    (b) Effective Date.--Notwithstanding the date on which the other 
provisions of section 129D of the Truth in Lending Act take effect, 
section 129D(k) of the Truth in Lending Act, as added by this Act, 
shall take effect on the date of the enactment of this Act.
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