I 112th CONGRESS 1st Session H. R. 3651 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.

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.