[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4323 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 4323

   To amend the Truth in Lending Act to improve upon the definitions 
provided for points and fees in connection with a mortgage transaction.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 29, 2012

  Mr. Huizenga of Michigan (for himself, Mr. Royce, Mr. Clay, and Mr. 
   David Scott of Georgia) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend the Truth in Lending Act to improve upon the definitions 
provided for points and fees in connection with a mortgage transaction.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumer Mortgage Choice Act''.

SEC. 2. DEFINITION OF POINTS AND FEES.

    (a) Amendment to Section 103 of TILA.--Section 103(bb)(4) of the 
Truth in Lending Act (15 U.S.C. 1602(bb)(4)) is amended--
            (1) in subparagraph (B), by inserting ``, but not including 
        compensation paid by a mortgage originator or a creditor to an 
        individual person employed by the mortgage originator or 
        creditor'' after ``transaction''; and
            (2) in subparagraph (C)--
                    (A) by striking ``an escrow for future payment of 
                taxes'' and inserting ``the charges set forth under 
                section 106(e)(3)'';
                    (B) in clause (ii), by inserting ``, except as 
                retained by a creditor or its affiliate as a result of 
                their participation in an affiliated business 
                arrangement (as defined in section 2(7) of the Real 
                Estate Settlement Procedures Act of 1974 (12 U.S.C. 
                2602(7))'' after ``compensation''; and
                    (C) by striking clause (iii) and inserting the 
                following:
                            ``(iii) the charge is--
                                    ``(I) a bona fide third-party 
                                charge not retained by the mortgage 
                                originator, creditor, or an affiliate 
                                of the creditor or mortgage originator; 
                                or
                                    ``(II) a charge set forth in 
                                section 106(e)(1).''.
    (b) Amendment to Section 129C of TILA.--Section 129C of the Truth 
in Lending Act (15 U.S.C. 1639c) is amended--
            (1) in subsection (a)(5)(C), by striking ``, other'' and 
        all that follows through ``or mortgage originator''; and
            (2) in subsection (b)(2)(C)(i), by striking ``(other'' and 
        all that follows through ``or mortgage originator)''.
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