[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 245 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 245

 To amend the Truth in Lending Act to allow certain loans that are not 
     fully amortizing to be used in seller carryback financing on 
                      residential mortgage loans.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 14, 2013

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Truth in Lending Act to allow certain loans that are not 
     fully amortizing to be used in seller carryback financing on 
                      residential mortgage loans.

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

SECTION 1. REMOVING LIMITATION.

    Section 103(cc)(2)(E) of the Truth in Lending Act (as added by 
section 1401 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act) is amended--
            (1) by striking clause (ii); and
            (2) by redesignating clauses (iii), (iv), and (v) as 
        clauses (ii), (iii), and (iv), respectively.
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