[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2697 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2697

  To amend the Truth in Lending Act to clarify the application of the 
   qualified mortgage rule to rural lenders, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 30, 2014

 Mr. King (for himself and Mr. Warner) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the Truth in Lending Act to clarify the application of the 
   qualified mortgage rule to rural lenders, 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. QUALIFIED MORTGAGES FOR RURAL LENDERS.

    Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 
1639c(b)(2)) is amended--
            (1) in subparagraph (E)(vi)(II), by striking ``a limit set 
        by the Board'' and inserting ``1,000 per year''; and
            (2) by inserting after subparagraph (E) the following:
                    ``(F) Rural.--The term `rural' means any area other 
                than--
                            ``(i) a city or town that has a population 
                        of greater than 50,000 inhabitants; and
                            ``(ii) any urbanized area contiguous and 
                        adjacent to a city or town described in clause 
                        (i).''.
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