[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 685 Engrossed in House (EH)]

114th CONGRESS
  1st Session
                                H. R. 685

_______________________________________________________________________

                                 AN ACT


 
   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 ``Mortgage Choice Act of 2015''.

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) by striking ``paragraph (1)(B)'' and inserting 
        ``paragraph (1)(A) and section 129C'';
            (2) in subparagraph (C)--
                    (A) by inserting ``and insurance'' after ``taxes'';
                    (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);''; and
            (3) in subparagraph (D)--
                    (A) by striking ``accident,''; and
                    (B) by striking ``or any payments'' and inserting 
                ``and any payments''.
    (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 ``103'' and all 
        that follows through ``or mortgage originator'' and inserting 
        ``103(bb)(4)''; and
            (2) in subsection (b)(2)(C)(i), by striking ``103'' and all 
        that follows through ``or mortgage originator)'' and inserting 
        ``103(bb)(4)''.

SEC. 3. RULEMAKING.

    Not later than the end of the 90-day period beginning on the date 
of the enactment of this Act, the Bureau of Consumer Financial 
Protection shall issue final regulations to carry out the amendments 
made by this Act, and such regulations shall be effective upon 
issuance.

            Passed the House of Representatives April 14, 2015.

            Attest:

                                                                 Clerk.
114th CONGRESS

  1st Session

                               H. R. 685

_______________________________________________________________________

                                 AN ACT

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