[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3215 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3215

  To amend the Home Mortgage Disclosure Act of 1975 to specify which 
 depository institutions are subject to the maintenance of records and 
      disclosure requirements of such Act, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             July 14, 2016

  Mr. Rounds introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

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                                 A BILL


 
  To amend the Home Mortgage Disclosure Act of 1975 to specify which 
 depository institutions are subject to the maintenance of records and 
      disclosure requirements of such Act, 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. SHORT TITLE.

    This Act may be cited as the ``Home Mortgage Disclosure Adjustment 
Act''.

SEC. 2. DEPOSITORY INSTITUTIONS SUBJECT TO MAINTENANCE OF RECORDS AND 
              DISCLOSURE REQUIREMENTS.

    (a) In General.--Section 304 of the Home Mortgage Disclosure Act of 
1975 (12 U.S.C. 2803) is amended--
            (1) by redesignating subsection (i) as paragraph (3) and 
        adjusting the margins accordingly; and
            (2) by inserting before paragraph (3), as so redesignated, 
        the following:
    ``(i) Exemptions.--
            ``(1) Closed-end mortgage loans.--With respect to a 
        depository institution, the requirements of subsections (a) and 
        (b) shall not apply with respect to closed-end mortgage loans 
        if the depository institution originated less than 100 closed-
        end mortgage loans in each of the 2 preceding calendar years.
            ``(2) Open-end lines of credit.--With respect to a 
        depository institution, the requirements of subsections (a) and 
        (b) shall not apply with respect to open-end lines of credit if 
        the depository institution originated less than 200 open-end 
        lines of credit in each of the 2 preceding calendar years.''.
    (b) Technical Correction.--Section 304(i)(2) of the Home Mortgage 
Disclosure Act of 1975, as redesignated by subsection (a), is amended 
by striking ``section 303(2)(A)'' and inserting ``section 303(3)(A)''.
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