[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2496 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2496

 To amend the National Housing Act to include information regarding VA 
 home loans in the Informed Consumer Choice Disclosure required to be 
                 provided to prospective FHA borrowers.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 25, 2023

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

_______________________________________________________________________

                                 A BILL


 
 To amend the National Housing Act to include information regarding VA 
 home loans in the Informed Consumer Choice Disclosure required to be 
                 provided to prospective FHA borrowers.

    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 ``VA Loan Informed Disclosure Act of 
2023'' or the ``VALID Act of 2023''.

SEC. 2. FHA INFORMED CONSUMER CHOICE DISCLOSURE.

    (a) Inclusion of Information Relating to VA Loans.--Subparagraph 
(A) of section 203(f)(2) of the National Housing Act (12 U.S.C. 
1709(f)(2)(A)) is amended--
            (1) by inserting ``(i)'' after ``loan-to-value ratio''; and
            (2) by inserting before the semicolon the following: ``, 
        and (ii) in connection with a loan guaranteed or insured under 
        chapter 37 of title 38, United States Code, assuming prevailing 
        interest rates''.
    (b) Rule of Construction.--Nothing in the amendments made by 
subsection (a) shall be construed to require an original lender to 
determine whether a prospective borrower is eligible for any loan 
included in the notice required under section 203(f) of the National 
Housing Act (12 U.S.C. 1709(f)).
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