118 S2496 IS: VA Loan Informed Disclosure Act of 2023 U.S. Senate 2023-07-25 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS1st SessionS. 2496IN THE SENATE OF THE UNITED STATESJuly 25, 2023Mr. Cardin (for himself and Mr. Boozman) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo 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.

1.

Short title

This Act may be cited as the VA Loan Informed Disclosure Act of 2023 or the VALID Act of 2023.

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)).