[House Prints 115-44]
[From the U.S. Government Publishing Office]


 



G:\CMTE\RU\15\RCP\RCP3971.XML 

    
    
    
    
                       NOVEMBER 29, 2017  
                       
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               RULES COMMITTEE PRINT 115-44
               
          TEXT OF H.R. 3971, COMMUNITY INSTITUTION 
                  MORTGAGE RELIEF ACT OF 2017 
                  
      [Showing the text of H.R. 3971 as ordered reported by the  
                   Committee on Financial Services.]  
                   
                   
                   
1  SECTION 1. SHORT TITLE.  

2       This Act may be cited as the "Community Institution  

3  Mortgage Relief Act of 2017".  

4  SEC. 2. COMMUNITY FINANCIAL INSTITUTION MORTGAGE  

5                 RELIEF.  

6       (a) EXEMPTION FROM ESCROW REQUIREMENTS FOR  


7  LOANS HELD BY SMALLER CREDITORS.--Section 129D  

8  of the Truth in Lending Act (15 U.S.C. 1639d) is amend- 

9  ed--

10            (1) by adding at the end the following:  

11       "(k) SAFE HARBOR FOR LOANS HELD BY SMALLER  

12  CREDITORS.-- 

13            "(1) IN GENERAL.--A creditor shall not be in  

14       violation of subsection (a) with respect to a loan if--  

15                 "(A) the creditor has consolidated assets of  

16              $25,000,000,000 or less; and  

17                 "(B) the creditor holds the loan on the bal- 

18              ance sheet of the creditor for the 3-year period  



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November 29, 2017 (11:13 a.m.) 


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