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HR 2399 - 104

Truth in Lending Act Amendments of 1995

Became Public Law No: 104-29.

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Finance and banking
2 evidence matches
Impact 99% Confidence 90%

Finance and Financial Sector

Truth in Lending Act Amendments of 1995 Became Public Law No: 104-29. Finance and Financial Sector

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Summary

00 Introduced in House May 7, 2001

Truth in Lending Act Amendments of 1995 - Amends the Truth in Lending Act (TILA) to exclude from the determination of finance charge for any consumer credit transaction fees imposed by third party closing agents, including settlement agents, attorneys, escrow and title companies, that are neither required nor retained by the creditor (thereby exempting such fees from TILA disclosure requirements). Modifies the determination of finance charge to include borrower-paid mortgage broker fees. Exempts from the required computation of finance charge: (1) certain taxes on security instruments or evidences of indebtedness if they are a prerequisite for recordation; (2) fees for loan document preparation; and (3) appraisal fees related to pest infestations and flood hazard inspections. Instructs the Board of Governors of the Federal Reserve System to report to the Congress on statutory or regulatory changes necessary to: (1) ensure that finance charges more accurately reflect the cost of credit; and (2) address abusive refinancing practices intended to avoid rescission. (Sec.3) Permits finance charge disclosures to vary within specified accuracy tolerance limits for certain consumer credit transactions secured by real property or a dwelling. Sets disclosure accuracy guidelines for per diem interest rate disclosures on consumer credit transactions. (Sec. 4) Shields a creditor or assignee, except in certain kinds of actions, from liability in connection with disclosures of: (1) certain fees, taxes, and charges; and (2) finance charges that fall within certain statutory tolerance limits. (Sec. 5) Restricts rescission liability arising from the form of written notice used by the creditor. (Sec. 6) Provides for damages ranging from $200 to $2,000 for an individual consumer credit transaction not under an open end credit plan that is secured by real property or a dwelling. (Sec. 7) Modifies assignee liability guidelines to: (1) apply them to consumer credit transactions secured by real property; and (2) provide that a violation is apparent on the face of the disclosure statement if the disclosure does not use the format required by law. States that the servicer of a consumer obligation arising from a consumer credit transaction shall not be treated as an assignee of an obligation unless the servicer owns it. (Sec. 8) Identifies circumstances under which a consumer has a right to rescind a consumer credit transaction after the initiation of any judicial or nonjudicial foreclosure process on the consumer's primary dwelling securing the debt.

Sponsors

Timeline

Sep 30, 1995

Signed by President.

Sep 30, 1995

Signed by President.

Sep 30, 1995

Became Public Law No: 104-29.

Sep 30, 1995

Became Public Law No: 104-29.

Sep 29, 1995

Message on Senate action sent to the House.

Sep 29, 1995

Presented to President.

Sep 29, 1995

Presented to President.

Sep 28, 1995

Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.(consideration: CR S14566-14568)

Sep 28, 1995

Passed Senate without amendment by Voice Vote. (consideration: CR S14566-14568)

Sep 27, 1995

Introduced in House

Sep 27, 1995

Introduced in House

Sep 27, 1995

Referred to the House Committee on Banking and Financial Services.

Sep 27, 1995

Committee on Banking and Financial Services discharged.

Sep 27, 1995

Committee on Banking and Financial Services discharged.

Sep 27, 1995

Mr. Leach asked unanimous consent to discharge from committee and consider.

Sep 27, 1995

Considered by unanimous consent. (consideration: CR H9513-9516)

Sep 27, 1995

DEBATE - The House proceeded with one hour of debate.

Sep 27, 1995

The previous question was ordered without objection.

Sep 27, 1995

Passed/agreed to in House: On passage Passed without objection.

Sep 27, 1995

On passage Passed without objection.

Sep 27, 1995

Motion to reconsider laid on the table Agreed to without objection.

Sep 27, 1995

Received in the Senate, read twice.

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Amendments

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