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Union Calendar No. 35 

114TH CONGRESS 

1ST SESSION H. R. 685 

[Report No. 114–54] 

To amend the Truth in Lending Act to improve upon the definitions provided 

for points and fees in connection with a mortgage transaction. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 3, 2015 

Mr. HUIZENGA of Michigan (for himself, Mr. MEEKS, Mr. ROYCE, Mr. DAVID

SCOTT of Georgia, Mr. JOYCE, Mr. STIVERS, Mr. MICHAEL F. DOYLE

of Pennsylvania, Mr. MURPHY of Florida, Ms. MCCOLLUM, and Mr. 

FINCHER) introduced the following bill; which was referred to the Committee on Financial Services 

APRIL 6, 2015 

Additional sponsors: Mr. PAULSEN, Mr. ROTHFUS, Mr. DUFFY, Mr. VISCLOSKY, Mr. WALBERG, Mr. KLINE, Mr. FORBES, Mr. PITTENGER, Mr. 

BLUM, Mr. BENISHEK, Mr. GUTHRIE, Mr. ROSS, Mr. MULVANEY, Mr. 

SCHOCK, Mrs. WAGNER, Mr. KING of New York, Mr. BYRNE, Mr. WILLIAMS, Mr. HANNA, Mr. MCHENRY, Mr. SENSENBRENNER, Mr. TIPTON, 

Mr. BROOKS of Alabama, Mr. CARTER of Georgia, Mr. CLEAVER, Mr. 

TROTT, Mr. FITZPATRICK, and Mr. COSTELLO of Pennsylvania 

APRIL 6, 2015 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 

mstockstill on DSK5SPTVN1PROD with BILLS

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•HR 685 RH

A BILL 

To amend the Truth in Lending Act to improve upon the 

definitions provided for points and fees in connection 

with a mortgage transaction. 

mstockstill on DSK5SPTVN1PROD with BILLS

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•HR 685 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Mortgage Choice Act 

5 of 2015’’. 

6 SEC. 2. DEFINITION OF POINTS AND FEES. 

7 (a) AMENDMENT TO SECTION 103 OF TILA.—Sec8 tion 103(bb)(4) of the Truth in Lending Act (15 U.S.C. 

9 1602(bb)(4)) is amended— 

10 (1) by striking ‘‘paragraph (1)(B)’’ and insert11 ing ‘‘paragraph (1)(A) and section 129C’’; 

12 (2) in subparagraph (C)— 

13 (A) by inserting ‘‘and insurance’’ after 

14 ‘‘taxes’’; 

15 (B) in clause (ii), by inserting ‘‘, except as 

16 retained by a creditor or its affiliate as a result 

17 of their participation in an affiliated business 

18 arrangement (as defined in section 2(7) of the 

19 Real Estate Settlement Procedures Act of 1974 

20 (12 U.S.C. 2602(7))’’ after ‘‘compensation’’; 

21 and 

22 (C) by striking clause (iii) and inserting 

23 the following: 

24 ‘‘(iii) the charge is— 

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•HR 685 RH

1 ‘‘(I) a bona fide third-party charge 

2 not retained by the mortgage originator, 

3 creditor, or an affiliate of the creditor or 

4 mortgage originator; or 

5 ‘‘(II) a charge set forth in section 

6 106(e)(1);’’; and 

7 (3) in subparagraph (D)— 

8 (A) by striking ‘‘accident,’’; and 

9 (B) by striking ‘‘or any payments’’ and in10 serting ‘‘and any payments’’. 

11 (b) AMENDMENT TO SECTION 129C OF TILA.—Sec12 tion 129C of the Truth in Lending Act (15 U.S.C. 1639c) 

13 is amended— 

14 (1) in subsection (a)(5)(C), by striking ‘‘103’’ 

15 and all that follows through ‘‘or mortgage origi16 nator’’ and inserting ‘‘103(bb)(4)’’; and 

17 (2) in subsection (b)(2)(C)(i), by striking ‘‘103’’ 

18 and all that follows through ‘‘or mortgage origi19 nator)’’ and inserting ‘‘103(bb)(4)’’. 

20 SEC. 3. RULEMAKING. 

21 Not later than the end of the 90-day period beginning 

22 on the date of the enactment of this Act, the Bureau of 

23 Consumer Financial Protection shall issue final regula24 tions to carry out the amendments made by this Act, and 

25 such regulations shall be effective upon issuance. 

mstockstill on DSK5SPTVN1PROD with BILLS

mstockstill on DSK5SPTVN1PROD with BILLS

Union Calendar No. 35 

114TH CONGRESS 

1ST SESSION H. R. 685 

[Report No. 114–54] 

A BILL 

To amend the Truth in Lending Act to improve 

in connection with a mortgage transaction. upon the definitions provided for points and fees 

APRIL 6, 2015 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 

mstockstill on DSK5SPTVN1PROD with BILLS