I 

113TH CONGRESS 

2D SESSION H. R. 4963 

To amend the Real Estate Settlement Procedures Act of 1974 to provide 

protections to borrowers, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 25, 2014 

Ms. MICHELLE LUJAN GRISHAM of New Mexico (for herself and Ms. KAPTUR) 

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

A BILL 

To amend the Real Estate Settlement Procedures Act of 

1974 to provide protections to borrowers, and for other 

purposes. 

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 ‘‘National Homeowners 

5 Bill of Rights Act of 2014’’. 

6 SEC. 2. SERVICER TREATMENT OF BORROWERS. 

7 The Real Estate Settlement Procedures Act of 1974 

8 (12 U.S.C. 2601 et seq.) is amended by inserting after 

9 section 6 the following: 


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1 ‘‘SEC. 6A. SERVICER TREATMENT OF BORROWERS. 

2 ‘‘(a) SERVICER REQUIREMENTS.— 

3 ‘‘(1) SINGLE ELECTRONIC RECORD AND SINGLE

4 POINT OF CONTACT.—Each servicer of a federally 

5 related mortgage loan, or agents of such servicer, 

6 shall, with respect to the borrower, establish a single 

7 electronic record for each account, the contents of 

8 which shall be accessible throughout the servicer, or 

9 agents of such servicer, including to all affordable 

10 loan modification staff, all foreclosure staff, and all 

11 bankruptcy staff. 

12 ‘‘(2) AVAILABILITY OF NET PRESENT VALUE

13 INFORMATION.—Servicers shall maintain a free and 

14 publicly accessible website where borrowers may 

15 check their estimated net present value. 

16 ‘‘(b) PROTECTIONS FOR HOMEOWNERS WITH LIM17 ITED ENGLISH PROFICIENCY.— 

18 ‘‘(1) FREE ORAL INTERPRETATION.—Servicers 

19 shall provide free oral interpretation services for bor20 rowers who request such services and such services 

21 may be provided by contracting with housing coun22 seling agencies that are approved by the Department 

23 of Housing and Urban Development and that have 

24 appropriate language capacity. 

25 ‘‘(2) NOTATION IN FILE.—Servicers shall— 


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1 ‘‘(A) note a request for translation services 

2 in the borrower’s file and make such note avail3 able to all relevant servicer personnel; and 

4 ‘‘(B) note in the borrower’s file any time 

5 the borrower has communicated or sought to 

6 communicate with the servicer in a language 

7 other than English, and shall include such other 

8 language. 

9 ‘‘(3) TRANSLATED DOCUMENTS.— 

10 ‘‘(A) PROVIDING DOCUMENTS.— 

11 ‘‘(i) IN GENERAL.—Servicers shall, if 

12 a borrower asks for translated documents, 

13 provide key documents to the borrower 

14 translated into the language of the bor15 rower, including periodic statements, af16 fordable loan modification applications, de17 nial notices, and loan modification offers, 

18 including any trial period plan. 

19 ‘‘(ii) EXCEPTION.—Clause (i) shall 

20 only require providing documents in— 

21 ‘‘(I) commonly spoken languages 

22 in the United States, as determined 

23 by the Bureau; 

24 ‘‘(II) with respect to a particular 

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1 nificant number of individuals living 

2 in any markets in which the servicer 

3 does business, as determined by the 

4 Bureau. 

5 ‘‘(B) ACCEPTING DOCUMENTS.—Servicers 

6 shall only be required to accept documents in 

7 languages in which the servicer already provides 

8 documents, that are considered to be part of 

9 routine business transactions in the market in 

10 which the mortgage loan was made, or that are 

11 used in documents provided to the public by 

12 any department or agency of the Federal Gov13 ernment. 

14 ‘‘(4) EXCEPTION.—Subparagraph (A) of para15 graph (3) shall not apply to small servicers, as de16 fined under section 1026.41(e)(4)(ii) of title 12, 

17 Code of Federal Regulations. 

18 ‘‘(c) REQUIREMENTS DURING AFFORDABLE LOAN

19 MODIFICATION PROCESS.— 

20 ‘‘(1) BORROWERS FACING IMMINENT DE21 FAULT.—Servicers shall evaluate a borrower facing 

22 imminent default (as such term is defined by the 

23 Bureau), as well as those in default, for affordable 

24 loan modification assistance, as described in this sec25 tion. 


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1 ‘‘(2) ASSISTANCE TO BORROWERS.— 

2 ‘‘(A) ASSISTANCE IN APPLYING FOR AF3 FORDABLE LOAN MODIFICATION.—Servicers 

4 shall— 

5 ‘‘(i) have available and sufficient staff 

6 to answer questions borrowers may have 

7 about filling out documents; and 

8 ‘‘(ii) provide borrowers a list of non9 profit legal services organizations and 

10 housing agencies approved by the Depart11 ment of Housing and Urban Development, 

12 that can assist the borrowers with docu13 ments. 

14 ‘‘(B) TREATMENT OF SUCCESSORS IN IN15 TEREST.—Servicers shall— 

16 ‘‘(i) provide full information and com17 plete loss mitigation options to successor 

18 homeowners protected from an acceleration 

19 of a mortgage loan under the Garn-St Ger20 main Depository Institutions Act of 1982, 

21 if requested by the successor homeowner; 

22 and 

23 ‘‘(ii) review a mortgage loan for loss 

24 mitigation, as though the successor home25 owner was the borrower, and provide a deVerDate Mar 15 2010 03:11 Jul 01, 2014 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H4963.IH H4963

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1 cision on available loss mitigation prior to 

2 an assumption of the mortgage loan, if re3 quested by the succeeding homeowner. 

4 ‘‘(3) AFTER REVIEWING APPLICATION.—If a 

5 servicer denies an application for an affordable loan 

6 modification, the servicer shall notify the borrower of 

7 other loss mitigation options that may be available 

8 to the borrower and shall consider the borrower for 

9 such other loss mitigation options. 

10 ‘‘(4) RULE OF CONSTRUCTION.—Nothing in 

11 this section shall be construed as prohibiting a 

12 servicer from considering a borrower for other loss 

13 mitigation options, so long as the servicer first offers 

14 the borrower an affordable loan modification if the 

15 borrower is eligible for such a modification. 

16 ‘‘(5) REQUIREMENTS RELATED TO TRANSFER

17 OF LOANS.— 

18 ‘‘(A) IN GENERAL.—For any transfer of 

19 servicing to a successor servicer of a federally 

20 related mortgage loan or subservicer, the trans21 ferring servicer shall— 

22 ‘‘(i) inform the successor servicer (in23 cluding a subservicer) whether a loan 

24 modification request is pending; 


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1 ‘‘(ii) provide the successor servicer 

2 with all documentation related to the mort3 gage loan, including any documentation re4 lating to a loan modification or loss mitiga5 tion process; 

6 ‘‘(iii) ensure that the successor 

7 servicer has the operational capacity to 

8 manage the transferred loan; 

9 ‘‘(iv) ensure that the successor 

10 servicer shall accept and continue proc11 essing prior loan modification requests, by 

12 including such requirement in the agree13 ment made between the servicers when 

14 transferring the loan; 

15 ‘‘(v) ensure that successor servicer 

16 shall honor trial and permanent loan modi17 fication agreements entered into by the 

18 transferring servicer by including such re19 quirement in the agreement made between 

20 the servicers when transferring the loan; 

21 and 

22 ‘‘(vi) notify the borrower of the trans23 ferred loan that the new servicer is re24 quired to accept and continue processing 

25 prior loan modification requests, if any, 


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1 and is required to honor trial and perma2 nent loan modification agreements entered 

3 into by the transferring servicer, if any. 

4 ‘‘(B) HONORING OF EXISTING LOAN MODI5 FICATIONS AND APPLICATIONS IN PROCESS.— 

6 The successor servicer shall agree to honor and 

7 accept any existing loan modification and con8 tinue any loan modification applications. 

9 ‘‘(C) PROHIBITION ON FORECLOSURE.— 

10 During the 60-day period beginning on the ef11 fective date of transfer of the servicing of any 

12 federally related mortgage loan, the mortgage 

13 loan subject to such transfer may not be subject 

14 to initiation of a judicial or non-judicial fore15 closure or be subject to a foreclosure sale. 

16 ‘‘(d) SUBSEQUENT APPLICATIONS FOR AFFORDABLE

17 LOAN MODIFICATION.—If a borrower has submitted an 

18 application or request in the past, the servicer shall allow 

19 such borrower to make a subsequent affordable loan modi20 fication application if the borrower experiences a material 

21 change in circumstances, as defined by the Bureau. 

22 ‘‘(e) LIMITATION ON FORECLOSURE PRO23 CEEDINGS.— 

24 ‘‘(1) STOP OF SALES PENDING APPLICATION.— 

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1 fordable loan modification assistance more than 7 

2 business days before a scheduled foreclosure sale, 

3 the servicer must stop and cancel the foreclosure 

4 sale. 

5 ‘‘(2) INITIATION OF FORECLOSURE.—A servicer 

6 may not initiate or continue a nonjudicial foreclosure 

7 or a judicial foreclosure that is otherwise authorized 

8 under State law against a mortgagor that has sub9 mitted an initial application for an affordable loan 

10 modification or other loss mitigation, unless the 

11 servicer— 

12 ‘‘(A) has determined whether the mort13 gagor is eligible for an affordable loan modifica14 tion; and 

15 ‘‘(B) has made such a modification, if the 

16 mortgagor is eligible for a modification. 

17 ‘‘(3) FORECLOSURE PROCEEDINGS PER18 MITTED.—Notwithstanding paragraph (2), a servicer 

19 may initiate or continue a judicial or nonjudicial 

20 foreclosure under State law against a borrower, if— 

21 ‘‘(A) the servicer— 

22 ‘‘(i) determines that the borrower is 

23 not eligible for a modification; 

24 ‘‘(ii) notifies the borrower of the de25 termination under clause (i); and 


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1 ‘‘(iii) provides the borrower— 

2 ‘‘(I) a copy of any net present 

3 value calculation made by the servicer 

4 in relation to an affordable loan modi5 fication, including any information 

6 providing a basis for such net present 

7 value calculation; 

8 ‘‘(II) a copy of any note, deed of 

9 trust, or other document necessary to 

10 establish the right of the servicer to 

11 foreclose on the mortgage, including 

12 proof of assignment of the mortgage 

13 to the servicer and the right of the 

14 servicer to enforce the relevant note 

15 under the law of the State in which 

16 the real property securing the mort17 gage is located; 

18 ‘‘(III) a copy of any language in 

19 the pooling or servicing agreement 

20 with respect to the mortgage that the 

21 servicer relies upon in asserting that 

22 it is prohibited or limited in providing 

23 a modification of the mortgage note; 

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1 rowers and investors in which the 

2 servicer attempts to obtain permission 

3 to make a modification; and 

4 ‘‘(V) the alternatives to fore5 closure available to the borrower, in6 cluding deed in lieu of foreclosures 

7 and short sales; or 

8 ‘‘(B) a borrower— 

9 ‘‘(i) declines to be considered for a 

10 loan modification in writing or declines an 

11 affordable modification in writing; or 

12 ‘‘(ii) does not respond to the servicer’s 

13 outreach activities (as defined by the Bu14 reau) to obtain underlying information to 

15 complete an application or fails to make a 

16 trial or permanent loan modification pay17 ment. 

18 For purposes of subparagraph (A), a ‘pooling and 

19 servicing agreement’ is any contract establishing the 

20 transaction rights and duties of the parties to any 

21 mortgage-backed securitization transaction. 

22 ‘‘(4) BAR TO FORECLOSURE.—Failure to com23 ply with the requirements of this subsection shall be 

24 a bar to the foreclosure of a mortgage, deed of trust, 

25 or substantially similar instrument. 


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1 ‘‘(5) FEES.— 

2 ‘‘(A) WAIVER OF LATE FEES.—If a bor3 rower’s application for affordable loan modifica4 tion assistance is accepted, the servicer shall 

5 waive any foreclosure fees and any late fees re6 lated to the delinquency in payment. 

7 ‘‘(B) NO FEE ACCRUAL WHILE APPLICA8 TION IS PENDING.—A borrower shall not accrue 

9 additional late or foreclosure fees during the pe10 riod beginning on the date that the borrower 

11 submits an affordable loan modification applica12 tion and the date on which the servicer makes 

13 a determination on such application. 

14 ‘‘(6) NOTIFICATION.—With respect to a fore15 closure sale that is postponed by reason of this sub16 section, the servicer shall notify the borrower in 

17 writing of such postponement and, if a date for such 

18 foreclosure sale is rescheduled, shall notify the bor19 rower in writing of the new foreclosure sale date. 

20 ‘‘(7) CERTIFICATION OF DETERMINATION OF

21 ELIGIBILITY REQUIRED FOR SALE.— 

22 ‘‘(A) SALE OF PROPERTY PROHIBITED.—If 

23 the servicer of a mortgage does not file a cer24 tification with the appropriate land records of25 fice in the jurisdiction where the property seVerDate Mar 15 2010 03:11 Jul 01, 2014 Jkt 039200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\H4963.IH H4963

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1 curing the mortgage is located, stating that the 

2 servicer has determined the eligibility of the 

3 mortgagor for an affordable loan modification 

4 in compliance with this section— 

5 ‘‘(i) the mortgagee may not sell the 

6 property securing the mortgage; and 

7 ‘‘(ii) no person that purchases the 

8 property securing the mortgage may ini9 tiate an action to recover possession of the 

10 property. 

11 ‘‘(B) VIOLATIONS.—A sale of property in 

12 violation of this paragraph shall be void. 

13 ‘‘(8) INITIAL APPLICATION DEFINED.—For pur14 poses of this subsection, the term ‘initial application’ 

15 means a completed Uniform Borrower Assistance 

16 Form 710 of the Federal National Mortgage Asso17 ciation or the Federal Home Loan Mortgage Cor18 poration, a Request for Modification and Affidavit of 

19 the Making Home Affordable Program, or other 

20 equivalent form that sets forth the borrower’s finan21 cial, income, and hardship information and Form 

22 4506–T of the Internal Revenue Service. 

23 ‘‘(f) AFFORDABLE LOAN MODIFICATIONS.— 

24 ‘‘(1) AFFORDABLE LOAN MODIFICATION DE25 FINED.—For purposes of this section, the term ‘afVerDate Mar 15 2010 03:11 Jul 01, 2014 Jkt 039200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\H4963.IH H4963

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1 fordable loan modification’ means an agreement to 

2 reduce the amount of scheduled regular payments, 

3 determined by the borrower’s debt-to-income ratio or 

4 residual income, and subject to such terms and con5 ditions as may be set by the Bureau, including any 

6 reduction of the principal amount of the mortgage 

7 note as described in paragraph (4), that is reflected 

8 in a permanent change to the terms of the mortgage 

9 note under such terms as the Bureau shall define. 

10 ‘‘(2) CALCULATION OF TARGET AFFORDABLE

11 REGULAR MORTGAGE PAYMENT.—For purposes of 

12 this subsection, the target affordable regular mort13 gage payment shall be an amount determined by the 

14 borrower’s debt-to-income ratio or residual income, 

15 and subject to such terms and conditions as may be 

16 set by the Bureau, subject to such terms and condi17 tions as may be set by the Bureau. Such terms shall 

18 be based on a fully amortizing principal and interest 

19 payment over the remainder of the term of the mort20 gage, as modified by any reduction in principal. 

21 ‘‘(3) ELIGIBILITY.—A mortgagor shall be eligi22 ble to participate in an affordable loan modification 

23 if— 

24 ‘‘(A) such person is a borrower under a 

25 federally related loan secured by the principal 


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1 residence of the borrower or a person eligible to 

2 assume such a loan as a successor homeowner 

3 protected from an acceleration of a mortgage 

4 loan under the Garn-St Germain Depository In5 stitutions Act of 1982, who is unable to make 

6 payments on a federally related mortgage loan 

7 under such criteria as the Director of the Bu8 reau shall define, in consultation with the Sec9 retary of Housing and Urban Development and 

10 the Secretary of the Treasury; 

11 ‘‘(B) such residence is occupied by the 

12 mortgagor; and 

13 ‘‘(C) the loan modification has a positive 

14 net present value (as defined under paragraph 

15 (4)(B)(iv)(II)). 

16 ‘‘(4) EARNED PRINCIPAL FORGIVENESS.— 

17 ‘‘(A) IN GENERAL.—If, after reducing 

18 mortgage note principal under earned principal 

19 forgiveness provided in subparagraph (B), a 

20 target affordable regular mortgage payment has 

21 not been achieved, the servicer of the mortgage 

22 shall comply with the affordable loan modifica23 tion plan waterfall steps as set out by the Bu24 reau of interest rate reduction, term extension, 

25 and principal forbearance, as necessary to 


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1 achieve a target affordable regular mortgage 

2 payment. 

3 ‘‘(B) EARNED PRINCIPAL FORGIVENESS.— 

4 ‘‘(i) PRINCIPAL REDUCTION.—The 

5 Bureau shall determine standards by which 

6 a mortgagor who has received an afford7 able loan modification shall remain in good 

8 standing in order to participate in a reduc9 tion in mortgage note principal under this 

10 subsection. 

11 ‘‘(ii) PRINCIPAL REDUCTION RE12 QUIRED.—Except as provided under clause 

13 (iii), a servicer shall offer a borrower an 

14 affordable loan modification having the 

15 maximum amount of principal reduction 

16 that results in a positive net present value 

17 calculation. For purposes of calculating net 

18 present value, a servicer may use their own 

19 formula, if it has been approved by the 

20 Bureau, or may use a default formula de21 termined by the Bureau. 

22 ‘‘(iii) EXCEPTIONS.— 

23 ‘‘(I) GREATER PRINCIPAL RE24 DUCTION.—A servicer may offer a 

25 greater principal reduction, if such a 


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1 reduction is consistent with the terms 

2 of any contract with respect to the 

3 mortgage. 

4 ‘‘(II) LOAN-TO-VALUE RATIO.—A 

5 servicer is not required to offer a 

6 principal reduction that would result 

7 in a loan-to-value ratio of less than 

8 100 percent. 

9 ‘‘(iv) RULES OF CONSTRUCTION.— 

10 ‘‘(I) MAXIMUM AMOUNT OF PRIN11 CIPAL REDUCTION.—A principal re12 duction amount may be considered the 

13 maximum amount if it is within 

14 $1,000 of the actual maximum 

15 amount. 

16 ‘‘(II) POSITIVE NET PRESENT

17 VALUE CALCULATION.—A net present 

18 value calculation shall be deemed to 

19 be ‘positive’ for the mortgage inves20 tors if the net present value result for 

21 an affordable loan modification sce22 nario is greater than the net present 

23 value result if no affordable loan 

24 modification is made. Net present 

25 value shall be calculated as the benefit 


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1 of all investors in a securitization 

2 rather than the benefit of any par3 ticular class of investors. 

4 ‘‘(v) PRINCIPAL FORGIVENESS.— 

5 ‘‘(I) TREATMENT OF PRINCIPAL

6 REDUCTION AMOUNT.—Any amount 

7 of principal reduction under clause (ii) 

8 shall be treated as non-interest-bear9 ing principal forbearance until the 

10 dates described under subclause (II). 

11 The principal reduction described in 

12 this clause shall be deemed to be sepa13 rate from and exclusive of any other 

14 forbearance that may be offered in 

15 conjunction with a modification under 

16 an affordable loan modification pro17 gram. 

18 ‘‘(II) REDUCTION OF PRIN19 CIPAL.—The servicer of a mortgage 

20 modified under an affordable loan 

21 modification plan shall reduce the un22 paid balance of the principal of the 

mortgage by an amount equal to 1 23 ⁄3 of 

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1 duction under clause (ii) on each of 

2 the following dates: 

3 ‘‘(aa) The date that is 1 

4 year after the date on which the 

5 affordable loan modification be6 gins. 

7 ‘‘(bb) The date that is 2 

8 years after the date on which the 

9 affordable loan medication be10 gins. 

11 ‘‘(cc) The date that is 3 

12 years after the date on which the 

13 affordable loan modification be14 gins. 

15 ‘‘(vi) CERTAIN MODIFICATIONS.— 

16 With respect to a borrower that is not un17 derwater and does not qualify for principle 

18 reduction, the servicer shall offer such bor19 rower an affordable loan modification to 

20 reach the target affordable regular mort21 gage payment amount, if the borrower 

22 qualifies. 

23 ‘‘(5) TREATMENT OF JUNIOR LIENS.—With re24 spect to a borrower, if a primary mortgage loan is 

25 modified pursuant to this subsection, the servicer of 


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1 any junior mortgage loan shall make a modification 

2 available to the borrower on the same terms as the 

3 modification of the primary mortgage loan, unless 

4 prohibited by contract. 

5 ‘‘(6) RULE OF CONSTRUCTION.—Nothing in 

6 this section shall be construed as prohibiting a 

7 servicer from providing a loan modification that does 

8 not produce a positive net present value (as defined 

9 under paragraph (4)(B)(iv)(II)). 

10 ‘‘(g) BAR TO FORECLOSURE.—In any judicial or non11 judicial foreclosure proceeding, it shall be a bar to fore12 closure that the servicer of the federally related mortgage 

13 loan on the property to be foreclosed violated any provision 

14 of this section. 

15 ‘‘(h) CIVIL PENALTY.— 

16 ‘‘(1) IN GENERAL.—Any servicer who violates a 

17 provision of this section shall be subject to a fine in 

18 an amount, as determined by the Bureau, not to ex19 ceed $5,000 for each violation except that the max20 imum penalty for all violations by any particular 

21 servicer during any 1-year period shall not exceed 

22 $1,000,000. 

23 ‘‘(2) LIABILITY TO BORROWER.—Any servicer 

24 that violates a provision of this section with respect 


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1 to a loan shall be liable to the borrower of such loan 

2 in the amount of $10,000 per violation. 

3 ‘‘(3) CONTINUING VIOLATIONS.—In the case of 

4 a continuing violation, as determined by the Bureau, 

5 each day shall constitute a separate violation for 

6 purposes of this subsection. 

7 ‘‘(4) ADJUSTMENT OF AMOUNTS.—After the 

8 end of the 1-year period beginning on the date of the 

9 enactment of this subsection, the Bureau shall annu10 ally adjust amounts specified under this subsection 

11 to reflect inflation. 

12 ‘‘SEC. 6B. MORTGAGE SERVICER OMBUDSMAN. 

13 ‘‘(a) IN GENERAL.—The Director of the Bureau shall 

14 appoint a Mortgage Servicer Ombudsman (the ‘Ombuds15 man’) within the Bureau. 

16 ‘‘(b) DUTIES.—The Ombudsman shall provide assist17 ance to servicers and borrowers in complying with Federal 

18 law with respect to the servicing of mortgage loans and 

19 offer resolution to borrowers who are facing noncompli20 ance. 

21 ‘‘(c) FOCUS ON LOW-INCOME BORROWERS.—In car22 rying out this section, the Ombudsman shall focus on pro23 viding assistance to low-income borrowers. 

24 ‘‘(d) CONSULTATION.—The Ombudsman shall con25 sult with— 


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1 ‘‘(1) attorneys general of States in carrying out 

2 this section; and 

3 ‘‘(2) other offices of the Bureau that engage in 

4 dispute resolution. 

5 ‘‘(e) NON-DUPLICATION.—The Ombudsman may not 

6 carry out any activities that would be duplicative with ac7 tivities of other Bureau offices. 

8 ‘‘SEC. 6C. PENALTIES FOR ROBO-SIGNING. 

9 ‘‘Any servicer who records or files with a land records 

10 office or a court more than one document with material 

11 deficiencies with respect to a mortgage loan shall be sub12 ject to a fine of not more than $7,500 for each such 

13 loan.’’. 

14 SEC. 3. EXTENSION OF THE PROTECTING TENANTS AT 

15 FORECLOSURE ACT OF 2009. 

16 Section 704 of the Protecting Tenants at Foreclosure 

17 Act of 2009 (12 U.S.C. 5201 note; 12 U.S.C. 5220 note; 

18 42 U.S.C. 1437f note) is hereby repealed. 

19 SEC. 4. RULE OF CONSTRUCTION. 

20 Nothing in this Act, or the amendments made by this 

21 Act, shall be construed as preempting any State or local 

22 law with respect to foreclosures that provides greater pro23 tections for consumers. 


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1 SEC. 5. RULEMAKING. 

2 The Bureau of Consumer Financial Protection shall, 

3 not later than the end of the 12-month period beginning 

4 on the date of the enactment of this Act, issue regulations 

5 to carry out this Act and the amendments made by this 

6 Act, and the Bureau shall provide that such regulations 

7 take effect not later than the end of the 6-month period 

8 beginning on the date the regulations are issued. 

Æ 


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