1566 
ation, and publication of the availability of 
the toll-free telephone number under para-
graph (2) of such section; 
‘‘(iii) contributing to the preparation 
and distribution of home buying informa-
tion booklets pursuant to section 5 of the 
Real Estate Settlement Procedures Act of 
1974 (12 U.S.C. 2604); 
‘‘(iv) carrying out the certification 
program under section 106(e) of the Hous-
ing and Urban Development Act of 1968 
(12 U.S.C. 1701x(e)); 
‘‘(v) carrying out the assistance pro-
gram under section 106(a)(4) of the Hous-
ing and Urban Development Act of 1968, 
including criteria for selection of applica-
tions to receive assistance; 
‘‘(vi) carrying out any functions re-
garding abusive, deceptive, or unscrupulous 
lending practices relating to residential 
mortgage loans that the Secretary con-
siders appropriate, which shall include con-
ducting the study under section 6 of the 
Expand and Preserve Home Ownership 
Through Counseling Act;
1567 
‘‘(vii) providing for operation of the 
advisory committee established under para-
graph (4) of this subsection; 
‘‘(viii) collaborating with community- 
based organizations with expertise in the 
field of housing counseling; and 
‘‘(ix) providing for the building of ca-
pacity to provide housing counseling serv-
ices in areas that lack sufficient services, 
including underdeveloped areas that lack 
basic water and sewer systems, electricity 
services, and safe, sanitary housing. 
‘‘(4) ADVISORY COMMITTEE.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
appoint an advisory committee to provide advice 
regarding the carrying out of the functions of 
the Director. 
‘‘(B) MEMBERS.—Such advisory committee 
shall consist of not more than 12 individuals, 
and the membership of the committee shall 
equally represent the mortgage and real estate 
industry, including consumers and housing 
counseling agencies certified by the Secretary. 
‘‘(C) TERMS.—Except as provided in sub-
paragraph (D), each member of the advisory
1568 
committee shall be appointed for a term of 3 
years. Members may be reappointed at the dis-
cretion of the Secretary. 
‘‘(D) TERMS OF INITIAL APPOINTEES.—As 
designated by the Secretary at the time of ap-
pointment, of the members first appointed to 
the advisory committee, 4 shall be appointed for 
a term of 1 year and 4 shall be appointed for 
a term of 2 years. 
‘‘(E) PROHIBITION OF PAY; TRAVEL EX-
PENSES.—Members of the advisory committee 
shall serve without pay, but shall receive travel 
expenses, including per diem in lieu of subsist-
ence, in accordance with applicable provisions 
under subchapter I of chapter 57 of title 5, 
United States Code. 
‘‘(F) ADVISORY
ROLE
ONLY.—The advi-
sory committee shall have no role in reviewing 
or awarding housing counseling grants. 
‘‘(5) 
SCOPE
OF
HOMEOWNERSHIP
COUN-
SELING.—In carrying out the responsibilities of the 
Director, the Director shall ensure that homeowner-
ship counseling provided by, in connection with, or 
pursuant to any function, activity, or program of the 
Department addresses the entire process of home-
1569 
ownership, including the decision to purchase a 
home, the selection and purchase of a home, issues 
arising during or affecting the period of ownership 
of a home (including refinancing, default and fore-
closure, and other financial decisions), and the sale 
or other disposition of a home.’’. 
SEC. 9303. COUNSELING PROCEDURES. 
(a) IN GENERAL.—Section 106 of the Housing and 
Urban Development Act of 1968 (12 U.S.C. 1701x) is 
amended by adding at the end the following new sub-
section: 
‘‘(g) PROCEDURES AND ACTIVITIES.— 
‘‘(1) COUNSELING PROCEDURES.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
establish, coordinate, and monitor the adminis-
tration by the Department of Housing and 
Urban Development of the counseling proce-
dures for homeownership counseling and rental 
housing counseling provided in connection with 
any program of the Department, including all 
requirements, 
standards, 
and 
performance 
measures that relate to homeownership and 
rental housing counseling. 
‘‘(B) HOMEOWNERSHIP
COUNSELING.— 
For purposes of this subsection and as used in
1570 
the provisions referred to in this subparagraph, 
the term ‘homeownership counseling’ means 
counseling related to homeownership and resi-
dential mortgage loans. Such term includes 
counseling related to homeownership and resi-
dential mortgage loans that is provided pursu-
ant to— 
‘‘(i) section 105(a)(20) of the Housing 
and Community Development Act of 1974 
(42 U.S.C. 5305(a)(20)); 
‘‘(ii) in the United States Housing 
Act of 1937— 
‘‘(I) section 9(e) (42 U.S.C. 
1437g(e)); 
‘‘(II) 
section 
8(y)(1)(D) 
(42 
U.S.C. 1437f(y)(1)(D)); 
‘‘(III) section 18(a)(4)(D) (42 
U.S.C. 1437p(a)(4)(D)); 
‘‘(IV) section 23(c)(4) (42 U.S.C. 
1437u(c)(4)); 
‘‘(V) section 32(e)(4) (42 U.S.C. 
1437z–4(e)(4)); 
‘‘(VI) section 33(d)(2)(B) (42 
U.S.C. 1437z–5(d)(2)(B));
1571 
‘‘(VII) sections 302(b)(6) and 
303(b)(7) 
(42 
U.S.C. 
1437aaa– 
1(b)(6), 1437aaa–2(b)(7)); and 
‘‘(VIII) section 304(c)(4) (42 
U.S.C. 1437aaa–3(c)(4)); 
‘‘(iii) section 302(a)(4) of the Amer-
ican Homeownership and Economic Oppor-
tunity Act of 2000 (42 U.S.C. 1437f note); 
‘‘(iv) sections 233(b)(2) and 258(b) of 
the Cranston-Gonzalez National Affordable 
Housing Act (42 U.S.C. 12773(b)(2), 
12808(b)); 
‘‘(v) this section and section 101(e) of 
the Housing and Urban Development Act 
of 1968 (12 U.S.C. 1701x, 1701w(e)); 
‘‘(vi) section 220(d)(2)(G) of the Low- 
Income Housing Preservation and Resident 
Homeownership Act of 1990 (12 U.S.C. 
4110(d)(2)(G)); 
‘‘(vii) sections 422(b)(6), 423(b)(7), 
424(c)(4), 442(b)(6), and 443(b)(6) of the 
Cranston-Gonzalez 
National 
Affordable 
Housing Act (42 U.S.C. 12872(b)(6), 
12873(b)(7), 
12874(c)(4), 
12892(b)(6), 
and 12893(b)(6));
1572 
‘‘(viii) section 491(b)(1)(F)(iii) of the 
McKinney-Vento Homeless Assistance Act 
(42 U.S.C. 11408(b)(1)(F)(iii)); 
‘‘(ix) 
sections 
202(3) 
and 
810(b)(2)(A) of the Native American 
Housing and Self-Determination Act of 
1996 (25 U.S.C. 4132(3), 4229(b)(2)(A)); 
‘‘(x) in the National Housing Act— 
‘‘(I) in section 203 (12 U.S.C. 
1709), the penultimate undesignated 
paragraph of paragraph (2) of sub-
section (b), subsection (c)(2)(A), and 
subsection (r)(4); 
‘‘(II) subsections (a) and (c)(3) 
of section 237 (12 U.S.C. 1715z–2); 
and 
‘‘(III) subsections (d)(2)(B) and 
(m)(1) of section 255 (12 U.S.C. 
1715z–20); 
‘‘(xi) section 502(h)(4)(B) of the 
Housing 
Act 
of 
1949 
(42 
U.S.C. 
1472(h)(4)(B)); 
‘‘(xii) section 508 of the Housing and 
Urban Development Act of 1970 (12 
U.S.C. 1701z–7); and
1573 
‘‘(xiii) section 106 of the Energy Pol-
icy Act of 1992 (42 U.S.C. 12712 note). 
‘‘(C) RENTAL
HOUSING
COUNSELING.— 
For purposes of this subsection, the term ‘rent-
al housing counseling’ means counseling related 
to rental of residential property, which may in-
clude counseling regarding future homeowner-
ship opportunities and providing referrals for 
renters and prospective renters to entities pro-
viding counseling and shall include counseling 
related to such topics that is provided pursuant 
to— 
‘‘(i) section 105(a)(20) of the Housing 
and Community Development Act of 1974 
(42 U.S.C. 5305(a)(20)); 
‘‘(ii) in the United States Housing 
Act of 1937— 
‘‘(I) section 9(e) (42 U.S.C. 
1437g(e)); 
‘‘(II) section 18(a)(4)(D) (42 
U.S.C. 1437p(a)(4)(D)); 
‘‘(III) 
section 
23(c)(4) 
(42 
U.S.C. 1437u(c)(4)); 
‘‘(IV) section 32(e)(4) (42 U.S.C. 
1437z–4(e)(4));
1574 
‘‘(V) section 33(d)(2)(B) (42 
U.S.C. 1437z–5(d)(2)(B)); and 
‘‘(VI) 
section 
302(b)(6) 
(42 
U.S.C. 1437aaa–1(b)(6)); 
‘‘(iii) section 233(b)(2) of the Cran-
ston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12773(b)(2)); 
‘‘(iv) section 106 of the Housing and 
Urban Development Act of 1968 (12 
U.S.C. 1701x); 
‘‘(v) section 422(b)(6) of the Cran-
ston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12872(b)(6)); 
‘‘(vi) section 491(b)(1)(F)(iii) of the 
McKinney-Vento Homeless Assistance Act 
(42 U.S.C. 11408(b)(1)(F)(iii)); 
‘‘(vii) 
sections 
202(3) 
and 
810(b)(2)(A) of the Native American 
Housing and Self-Determination Act of 
1996 (25 U.S.C. 4132(3), 4229(b)(2)(A)); 
and 
‘‘(viii) the rental assistance program 
under section 8 of the United States Hous-
ing Act of 1937 (42 U.S.C. 1437f).
1575 
‘‘(2) STANDARDS FOR MATERIALS.—The Sec-
retary, in consultation with the advisory committee 
established under subsection (g)(4) of the Depart-
ment of Housing and Urban Development Act, shall 
establish standards for materials and forms to be 
used, as appropriate, by organizations providing 
homeownership counseling services, including any re-
cipients of assistance pursuant to subsection (a)(4). 
‘‘(3) MORTGAGE SOFTWARE SYSTEMS.— 
‘‘(A) CERTIFICATION.—The Secretary shall 
provide for the certification of various computer 
software programs for consumers to use in eval-
uating different residential mortgage loan pro-
posals. The Secretary shall require, for such 
certification, that the mortgage software sys-
tems take into account— 
‘‘(i) the consumer’s financial situation 
and the cost of maintaining a home, in-
cluding insurance, taxes, and utilities; 
‘‘(ii) the amount of time the consumer 
expects to remain in the home or expected 
time to maturity of the loan; and 
‘‘(iii) such other factors as the Sec-
retary considers appropriate to assist the 
consumer in evaluating whether to pay
1576 
points, to lock in an interest rate, to select 
an adjustable or fixed rate loan, to select 
a conventional or government-insured or 
guaranteed loan and to make other choices 
during the loan application process. 
If the Secretary determines that available exist-
ing software is inadequate to assist consumers 
during the residential mortgage loan application 
process, the Secretary shall arrange for the de-
velopment by private sector software companies 
of new mortgage software systems that meet 
the Secretary’s specifications. 
‘‘(B) USE
AND
INITIAL
AVAILABILITY.— 
Such certified computer software programs 
shall be used to supplement, not replace, hous-
ing counseling. The Secretary shall provide that 
such programs are initially used only in connec-
tion with the assistance of housing counselors 
certified pursuant to subsection (e). 
‘‘(C) AVAILABILITY.—After a period of ini-
tial availability under subparagraph (B) as the 
Secretary considers appropriate, the Secretary 
shall take reasonable steps to make mortgage 
software systems certified pursuant to this 
paragraph widely available through the Internet
1577 
and at public locations, including public librar-
ies, senior-citizen centers, public housing sites, 
offices of public housing agencies that admin-
ister rental housing assistance vouchers, and 
housing counseling centers. 
‘‘(D) BUDGET
COMPLIANCE.—This para-
graph shall be effective only to the extent that 
amounts to carry out this paragraph are made 
available in advance in appropriations Acts. 
‘‘(4) NATIONAL PUBLIC SERVICE MULTIMEDIA 
CAMPAIGNS TO PROMOTE HOUSING COUNSELING.— 
‘‘(A) IN GENERAL.—The Director of Hous-
ing Counseling shall develop, implement, and 
conduct national public service multimedia cam-
paigns designed to make persons facing mort-
gage 
foreclosure, 
persons 
considering 
a 
subprime mortgage loan to purchase a home, el-
derly persons, persons who face language bar-
riers, low-income persons, minorities, and other 
potentially vulnerable consumers aware that it 
is advisable, before seeking or maintaining a 
residential mortgage loan, to obtain homeowner-
ship counseling from an unbiased and reliable 
sources and that such homeownership coun-
seling is available, including through programs
1578 
sponsored by the Secretary of Housing and 
Urban Development. 
‘‘(B) CONTACT INFORMATION.—Each seg-
ment of the multimedia campaign under sub-
paragraph (A) shall publicize the toll-free tele-
phone number and website of the Department 
of Housing and Urban Development through 
which persons seeking housing counseling can 
locate a housing counseling agency in their 
State that is certified by the Secretary of Hous-
ing and Urban Development and can provide 
advice on buying a home, renting, defaults, 
foreclosures, credit issues, and reverse mort-
gages. 
‘‘(C) 
AUTHORIZATION
OF
APPROPRIA-
TIONS.—There are authorized to be appro-
priated to the Secretary, not to exceed 
$3,000,000 for fiscal years 2009, 2010, and 
2011, for the development, implementation, and 
conduct of national public service multimedia 
campaigns under this paragraph. 
‘‘(D) FORECLOSURE
RESCUE
EDUCATION 
PROGRAMS.— 
‘‘(i) IN
GENERAL.—Ten percent of 
any funds appropriated pursuant to the
1579 
authorization under subparagraph (C) 
shall be used by the Director of Housing 
Counseling to conduct an education pro-
gram in areas that have a high density of 
foreclosure. Such program shall involve di-
rect mailings to persons living in such 
areas describing— 
‘‘(I) tips on avoiding foreclosure 
rescue scams; 
‘‘(II) tips on avoiding predatory 
lending mortgage agreements; 
‘‘(III) tips on avoiding for-profit 
foreclosure counseling services; and 
‘‘(IV) local counseling resources 
that are approved by the Department 
of Housing and Urban Development. 
‘‘(ii) PROGRAM
EMPHASIS.—In con-
ducting the education program described 
under clause (i), the Director of Housing 
Counseling shall also place an emphasis on 
serving communities that have a high per-
centage of retirement communities or a 
high percentage of low-income minority 
communities.
1580 
‘‘(iii) TERMS
DEFINED.—For pur-
poses of this subparagraph: 
‘‘(I) HIGH
DENSITY
OF
FORE-
CLOSURES.—An area has a ‘high den-
sity of foreclosures’ if such area is one 
of the metropolitan statistical areas 
(as that term is defined by the Direc-
tor of the Office of Management and 
Budget) with the highest home fore-
closure rates. 
‘‘(II) HIGH PERCENTAGE OF RE-
TIREMENT
COMMUNITIES.—An area 
has a ‘high percentage of retirement 
communities’ if such area is one of 
the metropolitan statistical areas (as 
that term is defined by the Director of 
the Office of Management and Budg-
et) with the highest percentage of 
residents aged 65 or older. 
‘‘(III) HIGH
PERCENTAGE
OF 
LOW-INCOME
MINORITY
COMMU-
NITIES.—An area has a ‘high percent-
age of low-income minority commu-
nities’ if such area contains a higher- 
than-normal percentage of residents
1581 
who are both minorities and low-in-
come, as defined by the Director of 
Housing Counseling. 
‘‘(5) EDUCATION
PROGRAMS.—The Secretary 
shall provide advice and technical assistance to 
States, units of general local government, and non-
profit organizations regarding the establishment and 
operation of, including assistance with the develop-
ment of content and materials for, educational pro-
grams to inform and educate consumers, particularly 
those most vulnerable with respect to residential 
mortgage loans (such as elderly persons, persons 
facing language barriers, low-income persons, mi-
norities, and other potentially vulnerable con-
sumers), regarding home mortgages, mortgage refi-
nancing, home equity loans, home repair loans, and 
where appropriate by region, any requirements and 
costs associated with obtaining flood or other dis-
aster-specific insurance coverage.’’. 
(b) CONFORMING AMENDMENTS
TO GRANT PRO-
GRAM
FOR HOMEOWNERSHIP COUNSELING ORGANIZA-
TIONS.—Section 106(c)(5)(A)(ii) of the Housing and 
Urban 
Development 
Act 
of 
1968 
(12 
U.S.C. 
1701x(c)(5)(A)(ii)) is amended—
1582 
(1) in subclause (III), by striking ‘‘and’’ at the 
end; 
(2) in subclause (IV) by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by inserting after subclause (IV) the fol-
lowing new subclause: 
‘‘(V) notify the housing or mort-
gage applicant of the availability of 
mortgage software systems provided 
pursuant to subsection (g)(3).’’. 
SEC. 9304. GRANTS FOR HOUSING COUNSELING ASSIST-
ANCE. 
Section 106(a) of the Housing and Urban Develop-
ment Act of 1968 (12 U.S.C. 1701x(a)(3)) is amended 
by adding at the end the following new paragraph: 
‘‘(4) HOMEOWNERSHIP AND RENTAL COUNSELING 
ASSISTANCE.— 
‘‘(A) IN GENERAL.—The Secretary shall make 
financial assistance available under this paragraph 
to HUD-approved housing counseling agencies and 
State housing finance agencies. 
‘‘(B) QUALIFIED
ENTITIES.—The Secretary 
shall establish standards and guidelines for eligibility 
of organizations (including governmental and non-
1583 
profit organizations) to receive assistance under this 
paragraph, in accordance with subparagraph (D). 
‘‘(C) DISTRIBUTION.—Assistance made avail-
able under this paragraph shall be distributed in a 
manner that encourages efficient and successful 
counseling programs and that ensures adequate dis-
tribution of amounts for rural areas having tradi-
tionally low levels of access to such counseling serv-
ices, including areas with insufficient access to the 
Internet. In distributing such assistance, the Sec-
retary may give priority consideration to entities 
serving areas with the highest home foreclosure 
rates. 
‘‘(D) LIMITATION ON DISTRIBUTION OF ASSIST-
ANCE.— 
‘‘(i) IN GENERAL.—None of the amounts 
made available under this paragraph shall be 
distributed to— 
‘‘(I) any organization which has been 
convicted for a violation under Federal law 
relating to an election for Federal office; or 
‘‘(II) any organization which employs 
applicable individuals.
1584 
‘‘(ii) DEFINITION OF APPLICABLE INDIVID-
UALS.—In this subparagraph, the term ‘appli-
cable individual’ means an individual who— 
‘‘(I) is— 
‘‘(aa) employed by the organiza-
tion in a permanent or temporary ca-
pacity; 
‘‘(bb) contracted or retained by 
the organization; or 
‘‘(cc) acting on behalf of, or with 
the express or apparent authority of, 
the organization; and 
‘‘(II) has been convicted for a viola-
tion under Federal law relating to an elec-
tion for Federal office. 
‘‘(E) GRANTMAKING PROCESS.—In making as-
sistance available under this paragraph, the Sec-
retary shall consider appropriate ways of stream-
lining and improving the processes for grant applica-
tion, review, approval, and award. 
‘‘(F) AUTHORIZATION
OF
APPROPRIATIONS.— 
There 
are 
authorized 
to 
be 
appropriated 
$45,000,000 for each of fiscal years 2009 through 
2012 for—
1585 
‘‘(i) the operations of the Office of Hous-
ing Counseling of the Department of Housing 
and Urban Development; 
‘‘(ii) the responsibilities of the Director of 
Housing Counseling under paragraphs (2) 
through (5) of subsection (g); and 
‘‘(iii) assistance pursuant to this para-
graph for entities providing homeownership and 
rental counseling.’’. 
SEC. 9305. REQUIREMENTS TO USE HUD-CERTIFIED COUN-
SELORS UNDER HUD PROGRAMS. 
Section 106(e) of the Housing and Urban Develop-
ment Act of 1968 (12 U.S.C. 1701x(e)) is amended— 
(1) by striking paragraph (1) and inserting the 
following new paragraph: 
‘‘(1) REQUIREMENT FOR ASSISTANCE.—An or-
ganization may not receive assistance for counseling 
activities under subsection (a)(1)(iii), (a)(2), (a)(4), 
(c), or (d) of this section, or under section 101(e), 
unless the organization, or the individuals through 
which the organization provides such counseling, has 
been certified by the Secretary under this subsection 
as competent to provide such counseling.’’; 
(2) in paragraph (2)—
1586 
(A) by inserting ‘‘and for certifying organi-
zations’’ before the period at the end of the 
first sentence; and 
(B) in the second sentence by striking ‘‘for 
certification’’ and inserting ‘‘, for certification 
of an organization, that each individual through 
which the organization provides counseling shall 
demonstrate, and, for certification of an indi-
vidual,’’; 
(3) in paragraph (3), by inserting ‘‘organiza-
tions and’’ before ‘‘individuals’’; 
(4) by redesignating paragraph (3) as para-
graph (5); and 
(5) by inserting after paragraph (2) the fol-
lowing new paragraphs: 
‘‘(3) REQUIREMENT UNDER HUD PROGRAMS.— 
Any homeownership counseling or rental housing 
counseling (as such terms are defined in subsection 
(g)(1)) required under, or provided in connection 
with, any program administered by the Department 
of Housing and Urban Development shall be pro-
vided only by organizations or counselors certified by 
the Secretary under this subsection as competent to 
provide such counseling.
1587 
‘‘(4) OUTREACH.—The Secretary shall take 
such actions as the Secretary considers appropriate 
to ensure that individuals and organizations pro-
viding homeownership or rental housing counseling 
are aware of the certification requirements and 
standards of this subsection and of the training and 
certification programs under subsection (f).’’. 
SEC. 9306. STUDY OF DEFAULTS AND FORECLOSURES. 
The Secretary of Housing and Urban Development 
shall conduct an extensive study of the root causes of de-
fault and foreclosure of home loans, using as much empir-
ical data as are available. The study shall also examine 
the role of escrow accounts in helping prime and nonprime 
borrowers to avoid defaults and foreclosures, and the role 
of computer registries of mortgages, including those used 
for trading mortgage loans. Not later than 12 months 
after the date of the enactment of this Act, the Secretary 
shall submit to the Congress a preliminary report regard-
ing the study. Not later than 24 months after such date 
of enactment, the Secretary shall submit a final report re-
garding the results of the study, which shall include any 
recommended legislation relating to the study, and rec-
ommendations for best practices and for a process to iden-
tify populations that need counseling the most.
1588 
SEC. 9307. DEFAULT AND FORECLOSURE DATABASE. 
(a) ESTABLISHMENT.—The Secretary of Housing 
and Urban Development, in consultation with the Federal 
agencies responsible for regulation of banking and finan-
cial institutions involved in residential mortgage lending 
and servicing, shall establish and maintain a database of 
information on foreclosures and defaults on mortgage 
loans for one- to four-unit residential properties and shall 
make such information publicly available. 
(b) CENSUS TRACT DATA.—Information in the data-
base shall be collected, aggregated, and made available on 
a census tract basis. 
(c) REQUIREMENTS.—Information collected and 
made available through the database shall include— 
(1) the number and percentage of such mort-
gage loans that are delinquent by more than 30 
days; 
(2) the number and percentage of such mort-
gage loans that are delinquent by more than 90 
days; 
(3) the number and percentage of such prop-
erties that are real estate-owned; 
(4) number and percentage of such mortgage 
loans that are in the foreclosure process; 
(5) the number and percentage of such mort-
gage loans that have an outstanding principal obli-
1589 
gation amount that is greater than the value of the 
property for which the loan was made; and 
(6) such other information as the Secretary 
considers appropriate. 
SEC. 9308. DEFINITIONS FOR COUNSELING-RELATED PRO-
GRAMS. 
Section 106 of the Housing and Urban Development 
Act of 1968 (12 U.S.C. 1701x), as amended by the pre-
ceding provisions of this subtitle, is further amended by 
adding at the end the following new subsection: 
‘‘(h) DEFINITIONS.—For purposes of this section: 
‘‘(1) NONPROFIT
ORGANIZATION.—The term 
‘nonprofit organization’ has the meaning given such 
term in section 104(5) of the Cranston-Gonzalez Na-
tional 
Affordable 
Housing 
Act 
(42 
U.S.C. 
12704(5)), except that subparagraph (D) of such 
section shall not apply for purposes of this section. 
‘‘(2) STATE.—The term ‘State’ means each of 
the several States, the Commonwealth of Puerto 
Rico, the District of Columbia, the Commonwealth 
of the Northern Mariana Islands, Guam, the Virgin 
Islands, American Samoa, the Trust Territories of 
the Pacific, or any other possession of the United 
States.
1590 
‘‘(3) UNIT
OF
GENERAL
LOCAL
GOVERN-
MENT.—The term ‘unit of general local government’ 
means any city, county, parish, town, township, bor-
ough, village, or other general purpose political sub-
division of a State. 
‘‘(4) HUD-APPROVED COUNSELING AGENCY.— 
The term ‘HUD-approved counseling agency’ means 
a private or public nonprofit organization that is— 
‘‘(A) exempt from taxation under section 
501(c) of the Internal Revenue Code of 1986; 
and 
‘‘(B) certified by the Secretary to provide 
housing counseling services. 
‘‘(5) STATE HOUSING FINANCE AGENCY.—The 
term ‘State housing finance agency’ means any pub-
lic body, agency, or instrumentality specifically cre-
ated under State statute that is authorised to fi-
nance activities designed to provide housing and re-
lated facilities throughout an entire State through 
land acquisition, construction, or rehabilitation.’’. 
SEC. 9309. ACCOUNTABILITY AND TRANSPARENCY FOR 
GRANT RECIPIENTS. 
Section 106 of the Housing and Urban Development 
Act of 1968 (12 U.S.C. 1701x), as amended by the pre-
1591 
ceding provisions of this subtitle, is further amended by 
adding at the end the following: 
‘‘(i) ACCOUNTABILITY FOR RECIPIENTS OF COVERED 
ASSISTANCE.— 
‘‘(1) TRACKING
OF
FUNDS.—The Secretary 
shall— 
‘‘(A) develop and maintain a system to en-
sure that any organization or entity that re-
ceives any covered assistance uses all amounts 
of covered assistance in accordance with this 
section or section 9115 of the Mortgage Reform 
and Anti-Predatory Lending Act, as applicable, 
the regulations issued under this section or 
such section 9115, as applicable, and any re-
quirements or conditions under which such 
amounts were provided; and 
‘‘(B) require any organization or entity, as 
a condition of receipt of any covered assistance, 
to agree to comply with such requirements re-
garding covered assistance as the Secretary 
shall establish, which shall include— 
‘‘(i) appropriate periodic financial and 
grant activity reporting, record retention, 
and audit requirements for the duration of 
the covered assistance to the organization
1592 
or entity to ensure compliance with the 
limitations and requirements of this section 
or section 9115 of the Mortgage Reform 
and Anti-Predatory Lending Act, as appli-
cable, the regulations under this section or 
such section 9115, as applicable, and any 
requirements or conditions under which 
such amounts were provided; and 
‘‘(ii) any other requirements that the 
Secretary determines are necessary to en-
sure appropriate administration and com-
pliance. 
‘‘(2) MISUSE OF FUNDS.—If any organization 
or entity that receives any covered assistance is de-
termined by the Secretary to have used any covered 
assistance in a manner that is materially in violation 
of this section or section 9115 of the Mortgage Re-
form and Anti-Predatory Lending Act, as applicable, 
the regulations issued under this section or such sec-
tion 9115, as applicable, or any requirements or con-
ditions under which such assistance was provided— 
‘‘(A) the Secretary shall require that, with-
in 12 months after the determination of such 
misuse, the organization or entity shall reim-
burse the Secretary for such misused amounts
1593 
and return to the Secretary any such amounts 
that remain unused or uncommitted for use; 
and 
‘‘(B) such organization or entity shall be 
ineligible, at any time after such determination, 
to apply for or receive any further covered as-
sistance. 
The remedies under this paragraph are in addition 
to any other remedies that may be available under 
law. 
‘‘(3) COVERED ASSISTANCE.—For purposes of 
this subsection, the term ‘covered assistance’ means 
any grant or other financial assistance provided 
under— 
‘‘(A) this section; or 
‘‘(B) section 9115 of the Mortgage Reform 
and Anti-Predatory Lending Act.’’. 
SEC. 9310. UPDATING AND SIMPLIFICATION OF MORTGAGE 
INFORMATION BOOKLET. 
Section 5 of the Real Estate Settlement Procedures 
Act of 1974 (12 U.S.C. 2604) is amended— 
(1) in the section heading, by striking ‘‘SPE-
CIAL’’ and inserting ‘‘HOME BUYING’’; 
(2) by striking subsections (a) and (b) and in-
serting the following new subsections:
1594 
‘‘(a) PREPARATION AND DISTRIBUTION.—The Direc-
tor of the Consumer Financial Protection Agency (here-
after in this section referred to as the ‘Director’) shall pre-
pare, at least once every 5 years, a booklet to help con-
sumers applying for federally related mortgage loans to 
understand the nature and costs of real estate settlement 
services. The Director shall prepare the booklet in various 
languages and cultural styles, as the Director determines 
to be appropriate, so that the booklet is understandable 
and accessible to homebuyers of different ethnic and cul-
tural backgrounds. The Director shall distribute such 
booklets to all lenders that make federally related mort-
gage loans. The Director shall also distribute to such lend-
ers lists, organized by location, of homeownership coun-
selors certified under section 106(e) of the Housing and 
Urban Development Act of 1968 (12 U.S.C. 1701x(e)) for 
use in complying with the requirement under subsection 
(c) of this section. 
‘‘(b) CONTENTS.—Each booklet shall be in such form 
and detail as the Director shall prescribe and, in addition 
to such other information as the Director may provide, 
shall include in plain and understandable language the fol-
lowing information: 
‘‘(1) A description and explanation of the na-
ture and purpose of the costs incident to a real es-
1595 
tate settlement or a federally related mortgage loan. 
The description and explanation shall provide gen-
eral information about the mortgage process as well 
as specific information concerning, at a minimum— 
‘‘(A) balloon payments; 
‘‘(B) prepayment penalties; 
‘‘(C) the advantages of prepayment; and 
‘‘(D) the trade-off between closing costs 
and the interest rate over the life of the loan. 
‘‘(2) An explanation and sample of the uniform 
settlement statement required by section 4. 
‘‘(3) A list and explanation of lending practices, 
including those prohibited by the Truth in Lending 
Act or other applicable Federal law, and of other un-
fair practices and unreasonable or unnecessary 
charges to be avoided by the prospective buyer with 
respect to a real estate settlement. 
‘‘(4) A list and explanation of questions a con-
sumer obtaining a federally related mortgage loan 
should ask regarding the loan, including whether the 
consumer will have the ability to repay the loan, 
whether the consumer sufficiently shopped for the 
loan, whether the loan terms include prepayment 
penalties or balloon payments, and whether the loan 
will benefit the borrower.
1596 
‘‘(5) An explanation of the right of rescission as 
to certain transactions provided by sections 125 and 
129 of the Truth in Lending Act. 
‘‘(6) A brief explanation of the nature of a vari-
able rate mortgage and a reference to the booklet 
entitled ‘Consumer Handbook on Adjustable Rate 
Mortgages’, published by the Director, or to any 
suitable substitute of such booklet that the Director 
may subsequently adopt pursuant to such section. 
‘‘(7) A brief explanation of the nature of a 
home equity line of credit and a reference to the 
pamphlet required to be provided under section 
127A of the Truth in Lending Act. 
‘‘(8) Information about homeownership coun-
seling services made available pursuant to section 
106(a)(4) of the Housing and Urban Development 
Act of 1968 (12 U.S.C. 1701x(a)(4)), a rec-
ommendation that the consumer use such services, 
and notification that a list of certified providers of 
homeownership counseling in the area, and their 
contact information, is available. 
‘‘(9) An explanation of the nature and purpose 
of escrow accounts when used in connection with 
loans secured by residential real estate and the re-
1597 
quirements under section 10 of this Act regarding 
such accounts. 
‘‘(10) An explanation of the choices available to 
buyers of residential real estate in selecting persons 
to provide necessary services incidental to a real es-
tate settlement. 
‘‘(11) An explanation of a consumer’s respon-
sibilities, liabilities, and obligations in a mortgage 
transaction. 
‘‘(12) An explanation of the nature and purpose 
of real estate appraisals, including the difference be-
tween an appraisal and a home inspection. 
‘‘(13) Notice that the Office of Housing of the 
Department of Housing and Urban Development has 
made publicly available a brochure regarding loan 
fraud and a World Wide Web address and toll-free 
telephone number for obtaining the brochure. 
The booklet prepared pursuant to this section shall take 
into consideration differences in real estate settlement pro-
cedures that may exist among the several States and terri-
tories of the United States and among separate political 
subdivisions within the same State and territory.’’; 
(3) in subsection (c), by inserting at the end 
the following new sentence: ‘‘Each lender shall also 
include with the booklet a reasonably complete or
1598 
updated list of homeownership counselors who are 
certified pursuant to section 106(e) of the Housing 
and Urban Development Act of 1968 (12 U.S.C. 
1701x(e)) and located in the area of the lender.’’; 
and 
(4) in subsection (d), by inserting after the pe-
riod at the end of the first sentence the following: 
‘‘The lender shall provide the HUD-issued booklet in 
the version that is most appropriate for the person 
receiving it.’’. 
SEC. 9311. HOME INSPECTION COUNSELING. 
(a) PUBLIC OUTREACH.— 
(1) IN GENERAL.—The Secretary of Housing 
and Urban Development (in this section referred to 
as the ‘‘Secretary’’) shall take such actions as may 
be necessary to inform potential homebuyers of the 
availability and importance of obtaining an inde-
pendent home inspection. Such actions shall in-
clude— 
(A) publication of the HUD/FHA form 
HUD 92564–CN entitled ‘‘For Your Protec-
tion: Get a Home Inspection’’, in both English 
and Spanish languages; 
(B) publication of the HUD/FHA booklet 
entitled ‘‘For Your Protection: Get a Home In-
1599 
spection’’, in both English and Spanish lan-
guages; 
(C) development and publication of a HUD 
booklet entitled ‘‘For Your Protection—Get a 
Home Inspection’’ that does not reference 
FHA-insured homes, in both English and Span-
ish languages; and 
(D) publication of the HUD document en-
titled ‘‘Ten Important Questions To Ask Your 
Home Inspector’’, in both English and Spanish 
languages. 
(2) AVAILABILITY.—The Secretary shall make 
the materials specified in paragraph (1) available for 
electronic access and, where appropriate, inform po-
tential homebuyers of such availability through home 
purchase counseling public service announcements 
and toll-free telephone hotlines of the Department of 
Housing and Urban Development. The Secretary 
shall give special emphasis to reaching first-time and 
low-income homebuyers with these materials and ef-
forts. 
(3) UPDATING.—The Secretary may periodi-
cally update and revise such materials, as the Sec-
retary determines to be appropriate.
1600 
(b) REQUIREMENT
FOR
FHA-APPROVED
LEND-
ERS.—Each mortgagee approved for participation in the 
mortgage insurance programs under title II of the Na-
tional Housing Act shall provide prospective homebuyers, 
at first contact, whether upon pre-qualification, pre-ap-
proval, or initial application, the materials specified in 
subparagraphs (A), (B), and (D) of subsection (a)(1). 
(c) REQUIREMENTS
FOR HUD-APPROVED COUN-
SELING AGENCIES.—Each counseling agency certified 
pursuant by the Secretary to provide housing counseling 
services shall provide each of their clients, as part of the 
home purchase counseling process, the materials specified 
in subparagraphs (C) and (D) of subsection (a)(1). 
(d) TRAINING.—Training provided the Department 
of Housing and Urban Development for housing coun-
seling agencies, whether such training is provided directly 
by the Department or otherwise, shall include— 
(1) providing information on counseling poten-
tial homebuyers of the availability and importance of 
getting an independent home inspection; 
(2) providing information about the home in-
spection process, including the reasons for specific 
inspections such as radon and lead-based paint test-
ing;
1601 
(3) providing information about advising poten-
tial homebuyers on how to locate and select a quali-
fied home inspector; and 
(4) review of home inspection public outreach 
materials of the Department. 
SEC. 9312. WARNINGS TO HOMEOWNERS OF FORECLOSURE 
RESCUE SCAMS. 
(a) ASSISTANCE
TO NRC.—Notwithstanding any 
other provision of law, of any amounts made available for 
any fiscal year pursuant to section 106(a)(4)(F) of the 
Housing and Urban Development Act of 1968 (12 U.S.C. 
1701x(a)(4)(F)) (as added by section 9304 of this title), 
10 percent shall be used only for assistance to the Neigh-
borhood Reinvestment Corporation for activities, in con-
sultation with servicers of residential mortgage loans, to 
provide notice to borrowers under such loans who are de-
linquent with respect to payments due under such loans 
that makes such borrowers aware of the dangers of fraud-
ulent activities associated with foreclosure. 
(b) NOTICE.—The Neighborhood Reinvestment Cor-
poration, in consultation with servicers of residential mort-
gage loans, shall use the amounts provided pursuant to 
subsection (a) to carry out activities to inform borrowers 
under residential mortgage loans—
1602 
(1) that the foreclosure process is complex and 
can be confusing; 
(2) that the borrower may be approached dur-
ing the foreclosure process by persons regarding sav-
ing their home and they should use caution in any 
such dealings; 
(3) that there are Federal Government and 
nonprofit agencies that may provide information 
about the foreclosure process, including the Depart-
ment of Housing and Urban Development; 
(4) that they should contact their lender imme-
diately, contact the Department of Housing and 
Urban Development to find a housing counseling 
agency certified by the Department to assist in 
avoiding foreclosure, or visit the Department’s 
website regarding tips for avoiding foreclosure; and 
(5) of the telephone number of the loan servicer 
or successor, the telephone number of the Depart-
ment of Housing and Urban Development housing 
counseling line, and the Uniform Resource Locators 
(URLs) for the Department of Housing and Urban 
Development Web sites for housing counseling and 
for tips for avoiding foreclosure.
1603 
Subtitle E—Mortgage Servicing 
SEC. 9401. ESCROW AND IMPOUND ACCOUNTS RELATING 
TO 
CERTAIN 
CONSUMER 
CREDIT 
TRANS-
ACTIONS. 
(a) IN GENERAL.—Chapter 2 of the Truth in Lend-
ing Act (15 U.S.C. 1631 et seq.) is amended by inserting 
after section 129C (as added by section 9101) the fol-
lowing new section: 
‘‘SEC. 129D. ESCROW OR IMPOUND ACCOUNTS RELATING 
TO 
CERTAIN 
CONSUMER 
CREDIT 
TRANS-
ACTIONS. 
‘‘(a) IN GENERAL.—Except as provided in subsection 
(b), (c), or (d) , a creditor, in connection with the forma-
tion or consummation of a consumer credit transaction se-
cured by a first lien on the principal dwelling of the con-
sumer, other than a consumer credit transaction under an 
open end credit plan or a reverse mortgage, shall establish, 
before the consummation of such transaction, an escrow 
or impound account for the payment of taxes and hazard 
insurance, and, if applicable, flood insurance, mortgage in-
surance, ground rents, and any other required periodic 
payments or premiums with respect to the property or the 
loan terms, as provided in, and in accordance with, this 
section.
1604 
‘‘(b) WHEN REQUIRED.—No impound, trust, or other 
type of account for the payment of property taxes, insur-
ance premiums, or other purposes relating to the property 
may be required as a condition of a real property sale con-
tract or a loan secured by a first deed of trust or mortgage 
on the principal dwelling of the consumer, other than a 
consumer credit transaction under an open end credit plan 
or a reverse mortgage, except when— 
‘‘(1) any such impound, trust, or other type of 
escrow or impound account for such purposes is re-
quired by Federal or State law; 
‘‘(2) a loan is made, guaranteed, or insured by 
a State or Federal governmental lending or insuring 
agency; 
‘‘(3) the transaction is secured by a first mort-
gage or lien on the consumer’s principal dwelling 
having an original principal obligation amount 
that— 
‘‘(A) does not exceed the amount of the 
maximum limitation on the original principal 
obligation of mortgage in effect for a residence 
of the applicable size, as of the date such inter-
est rate set, pursuant to the sixth sentence of 
section 305(a)(2) the Federal Home Loan 
Mortgage 
Corporation 
Act 
(12 
U.S.C.
1605 
1454(a)(2)), and the annual percentage rate 
will exceed the average prime offer rate for a 
comparable transaction by 1.5 or more percent-
age points; or 
‘‘(B) exceeds the amount of the maximum 
limitation on the original principal obligation of 
mortgage in effect for a residence of the appli-
cable size, as of the date such interest rate set, 
pursuant to the sixth sentence of section 
305(a)(2) the Federal Home Loan Mortgage 
Corporation Act (12 U.S.C. 1454(a)(2)), and 
the annual percentage rate will exceed the aver-
age prime offer rate for a comparable trans-
action by 2.5 or more percentage points; or 
‘‘(4) so required pursuant to regulation. 
‘‘(c) DURATION OF MANDATORY ESCROW OR IM-
POUND ACCOUNT.—An escrow or impound account estab-
lished pursuant to subsection (b), shall remain in existence 
for a minimum period of 5 years, beginning with the date 
of the consummation of the loan, and until such borrower 
has sufficient equity in the dwelling securing the consumer 
credit transaction so as to no longer be required to main-
tain private mortgage insurance, or such other period as 
may be provided in regulations to address situations such
1606 
as borrower delinquency, unless the underlying mortgage 
establishing the account is terminated. 
‘‘(d) LIMITED EXEMPTIONS FOR LOANS SECURED BY 
SHARES IN A COOPERATIVE AND FOR CERTAIN CONDO-
MINIUM UNITS.—Escrow accounts need not be established 
for loans secured by shares in a cooperative. Insurance 
premiums need not be included in escrow accounts for 
loans secured by condominium units, where the condo-
minium association has an obligation to the condominium 
unit owners to maintain a master policy insuring condo-
minium units. 
‘‘(e) CLARIFICATION
ON ESCROW ACCOUNTS
FOR 
LOANS NOT MEETING STATUTORY TEST.—For mort-
gages not covered by the requirements of subsection (b), 
no provision of this section shall be construed as pre-
cluding the establishment of an impound, trust, or other 
type of account for the payment of property taxes, insur-
ance premiums, or other purposes relating to the prop-
erty— 
‘‘(1) on terms mutually agreeable to the parties 
to the loan; 
‘‘(2) at the discretion of the lender or servicer, 
as provided by the contract between the lender or 
servicer and the borrower; or
1607 
‘‘(3) pursuant to the requirements for the 
escrowing of flood insurance payments for regulated 
lending institutions in section 102(d) of the Flood 
Disaster Protection Act of 1973. 
‘‘(f) ADMINISTRATION OF MANDATORY ESCROW OR 
IMPOUND ACCOUNTS.— 
‘‘(1) IN GENERAL.—Except as may otherwise 
be provided for in this title or in regulations pre-
scribed by the Board, escrow or impound accounts 
established pursuant to subsection (b) shall be estab-
lished in a federally insured depository institution. 
‘‘(2) ADMINISTRATION.—Except as provided in 
this section or regulations prescribed under this sec-
tion, an escrow or impound account subject to this 
section shall be administered in accordance with— 
‘‘(A) the Real Estate Settlement Proce-
dures Act of 1974 and regulations prescribed 
under such Act; 
‘‘(B) the Flood Disaster Protection Act of 
1973 and regulations prescribed under such 
Act; and 
‘‘(C) the law of the State, if applicable, 
where the real property securing the consumer 
credit transaction is located.
1608 
‘‘(3) APPLICABILITY OF PAYMENT OF INTER-
EST.—If prescribed by applicable State or Federal 
law, each creditor shall pay interest to the consumer 
on the amount held in any impound, trust, or escrow 
account that is subject to this section in the manner 
as prescribed by that applicable State or Federal 
law. 
‘‘(4) PENALTY COORDINATION WITH RESPA.— 
Any action or omission on the part of any person 
which constitutes a violation of the Real Estate Set-
tlement Procedures Act of 1974 or any regulation 
prescribed under such Act for which the person has 
paid any fine, civil money penalty, or other damages 
shall not give rise to any additional fine, civil money 
penalty, or other damages under this section, unless 
the action or omission also constitutes a direct viola-
tion of this section. 
‘‘(g) DISCLOSURES RELATING TO MANDATORY ES-
CROW OR IMPOUND ACCOUNT.—In the case of any im-
pound, trust, or escrow account that is subject to this sec-
tion, the creditor shall disclose by written notice to the 
consumer at least 3 business days before the consumma-
tion of the consumer credit transaction giving rise to such 
account or in accordance with timeframes established in 
prescribed regulations the following information:
1609 
‘‘(1) The fact that an escrow or impound ac-
count will be established at consummation of the 
transaction. 
‘‘(2) The amount required at closing to initially 
fund the escrow or impound account. 
‘‘(3) The amount, in the initial year after the 
consummation of the transaction, of the estimated 
taxes and hazard insurance, including flood insur-
ance, if applicable, and any other required periodic 
payments or premiums that reflects, as appropriate, 
either the taxable assessed value of the real property 
securing the transaction, including the value of any 
improvements on the property or to be constructed 
on the property (whether or not such construction 
will be financed from the proceeds of the trans-
action) or the replacement costs of the property. 
‘‘(4) The estimated monthly amount payable to 
be escrowed for taxes, hazard insurance (including 
flood insurance, if applicable) and any other re-
quired periodic payments or premiums. 
‘‘(5) The fact that, if the consumer chooses to 
terminate the account at the appropriate time in the 
future, the consumer will become responsible for the 
payment of all taxes, hazard insurance, and flood in-
surance, if applicable, as well as any other required
1610 
periodic payments or premiums on the property un-
less a new escrow or impound account is established. 
‘‘(6) Such other information as the Federal 
banking agencies jointly determine necessary for the 
protection of the consumer. 
‘‘(h) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
‘‘(1) FLOOD INSURANCE.—The term ‘flood in-
surance’ means flood insurance coverage provided 
under the national flood insurance program pursu-
ant to the National Flood Insurance Act of 1968. 
‘‘(2) HAZARD INSURANCE.—The term ‘hazard 
insurance’ shall have the same meaning as provided 
for ‘hazard insurance’, ‘casualty insurance’, ‘home-
owner’s insurance’, or other similar term under the 
law of the State where the real property securing the 
consumer credit transaction is located.’’. 
(b) IMPLEMENTATION.— 
(1) REGULATIONS.—The Board of Governors of 
the Federal Reserve System, the Comptroller of the 
Currency, the Director of the Office of Thrift Super-
vision, the Federal Deposit Insurance Corporation, 
the National Credit Union Administration Board, 
(hereafter in this title referred to as the ‘‘Federal 
banking agencies’’) and the Federal Trade Commis-
1611 
sion shall prescribe, in final form, such regulations 
as determined to be necessary to implement the 
amendments made by subsection (a) before the end 
of the 180-day period beginning on the date of the 
enactment of this Act. 
(2) EFFECTIVE DATE.—The amendments made 
by subsection (a) shall only apply to covered mort-
gage loans consummated after the end of the 1-year 
period beginning on the date of the publication of 
final regulations in the Federal Register. 
(c) CLERICAL AMENDMENT.—The table of sections 
for chapter 2 of the Truth in Lending Act is amended 
by inserting after the item relating to section 129C (as 
added by section 9101) the following new item: 
‘‘129D. Escrow or impound accounts relating to certain consumer credit trans-
actions.’’. 
SEC. 9402. DISCLOSURE NOTICE REQUIRED FOR CON-
SUMERS WHO WAIVE ESCROW SERVICES. 
(a) IN GENERAL.—Section 129D of the Truth in 
Lending Act (as added by section 9401) is amended by 
adding at the end the following new subsection: 
‘‘(i) DISCLOSURE NOTICE REQUIRED
FOR CON-
SUMERS WHO WAIVE ESCROW SERVICES.— 
‘‘(1) IN GENERAL.—If— 
‘‘(A) an impound, trust, or other type of 
account for the payment of property taxes, in-
1612 
surance premiums, or other purposes relating to 
real property securing a consumer credit trans-
action is not established in connection with the 
transaction; or 
‘‘(B) a consumer chooses, and provides 
written notice to the creditor or servicer of such 
choice, at any time after such an account is es-
tablished in connection with any such trans-
action and in accordance with any statute, reg-
ulation, or contractual agreement, to close such 
account, 
the creditor or servicer shall provide a timely and 
clearly written disclosure to the consumer that ad-
vises the consumer of the responsibilities of the con-
sumer and implications for the consumer in the ab-
sence of any such account. 
‘‘(2) DISCLOSURE
REQUIREMENTS.—Any dis-
closure provided to a consumer under paragraph (1) 
shall include the following: 
‘‘(A) Information concerning any applica-
ble fees or costs associated with either the non- 
establishment of any such account at the time 
of the transaction, or any subsequent closure of 
any such account.