I 
115TH CONGRESS 
1ST SESSION H. R. 3221 
To provide exemptions under the Truth in Lending Act and the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 to encour-
age access to affordable mortgages, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 13, 2017 
Mr. KUSTOFF of Tennessee (for himself and Mr. LUETKEMEYER) introduced 
the following bill; which was referred to the Committee on Financial Services 
A BILL 
To provide exemptions under the Truth in Lending Act and 
the Financial Institutions Reform, Recovery, and En-
forcement Act of 1989 to encourage access to affordable 
mortgages, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Securing Access to 
Affordable Mortgages Act’’. 
SEC. 2. ACCESS TO AFFORDABLE MORTGAGES. 
(a) EXEMPTION FROM PROPERTY APPRAISAL RE-
QUIREMENTS
FOR LOWER-COST DWELLINGS.—Section 
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129H of the Truth in Lending Act (15 U.S.C. 1639h) is 
amended by adding at the end the following new sub-
section: 
‘‘(g) EXEMPTION FOR CERTAIN MORTGAGES.—The 
Bureau, the Comptroller of the Currency, the Federal De-
posit Insurance Corporation, the National Credit Union 
Administration Board, and the Federal Housing Finance 
Agency shall exempt, by rule, a mortgage loan of $250,000 
or less from the requirements of this section if such loan 
appears on the balance sheet of the creditor of such loan 
for a period of not less than 3 years.’’. 
(b) EXEMPTION FROM PENALTIES FOR FAILURE TO 
REPORT APPRAISERS.—Paragraph (1) of section 129E(k) 
of the Truth in Lending Act (15 U.S.C. 1639e(k)(1)) is 
amended by inserting after ‘‘this section’’ the following: 
‘‘, other than subsection (e),’’. 
(c) EXEMPTION FROM APPRAISAL STANDARD RE-
QUIREMENTS
FOR LOWER-COST DWELLINGS.—Section 
1110 of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 3339) is amended— 
(1) by striking ‘‘Each Federal financial institu-
tions regulatory agency and the Resolution Trust 
Corporation’’ and inserting the following: 
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‘‘(a) REAL ESTATE APPRAISALS
IN CONNECTION 
WITH
FEDERALLY
RELATED
TRANSACTIONS.—Each 
Federal financial institutions regulatory agency’’; 
(2) by striking ‘‘each such agency or instrumen-
tality’’ and inserting ‘‘each such agency’’; 
(3) in the flush left matter following paragraph 
(3), by striking ‘‘Each such agency or instrumen-
tality’’ and inserting the following: 
‘‘(b) ADDITIONAL STANDARDS.—Each such agency 
described under subsection (a)’’; and 
(4) by adding at the end the following new sub-
section: 
‘‘(c) 
EXEMPTION
FOR
CERTAIN
MORTGAGE 
LOANS.—Each such agency described under subsection 
(a) shall exempt, by rule, a real estate appraisal or evalua-
tion conducted in connection with a mortgage loan of 
$250,000 or less from the standards prescribed under this 
section, if such loan appears on the balance sheet of the 
creditor of such loan for a period of not less than 3 
years.’’. 
Æ 
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