Title: Home Mortgage Disclosure Adjustment Act
Policy area: Finance and Financial Sector

Summary:
Home Mortgage Disclosure Adjustment Act
This bill amends the Home Mortgage Disclosure Act of 1975 to exempt a depository institution from certain records and disclosure requirements related to the itemization of loan data: (1) with respect to closed-end mortgage loans, if the depository institution originated fewer than 500 such loans in each of the two preceding years; and (2) with respect to open-end lines of credit, if the depository institution originated fewer than 500 such lines of credit in each of the two preceding years.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1310 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                S. 1310

  To amend the Home Mortgage Disclosure Act of 1975 to specify which 
 depository institutions are subject to the maintenance of records and 
      disclosure requirements of such Act, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              June 7, 2017

  Mr. Rounds (for himself, Ms. Heitkamp, Mr. Tester, Mr. Hoeven, Mr. 
  Donnelly, and Mr. Kennedy) introduced the following bill; which was 
read twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the Home Mortgage Disclosure Act of 1975 to specify which 
 depository institutions are subject to the maintenance of records and 
      disclosure requirements of such Act, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Home Mortgage Disclosure Adjustment 
Act''.

SEC. 2. DEPOSITORY INSTITUTIONS SUBJECT TO MAINTENANCE OF RECORDS AND 
              DISCLOSURE REQUIREMENTS.

    (a) In General.--Section 304 of the Home Mortgage Disclosure Act of 
1975 (12 U.S.C. 2803) is amended--
            (1) by redesignating subsection (i) as paragraph (3) and 
        adjusting the margins accordingly; and
            (2) by inserting before paragraph (3), as so redesignated, 
        the following:
    ``(i) Exemptions.--
            ``(1) Closed-end mortgage loans.--With respect to a 
        depository institution, the requirements of paragraphs (5) and 
        (6) of subsection (b) shall not apply with respect to closed-
        end mortgage loans if the depository institution originated 
        less than 500 closed-end mortgage loans in each of the 2 
        preceding calendar years.
            ``(2) Open-end lines of credit.--With respect to a 
        depository institution, the requirements of paragraphs (5) and 
        (6) of subsection (b) shall not apply with respect to open-end 
        lines of credit if the depository institution originated less 
        than 500 open-end lines of credit in each of the 2 preceding 
        calendar years.''.
    (b) Technical Correction.--Section 304(i)(3) of the Home Mortgage 
Disclosure Act of 1975, as so redesignated by subsection (a)(1), is 
amended by striking ``section 303(2)(A)'' and inserting ``section 
303(3)(A)''.
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