Responsible Lending Act

Bill: 108-hr-833
Sponsor: Rep. Ney, Robert W. [R-OH-18]
Introduced: 2003-02-13 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative procedure
Administrative remedies
Affiliated corporations
Auctions
Civil Rights and Liberties, Minority Issues
Civil actions and liability
Class actions (Civil procedure)
Commerce
Commercial arbitration
Computer software
Confidential communications
Consumer complaints
Consumer credit
Consumer education
Continuing education
Counseling
Crime and Law Enforcement
Criminal justice information
Criminal liability
Damages
Data banks
Debtor and creditor
Department of Housing and Urban Development
Department of the Treasury
District courts
Economics and Public Finance
Electronic government information
Employment tests
Evidence (Law)
Executive reorganization
Express service
Facsimile transmission
Federal Reserve System
Federal aid to housing
Federal preemption
Federally-assisted loans
Federally-guaranteed loans
Fees
Finance charges
Financial services
Financial statements
Fines (Penalties)
Foreclosure
Government Operations and Politics
Government contractors
Government lending
Government liability
Government publications
Government publicity
Higher education
Home ownership
Home repair and improvement
Housing and Community Development
Housing finance
Identification of criminals
Income
Insurance premiums
Internet
Judicial review
Jurisdiction
Labor and Employment
Law
Liability (Law)
Licenses
Liens
Loan defaults
Loans
Mortgage banks
Mortgage guaranty insurance
Mortgage interest rates
Mortgages
Performance measurement
Profit
Public service advertising
Real estate business
Rental housing
Right of privacy
Science, Technology, Communications
Secondary mortgage market
Settlement costs
Social Welfare
State employees
State laws
State officials
Telephone
Transportation and Public Works
User charges
Variable rate mortgage loans
Web sites

Summary:
action_date: 2003-02-13
text: Responsible Lending Act - Amends the Truth in Lending Act to define: (1) high cost mortgage; and (2) points and fees. Revises specified liability and other related provisions.
Provides for continuation of late fee and prepayment provision identification under the Alternative Mortgage Transaction parity Act of 1982.
Amends the Housing and Urban Development Act of 1968 to establish in the Department of Housing and Urban Development the Consumer Mortgage Protection Board, which shall: (1) provide homeownership and rental counseling and related toll-free telephone and web site services; (2) provide grants for housing counseling services; and (3) prepare and update a mortgage information booklet.
Directs the Secretary of Housing and Urban Development to establish Federal mortgage broker requirements. Sets forth uniform State mortgage broker law guidelines, and states that Federal requirements shall apply to those States that have not enacted uniform laws.

Legislative actions:
action_date: 2003-03-10
text: Referred to the Subcommittee on Housing and Community Opportunity.
action_date: 2003-03-10
text: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
action_date: 2003-02-13
text: Referred to the House Committee on Financial Services.
action_date: 2003-02-13
text: Introduced in House
action_date: 2003-02-13
text: Introduced in House