TRID Improvement Act of 2017

Bill: 115-hr-3978
Sponsor: Rep. Hill, J. French [R-AR-2]
Introduced: 2017-10-05 in the House
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Business records
Civil actions and liability
Computers and information technology
Consumer Financial Protection Bureau
Financial services and investments
Government information and archives
Government liability
Government trust funds
Housing finance and home ownership
Intellectual property
Licensing and registrations
Real estate business
Securities
Securities and Exchange Commission (SEC)
State and local government operations
User charges and fees

Summary:
action_date: 2017-10-05
text: 

TRID Improvement Act of 2017

 
This bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. 

action_date: 2018-01-25
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

TRID Improvement Act of 2017

 
(Sec. 2) This bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. 

action_date: 2018-02-14
text: 

 
(Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million.
 
TITLE I--TRID IMPROVEMENT
 
(Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. 
 
TITLE II--PROTECTION OF SOURCE CODE
 
(Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena. 
 
TITLE III--FOSTERING INNOVATION
 
(Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies. 
 
These requirements shall not apply with respect to any audit report prepared for an issuer that:
 
 
ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities, 
 
had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and 
 
is not a large accelerated filer. 

 
This exemption shall expire at the earliest of: (1) the last day of the fiscal year 10 years after the issuer's first sale of common equity securities, (2) the end of the fiscal year in which the issuer's average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer. 
 
TITLE IV--NATIONAL SECURITIES EXCHANGE REGULATORY PARITY
 
(Sec. 401) The bill amends the Securities Act of 1933 to exempt from state registration securities qualified for national trading by the SEC and authorized to be listed on a national securities exchange. Currently, securities listed on exchanges specified by statute or rule are exempt. 
 
TITLE V--ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS
 
(Sec. 501) The bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution.
 
(Sec. 502) The bill revises the S.A.F.E. Mortgage Licensing Act's civil liability immunity provisions. 


Legislative actions:
action_date: 2018-02-15
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2018-02-14
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2018-02-14
text: On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77). (text: CR H1155-1156)
action_date: 2018-02-14
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77).(text: CR H1155-1156)
action_date: 2018-02-14
text: On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76).
action_date: 2018-02-14
text: The previous question on the motion to recommit with instructions was ordered without objection.
action_date: 2018-02-14
text: DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed.
action_date: 2018-02-14
text: Mr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166)
action_date: 2018-02-14
text: The previous question was ordered on the bill and amendment pursuant to the rule.
action_date: 2018-02-14
text: DEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.
action_date: 2018-02-14
text: DEBATE - The House proceeded with one hour of debate on H.R. 3978.
action_date: 2018-02-14
text: Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
action_date: 2018-02-14
text: Considered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169)
action_date: 2018-02-14
text: Rule H. Res. 736 passed House.
action_date: 2018-02-13
text: Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
action_date: 2018-01-25
text: Placed on the Union Calendar, Calendar No. 389.
action_date: 2018-01-25
text: Reported by the Committee on Financial Services. H. Rept. 115-524.
action_date: 2018-01-25
text: Reported by the Committee on Financial Services. H. Rept. 115-524.
action_date: 2017-11-15
text: Ordered to be Reported by the Yeas and Nays: 53 - 5.
action_date: 2017-11-15
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-05
text: Referred to the House Committee on Financial Services.
action_date: 2017-10-05
text: Introduced in House
action_date: 2017-10-05
text: Introduced in House
action_date: 2017-09-07
text: Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.