A bill to amend the Truth in Lending Act to clarify the application of the qualified mortgage rule to rural lenders, and for other purposes.

Bill: 113-s-2697
Sponsor: full_name: Sen. King, Angus S., Jr. [I-ME]
Introduced: 2014-07-30
Policy area: Finance and Financial Sector
Subjects: Housing finance and home ownership

Rural conditions and development
Latest action: action_date: 2014-07-30
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2014-07-30
action_desc: Introduced in Senate
text: <p>Amends the Truth in Lending Act to limit to a city or town with under 50,000 inhabitants the meaning of "rural" with respect to rural lenders which may presume that the applicant for a residential mortgage loan has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments.</p>

tv_txt: II 113th CONGRESS 2d Session S. 2697 IN THE SENATE OF THE UNITED STATES July 30, 2014 Mr. King (for himself and Mr. Warner ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Truth in Lending Act to clarify the application of the qualified mortgage rule to rural lenders, and for other purposes.

1. Qualified mortgages for rural lenders Section 129C(b)(2) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(2) ) is amended— (1) in subparagraph (E)(vi)(II), by striking a limit set by the Board and inserting 1,000 per year ; and (2) by inserting after subparagraph (E) the following: (F) Rural The term rural means any area other than— (i) a city or town that has a population of greater than 50,000 inhabitants; and (ii) any urbanized area contiguous and adjacent to a city or town described in clause (i). .