To amend the Truth in Lending Act to allow certain loans that are not fully amortizing to be used in seller carryback financing on residential mortgage loans.

Bill: 113-hr-245
Sponsor: full_name: Rep. Schweikert, David [R-AZ-6]
Introduced: 2013-01-14
Policy area: Housing and Community Development
Subjects: Housing finance and home ownership
Latest action: action_date: 2013-01-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-01-14
action_desc: Introduced in House
text: <p>Amends the Truth in Lending Act to modify the exclusion from the definition of "mortgage originator" of a seller providing mortgage financing of three properties in a 12-month period to remove the requirement that a residential mortgage loan be fully amortizing. (Allows treatment as a mortgage originator of any seller providing mortgage financing of three properties in a 12-month period even if the mortgage loan involved is not fully amortizing.)</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 245 IN THE HOUSE OF REPRESENTATIVES January 14, 2013 Mr. Schweikert introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Truth in Lending Act to allow certain loans that are not fully amortizing to be used in seller carryback financing on residential mortgage loans.

1. Removing limitation Section 103(cc)(2)(E) of the Truth in Lending Act (as added by section 1401 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) is amended— (1) by striking clause (ii); and (2) by redesignating clauses (iii), (iv), and (v) as clauses (ii), (iii), and (iv), respectively.