Home Mortgage Disclosure Adjustment Act

Bill: 114-hr-4997
Sponsor: full_name: Rep. Emmer, Tom [R-MN-6]
Introduced: 2016-04-20
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business records

Consumer credit

Housing finance and home ownership
Latest action: action_date: 2016-04-20
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-04-20
action_desc: Introduced in House
text: <p><b>Home Mortgage Disclosure Adjustment Act</b></p> <p>This bill amends the Home Mortgage Disclosure Act of 1975 to exempt from maintenance of mortgage loan records and disclosure requirements depository institutions that have originated in each of the two preceding calendar years:</p> <ul> <li>fewer than 100 closed-end mortgage loans, and</li> <li>fewer than 200 open-end lines of credit.</li> </ul>

tv_txt: I 114th CONGRESS 2d Session H. R. 4997 IN THE HOUSE OF REPRESENTATIVES April 20, 2016 Mr. Emmer of Minnesota (for himself, Mr. Guinta , Mr. Barr , Mr. Luetkemeyer , Mr. Mulvaney , and Mr. Hill ) introduced the following bill; which was referred to the Committee on Financial Services 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.

1. Short title This Act may be cited as the Home Mortgage Disclosure Adjustment Act . 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 (2) and adjusting the margin appropriately; and (2) by inserting before such paragraph (2) the following: (i) Exemptions (1) In general With respect to a depository institution, the requirements of subsections (a) and (b) shall not apply— (A) with respect to closed-end mortgage loans, if such depository institution originated less than 100 closed-end mortgage loans in each of the two preceding calendar years; and (B) with respect to open-end lines of credit, if such depository institution originated less than 200 open-end lines of credit in each of the two preceding calendar years. . (b) Technical correction Section 304(i)(2) of such Act, as redesignated by subsection (a), is amended by striking section 303(2)(A) and inserting section 303(3)(A) .