Home Mortgage Disclosure Adjustment Act

Bill: 114-s-3215
Sponsor: full_name: Sen. Rounds, Mike [R-SD]
Introduced: 2016-07-14
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: 2016-07-14
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2016-07-14
action_desc: Introduced in Senate
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>fewer than 200 open-end lines of credit. </LI> </UL>

tv_txt: II 114th CONGRESS 2d Session S. 3215 IN THE SENATE OF THE UNITED STATES July 14, 2016 Mr. Rounds introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 (3) and adjusting the margins accordingly; and (2) by inserting before paragraph (3), as so redesignated, the following: (i) Exemptions (1) Closed-end mortgage loans With respect to a depository institution, the requirements of subsections (a) and (b) shall not apply with respect to closed-end mortgage loans if the depository institution originated less than 100 closed-end mortgage loans in each of the 2 preceding calendar years. (2) Open-end lines of credit With respect to a depository institution, the requirements of subsections (a) and (b) shall not apply with respect to open-end lines of credit if the depository institution originated less than 200 open-end lines of credit in each of the 2 preceding calendar years. . (b) Technical correction Section 304(i)(2) of the Home Mortgage Disclosure Act of 1975, as redesignated by subsection (a), is amended by striking section 303(2)(A) and inserting section 303(3)(A) .