A bill to provide for a temporary safe harbor from the enforcement of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, and for other purposes.

Bill: 114-s-1711
Sponsor: full_name: Sen. Scott, Tim [R-SC]
Introduced: 2015-07-07
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Civil actions and liability

Housing finance and home ownership

Real estate business
Latest action: action_date: 2015-07-07
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2015-07-07
action_desc: Introduced in Senate
text: <p>This bill prohibits until January 1, 2016, enforcement against any person of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974, the Truth in Lending Act, and regulations issued under such Acts.</p> <p>No suit may be filed against any person for a violation of such requirements occurring before that date, as long as the person has made a good faith effort to comply with them.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1711 IN THE SENATE OF THE UNITED STATES July 7, 2015 Mr. Scott (for himself, Mr. Donnelly , Mr. Crapo , Mrs. Shaheen , Mr. Heller , Mr. King , Mr. Rounds , Mr. Daines , Ms. Ayotte , Mr. Roberts , and Mr. Isakson ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To provide for a temporary safe harbor from the enforcement of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, and for other purposes.

1. Enforcement safe harbor The integrated disclosure requirements for mortgage loan transactions under section 4(a) of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2603(a) ), section 105(b) of the Truth in Lending Act ( 15 U.S.C. 1604(b) ), and regulations issued under such sections may not be enforced against any person until January 1, 2016, and no suit may be filed against any person for a violation of such requirements occurring before such date, so long as such person has made a good faith effort to comply with such requirements.