Home Mortgage Disclosure Adjustment Act

Bill: 115-s-1310
Sponsor: full_name: Sen. Rounds, Mike [R-SD]
Introduced: 2017-06-07
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: 2017-06-08
text: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-81.

Summaries:
action_date: 2017-06-07
action_desc: Introduced in Senate
text: <p><strong>Home Mortgage Disclosure Adjustment Act</strong></p> <p>This&nbsp;bill&nbsp;amends the Home Mortgage Disclosure Act&nbsp;of 1975 to&nbsp;exempt a depository institution&nbsp;from certain records and disclosure&nbsp;requirements related to the itemization of loan data: (1) with respect to closed-end mortgage loans, if the depository institution originated fewer than 500 such loans in each of the two preceding years; and (2) with respect to open-end lines of credit, if the depository institution originated fewer than 500 such lines of credit in each of the two preceding years.</p>

tv_txt: II 115th CONGRESS 1st Session S. 1310 IN THE SENATE OF THE UNITED STATES June 7, 2017 Mr. Rounds (for himself, Ms. Heitkamp , Mr. Tester , Mr. Hoeven , Mr. Donnelly , and Mr. Kennedy ) 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 paragraphs (5) and (6) of subsection (b) shall not apply with respect to closed-end mortgage loans if the depository institution originated less than 500 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 paragraphs (5) and (6) of subsection (b) shall not apply with respect to open-end lines of credit if the depository institution originated less than 500 open-end lines of credit in each of the 2 preceding calendar years. . (b) Technical correction Section 304(i)(3) of the Home Mortgage Disclosure Act of 1975, as so redesignated by subsection (a)(1), is amended by striking section 303(2)(A) and inserting section 303(3)(A) .