TRID Improvement Act of 2018

Bill: 115-hr-5078
Sponsor: full_name: Rep. Hill, J. French [R-AR-2]
Introduced: 2018-02-23
Policy area: Finance and Financial Sector
Subjects: Congressional oversight

Consumer credit

Debt collection

Government studies and investigations

Low- and moderate-income housing

Public utilities and utility rates
Latest action: action_date: 2018-02-28
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2018-02-23
action_desc: Introduced in House
text: <p><strong>TRID Improvement Act of</strong> <b>2018</b></p> <p>This bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements&nbsp;applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. </p>

action_date: 2018-02-27
action_desc: Passed House amended
text: <p><strong>TRID Improvement Act of</strong> <b>2018</b></p> <p>(Sec. 2) This bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements&nbsp;applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. </p> <p>(Sec. 3) The bill amends the Fair Credit Reporting Act to allow the reporting of certain positive consumer-credit information to consumer reporting agencies. Specifically, a person or the Department of Housing and Urban Development may report information related to a consumer's performance in making payments either under a lease agreement for a dwelling or pursuant to a contract for a utility or telecommunications service. However, information about a consumer's usage of any utility or telecommunications service may be reported only to the extent that the information relates to payment by the consumer for such service or other terms of the provision of that service. Furthermore, an energy-utility firm may not report a consumer's outstanding balance as late if the firm and the consumer have entered into a payment plan and the consumer is meeting the obligations of that plan. </p> <p>Specified provisions of the Consumer Credit Protection Act that establish civil liability with respect to furnishers of information to consumer reporting agencies shall not apply to any violation of the bill. </p> <p>The Government Accountability Office must report on the consumer impact of such reporting.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5078 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes.

1. Short title This Act may be cited as the TRID Improvement Act of 2018 . 2. Amendments to mortgage disclosure requirements Section 4(a) of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2603(a) ) is amended— (1) by striking itemize all charges and inserting itemize all actual charges ; (2) by striking and all charges imposed upon the seller in connection with the settlement and and inserting and the seller in connection with the settlement. Such forms ; and (3) by inserting after or both. the following new sentence: Charges for any title insurance premium disclosed on such forms shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by State regulation or the title company rate filings. . 3. Positive credit reporting permitted (a) In general Section 623 of the Fair Credit Reporting Act ( 15 U.S.C. 1681s–2 ) is amended by adding at the end the following new subsection: (f) Full-File credit reporting (1) In general Subject to the limitation in paragraph (2) and notwithstanding any other provision of law, a person or the Secretary of Housing and Urban Development may furnish to a consumer reporting agency information relating to the performance of a consumer in making payments— (A) under a lease agreement with respect to a dwelling, including such a lease in which the Department of Housing and Urban Development provides subsidized payments for occupancy in a dwelling; or (B) pursuant to a contract for a utility or telecommunications service. (2) Limitation Information about a consumer’s usage of any utility services provided by a utility or telecommunication firm may be furnished to a consumer reporting agency only to the extent that such information relates to payment by the consumer for the services of such utility or telecommunication service or other terms of the provision of the services to the consumer, including any deposit, discount, or conditions for interruption or termination of the services. (3) Payment plan An energy utility firm may not report payment information to a consumer reporting agency with respect to an outstanding balance of a consumer as late if— (A) the energy utility firm and the consumer have entered into a payment plan (including a deferred payment agreement, an arrearage management program, or a debt forgiveness program) with respect to such outstanding balance; and (B) the consumer is meeting the obligations of the payment plan, as determined by the energy utility firm. (4) Definitions In this subsection, the following definitions shall apply: (A) Energy utility firm The term energy utility firm means an entity that provides gas or electric utility services to the public. (B) Utility or telecommunication firm The term utility or telecommunication firm means an entity that provides utility services to the public through pipe, wire, landline, wireless, cable, or other connected facilities, or radio, electronic, or similar transmission (including the extension of such facilities). . (b) Limitation on liability Section 623(c) of the Consumer Credit Protection Act ( 15 U.S.C. 1681s–2(c) ) is amended— (1) in paragraph (2), by striking or at the end; (2) by redesignating paragraph (3) as paragraph (4); and (3) by inserting after paragraph (2) the following new paragraph: (3) subsection (f) of this section, including any regulations issued thereunder; or . (c) GAO study and report Not later than 2 years after the date of the enactment of this Act, the Comptroller General of the United States shall submit to Congress a report on the impact of furnishing information pursuant to subsection (f) of section 623 of the Fair Credit Reporting Act ( 15 U.S.C. 1681s–2 ) (as added by this Act) on consumers.

Passed the House of Representatives February 27, 2018. Karen L. Haas, Clerk.

tv_txt: I 115th CONGRESS 2d Session H. R. 5078 IN THE HOUSE OF REPRESENTATIVES February 23, 2018 Mr. Hill introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes.

1. Short title This Act may be cited as the TRID Improvement Act of 2018 . 2. Amendments to mortgage disclosure requirements Section 4(a) of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2603(a) ) is amended— (1) by striking itemize all charges and inserting itemize all actual charges ; (2) by striking and all charges imposed upon the seller in connection with the settlement and and inserting and the seller in connection with the settlement. Such forms ; and (3) by inserting after or both. the following new sentence: Charges for any title insurance premium disclosed on such forms shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by State regulation or the title company rate filings. .

tv_txt: IIB 115th CONGRESS 2d Session H. R. 5078 IN THE SENATE OF THE UNITED STATES February 28, 2018 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes.

1. Short title This Act may be cited as the TRID Improvement Act of 2018 . 2. Amendments to mortgage disclosure requirements Section 4(a) of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2603(a) ) is amended— (1) by striking itemize all charges and inserting itemize all actual charges ; (2) by striking and all charges imposed upon the seller in connection with the settlement and and inserting and the seller in connection with the settlement. Such forms ; and (3) by inserting after or both. the following new sentence: Charges for any title insurance premium disclosed on such forms shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by State regulation or the title company rate filings. . 3. Positive credit reporting permitted (a) In general Section 623 of the Fair Credit Reporting Act ( 15 U.S.C. 1681s–2 ) is amended by adding at the end the following new subsection: (f) Full-File credit reporting (1) In general Subject to the limitation in paragraph (2) and notwithstanding any other provision of law, a person or the Secretary of Housing and Urban Development may furnish to a consumer reporting agency information relating to the performance of a consumer in making payments— (A) under a lease agreement with respect to a dwelling, including such a lease in which the Department of Housing and Urban Development provides subsidized payments for occupancy in a dwelling; or (B) pursuant to a contract for a utility or telecommunications service. (2) Limitation Information about a consumer’s usage of any utility services provided by a utility or telecommunication firm may be furnished to a consumer reporting agency only to the extent that such information relates to payment by the consumer for the services of such utility or telecommunication service or other terms of the provision of the services to the consumer, including any deposit, discount, or conditions for interruption or termination of the services. (3) Payment plan An energy utility firm may not report payment information to a consumer reporting agency with respect to an outstanding balance of a consumer as late if— (A) the energy utility firm and the consumer have entered into a payment plan (including a deferred payment agreement, an arrearage management program, or a debt forgiveness program) with respect to such outstanding balance; and (B) the consumer is meeting the obligations of the payment plan, as determined by the energy utility firm. (4) Definitions In this subsection, the following definitions shall apply: (A) Energy utility firm The term energy utility firm means an entity that provides gas or electric utility services to the public. (B) Utility or telecommunication firm The term utility or telecommunication firm means an entity that provides utility services to the public through pipe, wire, landline, wireless, cable, or other connected facilities, or radio, electronic, or similar transmission (including the extension of such facilities). . (b) Limitation on liability Section 623(c) of the Consumer Credit Protection Act ( 15 U.S.C. 1681s–2(c) ) is amended— (1) in paragraph (2), by striking or at the end; (2) by redesignating paragraph (3) as paragraph (4); and (3) by inserting after paragraph (2) the following new paragraph: (3) subsection (f) of this section, including any regulations issued thereunder; or . (c) GAO study and report Not later than 2 years after the date of the enactment of this Act, the Comptroller General of the United States shall submit to Congress a report on the impact of furnishing information pursuant to subsection (f) of section 623 of the Fair Credit Reporting Act ( 15 U.S.C. 1681s–2 ) (as added by this Act) on consumers.

Passed the House of Representatives February 27, 2018. Karen L. Haas, Clerk.