Given the task definition and input, reply with output. In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Stopping Ongoing Lender Delays Act''
or the ''SOLD Act''.

SEC. 2. TRUTH IN LENDING ACT AMENDMENTS.

Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is
amended by inserting before section 130 (15 U.S.C. 1640) the following
new section:

''SEC. 129I. RESPONSES REQUIRED FOR MORTGAGOR REQUESTS FOR REFINANCING.

''(a) In General.--
''(1) Written response to mortgagor requests required.--
''(A) In general.--Each servicer shall respond in
writing to a mortgagor of a residential mortgage loan
who has submitted a written request that meets the
requirements of subsection (b), not later than the end
of the 30-calendar day period beginning on the date of
receipt of such request, subject to paragraphs (2) and
(3).
''(B) Applicability.--Subparagraph (A) shall apply,
except as provided in subsection (b), and
notwithstanding any other provision of law or of any
contract, including a contract between a servicer of a
residential mortgage loan and a securitization vehicle
or other investment vehicle.
''(2) Content.--A written response by a servicer under
paragraph (1) shall specify--
''(A) a decision on whether such request has been
denied or approved, or that such request has been
approved subject to specified changes; or
''(B) that additional time is required, in which
case the servicer shall provide a new decision date.
''(3) Single extension of new decision date authorized.--A
servicer may, upon written notice to the mortgagor, extend a
new decision date provided under paragraph (2)(B) a single
time, for a period of not longer than 30 additional calendar
days.
''(b) Inapplicability to Certain Existing Mortgages.--Subsection
(a) shall not apply with respect to any residential mortgage with
respect to which the mortgagor and the mortgagee or servicer have
entered into a written agreement before the date of enactment of this
Act explicitly providing a procedure or terms for approval of a short
sale.
''(c) Mortgagor Submission.--Subsection (a) shall apply in any case
in which the mortgagor under a residential mortgage loan submits to the
servicer thereof--
''(1) a written offer for a short sale of the dwelling or
residential real property that is subject to the mortgage, deed
of trust, or other security interest that secures the mortgage
loan; and
''(2) all information required by the servicer in
connection with such a request (including a copy of an executed
contract between the owner of the dwelling or property and the
prospective buyer that is subject to approval by the servicer).
''(d) Civil Actions Authorized.--An aggrieved individual may bring
an action in a court of competent jurisdiction, asserting a violation
of this section. Aggrieved individuals may be awarded all appropriate
relief, including equitable relief, and a monetary award of $1,000 per
violation, plus reasonable attorneys' fees, or such higher amount as
may be appropriate in the case of an established pattern or practice of
such failures.
''(e) Definitions.--
''(1) Residential mortgage loan.--The term 'residential
mortgage loan' means any consumer credit transaction that is
secured by a mortgage, deed of trust, or other equivalent
consensual security interest on a dwelling or on residential
real property that includes a dwelling, other than a consumer
credit transaction under an open end credit plan or an
extension of credit relating to a plan described in section
101(53D) of title 11, United States Code.
''(2) Servicer.--The term 'servicer' has the same meaning
as in section 129A, except that such term includes a person who
makes or holds a residential mortgage loan (including a pool of
residential mortgage loans), if such person also services the
loan.
''(3) Short sale.--The term 'short sale' means the sale of
the dwelling or residential real property that is subject to
the mortgage, deed or trust, or other security interest that
secures a residential mortgage loan that--
''(A) will result in proceeds in an amount that is
less than the remaining amount due under the mortgage
loan; and
''(B) requires authorization by the securitization
vehicle or other investment vehicle or holder of the
mortgage loan, or the servicer acting on behalf of such
a vehicle or holder.''.
Stopping Ongoing Lender Delays Act or SOLD Act - Amends the Truth in Lending Act to require each servicer of a home mortgage to respond in writing within 30 days to a mortgagor of a residential mortgage loan who hasrequested in writing a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.

Authorizes an aggrieved individual to bring a civil action for damages and equitable relief for any violation of this Act.

Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.