zli12321/Bills huggingface dataset:
Sensible Accounting to Value Energy Act of 2014 - Directs the Secretary of Housing and Urban Development (HUD) to develop and issue guidelines for all federal mortgage agencies (including the Federal National Mortgage Association [Fannie Mae], the Federal Home Loan Mortgage Corporation [Freddie Mac], and any affiliates) to implement enhanced loan eligibility requirements, for use when testing the ability of a loan applicant to repay a covered loan, that account for the expected energy cost savings for a loan applicant at a subject property.

Directs the Secretary to issue guidelines for how covered agencies shall determine: (1) the maximum permitted loan amount based on the value of the property for all covered loans made on properties with an energy efficiency report, and (2) the estimated energy savings for properties with such a report.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to require standards for the performance of real estate appraisals in connection with federally related transactions to require at a minimum that state certified and licensed appraisers have timely access, where practicable, to information from the property owner and the lender that may be relevant in developing an opinion of value regarding the energy- and water-saving improvements or features of a property.

Applies the requirement of state certified appraisers to transactions involving any real property on which the appraiser makes adjustments using an energy efficiency report.

Directs the Secretary to establish an advisory group on the implementation of the enhanced energy efficiency underwriting criteria established in this Act.

Date: 2014-05-08
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Fair Debt Collections Practices Clarification Act of 2014 - Amends the Fair Debt Collection Practices Act to restrict the award of court costs and attorney fees to the defendant in an action to enforce liability for violating the Act solely upon a finding that the action was brought in bad faith and for the purpose of harassment.

Date: 2014-05-09
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Responsible GSE Affordable Housing Investment Act of 2014 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to revise requirements for determination of compliance with the multifamily special affordable housing goal.

Requires the Director of the Federal Housing Finance Agency to establish standards for the multifamily special affordable housing goal that proportionately reduce the number of units receiving credit for any mortgage purchase by the Federal Home Loan Mortgage Corporation (Freddie Mac) or the Federal Home Loan Mortgage Association (Fannie Mae) (government-sponsored enterprises or GSEs) that facilitates the conversion of dwelling units available at rental rates affordable to low-income families to dwelling units such families could not afford.

Requires such standards to provide no credit toward achievement of the goal for any mortgage purchase for multifamily housing that involves an aggregate amount of project debt that is not reasonable. Requires the Director to require the GSE to apply this same standard to any mortgages backing any GSE-purchased security to determine whether the units financed by such mortgages are eligible for credit toward achievement of the housing goal.

Date: 2014-05-30
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums.

Date: 2014-06-11
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
National Homeowners Bill of Rights Act of 2014 - Amends the Real Estate Settlement Procedures Act of 1974 to require servicers of federally related mortgage loans to: (1) establish for each borrower's account a single electronic record accessible throughout the servicer, including its agents, and all its affordable loan modification staff, foreclosure staff, and bankruptcy staff; and (2) maintain a free, publicly accessible website where borrowers may check their estimated net present value.

Requires servicers to provide free oral interpretation services, as well as translated documents, upon borrower request, which may be provided by contracting with housing counseling agencies approved by the Department of Housing and Urban Development (HUD).

Prescribes requirements for the affordable loan modification process, including: (1) evaluation of borrowers facing imminent default, (2) assistance in applying for affordable loan modification, (3) treatment of successors in interest, (4) loan transfers, and (5) restrictions upon foreclosure proceedings.

Bars sale of the property securing the mortgage if the servicer of the mortgage does not file a certification with the appropriate land records office where the property securing the mortgage is located, stating that the servicer has determined the eligibility of the mortgagor for an affordable loan modification.

Prescribes criteria governing: (1) mortgagor's eligibility to participate in an affordable loan modification, (2) earned principal forgiveness, (3) principal reduction, and (4) treatment of junior liens.

Subjects a servicer who violates this Act to a civil penalty, and to liability to the borrower. Limits to $1 million the maximum penalty for all violations committed by any particular servicer during any one-year period.

Directs the Director of the Consumer Financial Protection Bureau (CFPB) to appoint a Mortgage Servicer Ombudsman.

Subjects to a maximum fine of $7,500 per loan a servicer who records or files with a land records office or a court more than one document with material deficiencies (robo-signing) with respect to a mortgage loan.

Extends indefinitely the Protecting Tenants at Foreclosure Act of 2009 by repealing its termination date.

Date: 2014-06-25
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Protecting Consumers from Unreasonable Credit Rates Act of 2014 - Amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (credit card) for which the fee and interest rate exceeds 36%.

Sets forth criminal penalties for violations of this Act. Empowers state Attorneys General to enforce this Act.

Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly. Requires inclusion of the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).

Date: 2014-07-17
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Access to Affordable Mortgages Act of 2014 - Amends the Truth in Lending Act to exempt from property appraisal requirements certain higher-risk mortgage loans of $250,000 or less if such a loan appears on the balance sheet of the creditor of the loan for at least three years.

Exempts certain individuals required to make such reports from penalties for failure to report any appraisers reasonably suspected of failing to comply with the Uniform Standards of Professional Appraisal Practice, of violating applicable laws, or of otherwise engaging in unethical or unprofessional conduct.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt such higher-risk mortgage loans from property appraisal or evaluation standard requirements.

Date: 2014-07-17
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Protecting Independence in the Education of Loan Originators Act of 2014 - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to prohibit the courses offered by lenders for their own employees from satisfying the pre-licensing education or continuing education requirement.

Date: 2014-07-31
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Facilitating Access to Credit Act of 2014 - Amends the Credit Repair Organizations Act to exempt from its coverage any consumer reporting agency (or affiliate or subsidiary) described under the Fair Credit Reporting Act as:

 one that compiles and maintains files on consumers on a nationwide basis; or any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers in order to furnish consumer reports to third parties, if the person is subject to supervision and examination by the Consumer Financial Protection Bureau (CFPB). Preempts state law and regulations concerning a credit repair organization to the extent they would apply to consumer reporting agencies subject to this Act.

Directs the Federal Trade Commission (FTC) to study whether, in addition to these persons, any other person should be exempt from the Credit Repair Organizations Act.

Date: 2014-09-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Amends the Fair Credit Reporting Act (FCRA) to require any person (any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental agency, or other entity) who develops a tool or system for deriving a credit score to make such tool or system available to the public, including on such person's website.

Removes provisions that prohibit FCRA from being construed to require: (1) a consumer reporting agency to disclose to a consumer any information concerning credit scores or any other risk scores or predictors relating to the consumer, or (2) a consumer reporting agency that distributes credit scores developed by another person or entity to provide a further explanation of such scores or to process a dispute regarding the accuracy of a consumer's file.

Requires a person or entity who furnishes information to a consumer reporting agency with respect to a debt of a consumer to notify the consumer reporting agency of any settlement agreement that the person or entity has entered into with the consumer regarding such debt within 30 days of any such agreement.

Date: 2014-09-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Preserving Multifamily Housing Act of 2014 - Prohibits the Director of the Federal Housing Finance Agency (FHFA) from taking any action that has the effect of reducing or limiting the volume or scope of the business of the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) in mortgages for multifamily housing unless the Director: (1) determines that there is substantial evidence that such action is necessary to ensure the financial safety and soundness of the GSE, (2) causes that determination to be published in the Federal Register, and (3) submits written notice of the determination to Congress.

Date: 2014-09-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Fast Help For Homeowners Act - Amends the Truth in Lending Act to require the servicer of a federally related mortgage, upon request by the mortgagor for a short sale of the dwelling or residential real property under the mortgage, to notify in writing each holder of a subordinate lien on the property securing the loan of such request, together with a copy of it.

Requires a subordinate lien holder that is so notified to respond in writing to the servicer within 45 days after receiving the notification. Considers the request approved by the holder if the holder does not respond within the 45 days.

Date: 2014-09-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Preventing Improper Foreclosures Act of 2014 - Amends the Garn-St Germain Depository Institutions Act of 1982 with respect to the prohibition against exercise of a due-on-sale contract requirement upon certain transfers of property subject to a real property loan.  Requires the lender, in the case of such a transfer, to provide the successor homeowner with information about the mortgage loan, including the availability of loan modification options.

Requires a lender, with respect to any such transfer not involving a reverse mortgage, to: (1)  evaluate the successor homeowner promptly for a loan modification on the same terms as if the successor homeowner had been the original borrower and mortgagor, and (2) perform this evaluation and offer any available loss mitigation before any assumption by the successor homeowner of the obligations under the note.

Allows the failure of a lender to comply with such requirements to be asserted as a defense to any judicial or non-judicial foreclosure. Entitles the homeowner to recover statutory damages not to exceed $1,000 per violation, actual damages, costs, and attorney's fees in any successful action the homeowner brings.

Amends the National Housing Act with respect to insurance of home equity conversion mortgages (reverse mortgages) for elderly homeowners. Prohibits the Secretary of Housing and Urban Development (HUD) from insuring a reverse mortgage unless the mortgage provides that the maturity of the loan obligation (currently, the homeowner's obligation to satisfy the loan obligation) is deferred until the death of the homeowner (as under current law) and the homeowner's spouse or the permanent relocation of the homeowner and homeowner's spouse, in addition to sale of the home or other occurrences specified by the Secretary as under current law.

Adds new sales terms for a reverse mortgage to be eligible for insurance. Denies any liability of the mortgagor (as under current law) or the mortgagor's estate or the heirs for any difference between the amount of indebtedness under the mortgage and the amount recovered by the mortgagee from the net sales proceeds or the insurance benefits paid.

Requires a reverse mortgage, to be eligible for mortgage insurance, to allow: (1) sale of the dwelling subject to the mortgage for at least the lesser of the remaining mortgage balance or the dwelling's appraised value (or 5% less than the dwelling's appraised value, if the loan is due and payable); and (2) satisfaction of the loan obligation by the mortgagor's estate or heirs, upon the mortgagor's death, for the lesser of the remaining mortgage balance or 5% less than the appraised value.

Date: 2014-09-18
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Consumer Debt Forgiveness Tax Relief Act of 2014 - Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, income that is imputed to the discharge of qualified consumer indebtedness. Defines "qualified consumer indebtedness" as any indebtedness of a natural person arising out of a transaction in which the money, property, or services that are the subject of the transaction are primarily for personal, family, or household purposes. Provides that the aggregate amount of discharged indebtedness excludible from gross income shall not exceed the excess of $2,500 over the aggregate amounts treated as qualified consumer indebtedness for all prior taxable years.

Date: 2014-09-18
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Online Credit Card Disclosure Act of 2014 - Amends the Truth in Lending Act to require the billing statement of a consumer's account under an open end online credit plan to make specified disclosures in a conspicuous and prominent location on its webpage with each billing cycle.

Date: 2014-09-18
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Seller Finance Regulation Reduction Act - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) has less than $25 million in assets; and (2) only originates residential mortgage loans with respect to property owed by the person, and in an amount of $150,000 or less.

Amends the Truth in Lending Act, with respect to minimum standards for residential mortgage loans, to prohibit, in determining whether a residential mortgage loan is a qualified mortgage, from applying to loans originated by such a person certain guidelines and regulations relating to ratios of total monthly debt to monthly income.

Date: 2014-09-18
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Amends the Internal Revenue Code to make permanent the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

Date: 2014-12-03
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Amends the Fair Credit Reporting Act, with respect to protections for credit reports of minor consumers, to require a consumer reporting agency, upon request by the legal guardian or custodian of a minor consumer (including the state or tribal agency responsible for a child in foster care), to either create a blocked file for the minor or convert an already existing file to blocked status.

Directs the Consumer Financial Protection Bureau (CFPB) to: (1) establish implementing procedures, and (2) determine what fee, if any, may be charged by a consumer reporting agency to create, convert, or unblock a file.

Requires a consumer reporting agency to: (1) unblock a blocked file upon request by a guardian or on the minor's 18th birthday, and (2) include an alert statement in an unblocked file if the minor consumer was a victim of fraud or identity theft before that 18th birthday.

Requires a reseller who furnishes information concerning a consumer file containing an alert statement to include it when furnishing information.

Prohibits a consumer reporting agency from charging a fee to create, convert, or unblock the file of a consumer who was a victim of fraud or identity theft before his or her 18th birthday.

Date: 2014-12-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Medical Debt Responsibility Act of 2013 - Amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from making any report containing information related to a fully paid or settled medical debt that had been characterized as delinquent, charged off, or in collection which, from the date of payment or settlement, antedates the report by more than 45 days.

Date: 2013-01-28
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Stopping Abuse and Fraud in Electronic Lending Act of 2013 or SAFE Lending Act of 2013 - Amends the Electronic Fund Transfer Act to authorize the issuance of remotely created checks only if the consumer has designated in writing a person to issue them.

Defines a "remotely created check" as one that: (1) is not created by the financial institution that holds the customer account from which the check is to be paid; and (2) does not bear a signature applied, or purported to be applied, by the person from whose account the check is to be paid.

 Treats as a preauthorized electronic fund transfer (EFT) subject to the protections of such Act any voluntary repayment by a consumer of an extension of a small-dollar ($5,000 or less) consumer credit transaction by means of an EFT.

Amends the Truth in Lending Act to require any small-dollar consumer credit transaction made over the Internet, telephone, FAX, mail, electronic mail, or other electronic communication, as well as any conducted by a national bank, to comply with the laws of the state in which the consumer resides with respect to annual percentage rates, interest, fees, charges, and such other matters as the Consumer Financial Protection Bureau (CFPB) may determine.

Prohibits a person from facilitating, brokering, arranging, gathering applications for, distributing sensitive personal financial information, or extending credit in connection with a small-dollar consumer credit transaction unless that person is directly providing the small-dollar consumer credit to the consumer.

 Empowers the CFPB to investigate violations of this Act. Sets forth investigative and cease-and-desist enforcement procedures, particularly with respect to both covered onshore persons (state governments or Indian tribes) or offshore persons (which conduct business directed to U.S. residents but from a location outside, and without a domain name registered or assigned by an authority within, any U.S. judicial district).

Directs the Government Accountability Office (GAO) to study the availability of capital on Indian reservations and the impact that small-dollar consumer credit extended through Internet and non-Internet means to members of Indian tribes has had upon economic opportunity and wealth for tribal members.

Date: 2013-01-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Deceptive Loan Check Elimination Act - Amends the Truth in Lending Act (TILA) to prohibit a person from extending any consumer credit through the use by the consumer of a check or other negotiable instrument sent by the creditor to solicit an extension of consumer credit, unless the consumer has requested it in writing.

States that a nonnegotiable instrument that has the appearance of a negotiable instrument in connection with a solicitation for an extension of credit is not an application or request for purposes of this Act.

Shields a consumer from liability for: (1) the principal amount of a negotiable instrument sent in violation of this Act; or (2) any interest, fee, or penalty charged in connection with such negotiable instrument.

 Prohibits any information relating to the liability of a consumer alleged by a creditor to have been established through a negotiable instrument sent in violation of this Act from being either reported to or received by any consumer reporting agency, or from being included in any consumer report.

Date: 2013-01-30
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Responsible Homeowner Refinancing Act of 2013 - Requires the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), in carrying out the Home Affordable Refinance Program, to adopt specified criteria pertaining to: (1) borrower eligibility, (2) representations and warranties, (3) prohibition on up-front fees, (4) alternative streamlined methods to determine the value of a property, (5) the purchase or guarantee of any new mortgage resulting from the refinancing of an eligible mortgage, and (6) guarantee fees.

Requires the GSEs to notify all borrowers with a mortgage owned or guaranteed by a GSE about the Program and its eligibility criteria, and inform borrowers of the website required below.

Directs the Director of the Federal Housing Finance Agency (FHFA) to establish a single website where borrowers may: (1) determine their potential eligibility for participation in the Program, (2) see a complete list of and links to qualified lenders, (3) use a mortgage refinance calculator to calculate potential payment savings based on different interest rates, and (4) obtain tips on refinancing their loan.

Directs the Director of FHFA to issue guidance to require the GSEs to make their refinancing guidelines consistent to ease the compliance requirements of qualified lenders, and in particular with respect to loans with less than 80% loan-to-value ratio and closing cost policies of the GSEs, which regulations or guidance shall be put into effect not later than 90 days after the enactment of this Acts.

Date: 2013-02-07
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Prompt Notification of Short Sales Act - Requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding a written request of the mortgagor for 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 equitable relief and a monetary award of $1,000 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

Date: 2013-02-14
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Jumpstart GSE Reform Act - Prohibits the use of an increase in the guarantee fee required to be charged by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or any affiliate of such organizations (enterprises) to offset an increase in outlays or a reduction in revenues for any purposes other than those related to the enterprises' business functions under: (1) the congressional budget, (2) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), or (3) the Statutory Pay-As-You-Act 2010.

Prohibits the Secretary of the Treasury from selling, transferring, relinquishing, liquidating, divesting, or otherwise disposing of any outstanding shares of senior preferred stock acquired pursuant to a specified Senior Preferred Stock Purchase Agreement between the Department of the Treasury and an enterprise until Congress has passed and the President has signed into law legislation that includes a specific instruction to the Secretary regarding the sale, transfer, relinquishment, liquidation, divestiture, or other disposition of the senior preferred stock so acquired.

Date: 2013-03-14
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Protecting Consumers from Unreasonable Credit Rates Act of 2013 - Amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (credit card) for which the fee and interest rate exceeds 36%.

Sets forth criminal penalties for violations of this Act. Empowers state Attorneys General to enforce this Act.

Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly. Requires inclusion of the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).

Date: 2013-04-09
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums.

Date: 2013-04-09
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Mortgage Finance Act of 2013 - Appoints the Federal Housing Finance Agency (FHFA) receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and places them into irrevocable receivership, effective on the date on which the Mortgage Finance Agency (MFA) established by this Act is operational and able to perform the guarantee function for qualified mortgage-backed securities collateralized by qualified residential mortgages.

Directs the FHFA to commence liquidation of the GSEs immediately upon their placement into receivership.

Repeals the charters of Fannie Mae and Freddie Mac.

Requires repayment by the FHFA to the General Fund of the Treasury, in repayment of certain government assistance to the GSEs, of all proceeds from their operations in receivership remaining after their outstanding obligations are fully satisfied.

Requires the FHFA as receiver to manage the combined assets of the GSEs to obtain resolutions that maximize the return for the taxpayer.

Establishes the MFA as an independent agency of the federal government to: (1) guarantee securities issued by qualified issuers and collateralized by pools of qualified residential mortgages in order to provide a dependable, transparent, and liquid market for high quality mortgages and multifamily mortgages for securitization; (2) charge and collect a guarantee fee sufficient to protect the MFA and the Treasury from the risks of guaranteeing the timely payment of principal and interest on qualified mortgage-backed securities; (3) establish and maintain a Catastrophic Fund to minimize the burden on the federal government by setting aside amounts that will be available solely to pay obligations under the MFA guarantee in the event of any future mortgage market collapse; and (4) purchase supplemental insurance coverage.

Requires the MFA to: (1) guarantee the timely payment of the principal and interest to holders of qualified mortgage-back securities, and (2) cover any shortfalls to security holders.

Requires the MFA to charge a guarantee fee with respect to timely payment of principal and interest on the qualified mortgage-backed securities.

Creates in the Treasury the Catastrophic Fund, to which shall be credited the amount of guarantee fees and any amounts earned on investments.

Requires the MFA Board of Directors to issue guidelines to determine whether supplemental coverage: (1) is being offered on commercially reasonable terms, and (2) is reasonably likely to mitigate the risk that the MFA will have to make any payment pursuant to its guarantee.

Declares that nothing in this Act may be construed as preventing the private sector from securitizing qualified residential mortgages, qualified multifamily mortgages, or other non-qualified residential single family or multifamily mortgages.

Terminates the MFA after ten years.

Date: 2013-05-23
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Mortgage Forgiveness Tax Relief Act - Amends the Internal Revenue Code to extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

Date: 2013-06-19
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Consumer Rental Purchase Agreement Act - Prescribes consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost and a payment schedule; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, waiver of consumer legal claims or remedies, and other specified provisions; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) clear and conspicuous rental-purchase advertising disclosures.

Shields "rental-purchase agreements" from laws regulating: (1) a credit sale and a consumer lease as defined in the Truth in Lending Act, or (2) an extension of credit or a transaction giving rise to a debt incurred in connection with the purchase of a thing of value.

Exempts from jurisdiction of this Act rental-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with government agencies or instrumentalities.

Declares that the consumer shall acquire ownership of a property that is the subject of the rental-purchase agreement, and the rental-purchase agreement shall terminate, upon the consumer's compliance with specified total cost payment requirements, or any early payment option provided in the rental purchase agreement, and upon payment of any past due payments and fees.

Grants enforcement powers to the Federal Trade Commission (FTC) and requires violations of this Act to be treated as unfair or deceptive acts or practices under the Federal Trade Commission Act.

Provides that a term or provision of state law is not inconsistent with this Act if it affords greater protection and benefit to the consumer than is provided under this Act as determined by the FTC, on its own motion or upon the petition of any interested party.

Declares this Act to supersede state law to the extent that such law: (1) regulates a rental-purchase agreement as a security interest, credit sale, retail installment sale, conditional sale or any other form of consumer credit, or that imputes to a rental-purchase agreement the creation of a debt or extension of credit; or (2) requires the disclosure of a percentage rate calculation, including a time-price differential, an annual percentage rate, or an effective annual percentage rate.

Shields from civil or criminal liability under this Act the United States and its agencies and any state, state agency, or state political subdivision.

Date: 2013-06-20
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Empowering States' Rights To Protect Consumers Act of 2013 - Amends the Truth In Lending Act to limit the annual percentage rate (APR) applicable to any consumer credit transaction (other than a residential mortgage transaction), including any associated fees, to the maximum rate permitted by the laws of the state in which the consumer resides.

Date: 2013-06-26
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Rebuilding American Homeownership Act of 2013 - Requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (Government sponsored enterprises or GSEs) to establish a program to provide for the refinancing of eligible mortgages. Authorizes a GSE to purchase, guarantee, service, sell, lend on the security of, refinance, or otherwise deal in eligible mortgages in carrying out such program.

Defines eligible mortgage as an existing first mortgage: (1) made for purchase of, or refinancing of another first mortgage, on a 1- to 4-family owner-occupied dwelling; (2) with a current loan-to-value ratio between 80% and 140%; (3) originated on or before May 31, 2009; and (4) not owned or guaranteed by a GSE. Requires the mortgagor to be a current borrower. Excludes from eligibility any mortgage insured or guaranteed by any program of the Federal Housing Administration (FHA), the Department of Housing and Urban Development (HUD), the Government National Mortgage Association (Ginnie Mae), the Department of Agriculture (USDA), or the Department of Veterans Affairs (VA).

Requires that an eligible mortgage with existing credit coverage, in order to participate in the refinancing program, must continue to maintain or otherwise transfer such coverage to the new mortgage.

Sets the maximum term of the new mortgage at 30 years, and the maximum original principal obligation at the legal limit for conventional mortgages a GSE may purchase or guarantee.

Requires each GSE to charge a fee for any guarantee of the new mortgage.

Date: 2013-07-25
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Rebuilding Equity Act of 2013 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) to each establish a voluntary program for eligible borrowers under which the GSE shall pay $1,000 toward the closing costs associated with applying for and receiving the refinancing when the borrower agrees to refinance into a fully amoritizing loan with a term not longer than 20 years.

Prohibits the amount of the closing costs that each GSE pays under the program during the 12 months following enactment of this Act from varying based on the term of the mortgage that the borrower agrees to refinance into.

 Requires the Director of the Federal Housing Finance Agency, for each of the next two 12-month periods, to: (1) adjust the amount of the portion of the closing costs that each GSE will pay in accordance with specified requirements.

Makes eligible for the program borrowers: (1) who qualify for the Home Affordable Refinance Program carried out by the GSEs, (2) whose subject property has a loan-to-value ratio of at least 105%, and (3) who refinances from a loan with an original 30-year term to a loan with a term of 20 years or less.

Date: 2013-07-25
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Financial and Economic Literacy Improvement Act of 2013 - Amends the Elementary and Secondary Education Act of 1965 to direct the Secretary of Education to award formula matching grants to states or partnerships between states and experienced nonprofit providers of financial literacy or personal finance education.

Requires grantees to use 25% of the grant funds to: (1) develop financial literacy standards and assessments for at least three grade levels, (2) create teacher training programs to embed financial literacy or personal finance education into core academic subjects, and (3) evaluate the impact such education has on students' financial literacy.

Requires the remaining grant funds to be used for subgrants to local educational agencies (LEAs) or partnerships between LEAs and community organizations, local businesses, or other educational entities to implement such financial literacy activities, including student assessments and teacher training.

Amends the Higher Education Act of 1965 to direct the Secretary to award competitive grants to institutions of higher education (IHEs) or partnerships between IHEs and experienced nonprofit providers of financial literacy or personal finance education for activities that increase student knowledge in consumer, economic, and personal financial concepts.

Date: 2013-09-19
Topic: Domestic Commerce (Consumer Finance)
Subject: Education
Mortgage Choice Act of 2013 - Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% percent of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.)

Excludes from the computation of such points and fees any escrow for future payment of insurance.

Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Excludes from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliate retains the compensation as a result of their participation in an affiliated business arrangement.

(An "affiliated business arrangement" is one in which: (1) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1% in a provider of settlement services; and (2) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the provider's selection.)

Revises the additional requirement that such a reasonable charge be paid to a third party unaffiliated with the creditor. Requires the charge to be: (1) a bona fide third party charge not retained by the mortgage originator, creditor, or an affiliate; or (2) a fee or premium for title examination, title insurance, or similar purposes.

Modifies the conditions under which federal departments and agencies may exempt refinancings under a streamlined refinancing from an income verification requirement that, at the time a refinancing is consummated, the consumer has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments. Repeals the exception for bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate from the requirement that total points and fees not exceed 3% of the total new loan amount. (Thus subjects such charges to the same 3% ceiling.)

Date: 2013-10-28
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Amends the Consumer Financial Protection Act of 2010 to direct the Consumer Financial Protection Bureau (CFPB) to: (1) disclose to a consumer all information (and their sources) held by the CFPB with respect to that consumer, including any person or other federal department or agency to which the CFPB disclosed the information; and (2) truncate in the disclosure the first five digits of the consumer's Social Security number (or similar identification number), if the consumer so requests and the CFPB has received appropriate proof of the requester's identity.

Permits consumers to request such a disclosure: (1) online, with a link prominently displayed on the CFPB website; (2) via U.S. mail; and (3) via a toll-free telephone number.

Date: 2013-11-07
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Preserving Access to Manufactured Housing Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to revise the exclusion from the meaning of "mortgage originator" of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms (including rates, fees, and other costs).

Excludes from the meaning of "mortgage originator," instead, any retailer of manufactured or modular homes or its employees unless the retailer or its employees receive compensation or gain for engaging in certain activities in excess of any compensation or gain received in a comparable cash transaction.

Amends the Truth in Lending Act to revise the definition of "high cost mortgage."

Date: 2013-12-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Equal Employment for All Act of 2013 - Amends the Fair Credit Reporting Act to prohibit a current or prospective employer from using a consumer report or an investigative consumer report, or from causing one to be procured, for either employment purposes or for making an adverse action, if the report contains information that bears upon the consumer's creditworthiness, credit standing, or credit capacity.

Makes exceptions to such prohibition when: (1) the consumer applies for, or currently holds, employment that requires a national security clearance; or (2) a consumer report is otherwise required by law.

Date: 2013-12-17
Topic: Domestic Commerce (Consumer Finance)
Subject: Labor and employment
Prepaid Card Disclosure Act of 2014 - Amends the Electronic Fund Transfer Act to extend its coverage to spending accounts (transaction accounts) established by a consumer (or on a consumer's behalf) at an insured depository institution or credit union: (1) to which recurring electronic fund transfers may be made, at the consumer's direction; or (2) from which payments may be made, at the consumer's direction, through the use of a card, code, or device (commonly referred to as prepaid cards). Treats as a spending account any similar transaction account operated or managed by a financial institution, or any other person, whose funds: (1) are pooled with the funds of a person other than the one who established the account, or (2) are held in a name other than that of the person who established the account.

Excludes from the meaning of spending account: (1) any nonreloadable general-use prepaid card in an amount under $250; (2) any general-use prepaid card solely associated with a certain kind of health plan, a qualified transportation fringe, a health savings account or any other health care benefit account; (3) a gift certificate; (4) a store gift card; (5) an electronic promise, plastic card, or payment code, or device; (6) a nonreloadable card labeled as a gift card and marketed solely as such; (7) a nonreloadable loyalty, rebate, or promotional card; or (8) a debit card or general-use prepaid card that has been provided to a person pursuant to a federal, state or local government-administered payment program, in which the person may only use the card to transfer or debit funds, monetary value, or other assets that have been provided pursuant to that program.

Authorizes the Consumer Financial Protection Bureau (CFPB) to require the placement of a QR code, barcode, or other similar technology on any packaging, card, or other object associated with a spending account, provided that the technology is capable of providing an electronic link to certain required disclosures to the consumer.

Date: 2014-01-09
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Data Security Act of 2014 - Prescribes security procedures which an entity that maintains or communicates sensitive account or personal information must implement and enforce in order to protect the information from an unauthorized use likely to result in substantial harm or inconvenience to the consumer.

Grants exclusive enforcement powers to specified federal regulatory agencies with oversight of financial institutions.

Denies a private right of action, including a class action, regarding any act or practice regulated under this Act.

Prohibits any civil or criminal action in state court or under state law relating to any act or practice governed under this Act.

Prescribes data security standards to be implemented by federal agencies.

Preempts state law with respect to the responsibilities of any person to protect against and investigate such data security breaches and mitigate any losses or harm resulting from them.

Date: 2014-01-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Amends the Interstate Land Sales Full Disclosure Act to exempt from certain registration and disclosure requirements the sale or lease of a condominium unit not already exempt from coverage under such Act.

Date: 2014-03-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Consumer Debit Card Protection Act of 2014 - Amends the Electronic Fund Transfer Act to require a financial institution to recredit a consumer's account within 7 days (currently, 10 days) after receiving notice of an error in the manner of an electronic debit transaction.

Limits consumer liability for unauthorized use of a debit card to the following circumstances:

 the debit card is an accepted debit card; the liability does not exceed $50; the issuer has given the consumer a description of a means by which the issuer may be notified of loss or theft of the card; the unauthorized use occurs before the issuer has been notified of that fact or that an unauthorized use may occur as the result of loss, theft, or otherwise; and the issuer has provided a method whereby the card user can be identified as the person authorized to use the card. States that an issuer has been notified when reasonable steps have been taken to give the issuer the pertinent information, whether or not any particular officer, employee, or agent of the issuer does in fact receive that information.

Places the the burden of proof upon the issuer to show that: (1) the use was authorized, or (2) the conditions of liability for the unauthorized use of a debit card have been met.

Date: 2014-04-02
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector