(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)
Mortgage Choice Act of 2017
(Sec. 2) This bill amends the Truth in Lending Act to specify that neither escrow charges for insurance nor affiliated title charges shall be considered "points and fees" for purposes of determining whether a mortgage is a "high-cost mortgage." (A high-cost mortgage designation restricts the terms of the loan and requires a lender to make certain disclosures to the borrower.)
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1153 Introduced in House (IH)]
<DOC>
115th CONGRESS
1st Session
H. R. 1153
To amend the Truth in Lending Act to improve upon the definitions
provided for points and fees in connection with a mortgage transaction.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 16, 2017
Mr. Huizenga (for himself, Mr. Royce of California, Mr. David Scott of
Georgia, Mr. Stivers, Mr. Meeks, and Mr. Joyce of Ohio) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To amend the Truth in Lending Act to improve upon the definitions
provided for points and fees in connection with a mortgage transaction.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Mortgage Choice Act of 2017''.
SEC. 2. DEFINITION OF POINTS AND FEES.
(a) Amendment to Section 103 of TILA.--Section 103(bb)(4) of the
Truth in Lending Act (15 U.S.C. 1602(bb)(4)) is amended--
(1) by striking ``paragraph (1)(B)'' and inserting
``paragraph (1)(A) and section 129C'';
(2) in subparagraph (C)--
(A) by inserting ``and insurance'' after ``taxes'';
(B) in clause (ii), by inserting ``, except as
retained by a creditor or its affiliate as a result of
their participation in an affiliated business
arrangement (as defined in section 2(7) of the Real
Estate Settlement Procedures Act of 1974 (12 U.S.C.
2602(7))'' after ``compensation''; and
(C) by striking clause (iii) and inserting the
following:
``(iii) the charge is--
``(I) a bona fide third-party charge not
retained by the mortgage originator, creditor,
or an affiliate of the creditor or mortgage
originator; or
``(II) a charge set forth in section
106(e)(1);''; and
(3) in subparagraph (D)--
(A) by striking ``accident,''; and
(B) by striking ``or any payments'' and inserting
``and any payments''.
(b) Amendment to Section 129C of TILA.--Section 129C of the Truth
in Lending Act (15 U.S.C. 1639c) is amended--
(1) in subsection (a)(5)(C), by striking ``103'' and all
that follows through ``or mortgage originator'' and inserting
``103(bb)(4)''; and
(2) in subsection (b)(2)(C)(i), by striking ``103'' and all
that follows through ``or mortgage originator)'' and inserting
``103(bb)(4)''.
SEC. 3. RULEMAKING.
Not later than the end of the 90-day period beginning on the date
of the enactment of this Act, the Bureau of Consumer Financial
Protection shall issue final regulations to carry out the amendments
made by this Act, and such regulations shall be effective upon
issuance.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 46 - 13.
Reported by the Committee on Financial Services. H. Rept. 115-522.
Reported by the Committee on Financial Services. H. Rept. 115-522.
Placed on the Union Calendar, Calendar No. 387.
Rules Committee Resolution H. Res. 725 Reported to House. The resolution provides for one hour of debate on each measure. The resolution also waives the requirement of clause 6(a) of rule XIII for a two-thirds vote to consider a report from the Committee on Rules on the same day it is presented to the House with respect to any resolution reported through the legislative day of February 9, 2018. It shall be in order at any time on the legislative day of February 8, 2018 or February 9, 2018 for the Speaker to entertain motions to suspend the rules.
Considered under the provisions of rule H. Res. 725. (consideration: CR H906-965; text: CR H907)
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The resolution provides for one hour of debate on each measure. The resolution also waives the requirement of clause 6(a) of rule XIII for a two-thirds vote to consider a report from the Committee on Rules on the same day it is presented to the House with respect to any resolution reported through the legislative day of February 9, 2018. It shall be in order at any time on the legislative day of February 8, 2018 or February 9, 2018 for the Speaker to entertain motions to suspend the rules.
DEBATE - The House proceeded with one hour of debate on H.R. 1153.
The previous question was ordered pursuant to the rule.
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 1153, the Chair put the question on passage of the bill, and by voice vote announced that the ayes had prevailed. Mr. Hensarling demanded the yeas and nays, and the Chair postponed further proceedings on the question of passage until a time to be announced.
Considered as unfinished business. (consideration: CR H981-982)
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 280 - 131 (Roll no. 64).
Roll Call #64 (House)On passage Passed by the Yeas and Nays: 280 - 131 (Roll no. 64).
Roll Call #64 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.