VALID Act of 2022

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8616 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 8616

 To amend the National Housing Act to include information regarding VA 
 home loans in the Informed Consumer Choice Disclosure required to be 
        provided to a prospective FHA borrower who is a veteran.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2022

Mr. Kilmer (for himself, Mr. Reschenthaler, and Mr. Veasey) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

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                                 A BILL


 
 To amend the National Housing Act to include information regarding VA 
 home loans in the Informed Consumer Choice Disclosure required to be 
        provided to a prospective FHA borrower who is a veteran.

    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 ``VA Loan Informed Disclosure Act of 
2022'' or the ``VALID Act of 2022''.

SEC. 2. FHA INFORMED CONSUMER CHOICE DISCLOSURE.

    Subparagraph (A) of section 203(f)(2) of the National Housing Act 
(12 U.S.C. 1709(f)(2)(A)) is amended--
            (1) by inserting ``(i)'' after ``loan-to-value ratio''; and
            (2) by inserting before the semicolon the following: ``, 
        and (ii) in the case of a prospective borrower who is a veteran 
        (as such term is defined in section 101 of title 38, United 
        States Code), in connection with a loan guaranteed or insured 
        under chapter 37 of title 38, United States Code, assuming 
        prevailing interest rates''.
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