S. 1928 · 108th Congress
Predatory Lending Consumer Protection Act of 2003
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SarbanesSponsor15 cosponsors · 15 D
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Akaka
HC
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Clinton
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Corzine
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Dodd
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Durbin
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Dayton
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Kennedy
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Kerry
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Lautenberg
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Leahy
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Levin
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Mikulski
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Schumer
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Stabenow
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Edwards14 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Predatory Lending Consumer Protection Act of 2003 - Amends the Truth in Lending Act guidelines for certain credit transactions secured by the consumer's principal dwelling (high-cost mortgage). Redefines a high-cost mortgage, lowering the maximum interest rates involved. Specifies additional costs, fees, and penalties included among points and fees.
What it does: CRS summary · Introduced in Senate · Nov 21, 2003
Requires additional disclosures that the consumer is contracting to pay a much higher loan than most people pay. Specifies additional prohibitions against prepayment penalties, except in certain circumstances. Prohibits all balloon payments. Prohibits the terms of a high-cost mortgage from including advance collection of a premium on a single premium basis for specified credit insurance products.
Restricts the number of points and amount of fees which a creditor may finance in connection with a high-cost mortgage. Prohibits certain creditors from financing the prepayment fees or penalties due from the consumer.
Prohibits a high-cost mortgage creditor from engaging in specified practices, including actions encouraging default and requiring arbitration or any other nonjudicial procedure as a method for resolving any controversy or claims arising from the transaction. Prescribes consumer counseling requirements.
Declares a consumer's waiver of the right of rescission ineffective if the creditor either advised, or encouraged such waiver, or required it as a precondition for a transaction.
Amends the Fair Credit Reporting Act to require that each high-cost mortgage creditor (including the successor creditor) report the debtor's complete payment history to certain consumer reporting agencies in accordance with specified regulations.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Predatory Lending Consumer Protection Act of 2003
Latest action (Nov 21, 2003): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S15471-15473)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Nov 21, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.