H.R. 4019 · 110th Congress
Mortgage Disclosure Improvement Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BacaSponsorNo cosponsors.
Mortgage Disclosure Improvement Act of 2007 - Amends the Truth in Lending Act to require a creditor to disclose to a consumer with respect to an extension of credit secured by the consumer's dwelling that the consumer is not required to complete the credit agreement merely because the consumer has received required disclosures or signed a loan application.
What it does: CRS summary · Introduced in House · Oct 31, 2007
Mortgage Disclosure Improvement Act of 2007 - Amends the Truth in Lending Act to require a creditor to disclose to a consumer with respect to an extension of credit secured by the consumer's dwelling that the consumer is not required to complete the credit agreement merely because the consumer has received required disclosures or signed a loan application.
Requires such disclosure to be furnished to the borrower not later than seven business days before the consummation of the transaction, as well as at the time of consummation.
Requires additional disclosures in such a circumstance regarding any variable rates or payment schedules.
Increases the actual damages for which a creditor is liable for noncompliance with such Act in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling. Replaces the current range of damages from $200 to $2,000 with a flat damages amount of $5,000, adjusted annually for inflation.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Mortgage Disclosure Improvement Act of 2007
Latest action (Jan 11, 2008): Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Oct 31, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.