S. 3581 · 110th Congress
Mortgage Origination Commission Act of 2008
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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.
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Mortgage Origination Commission Act of 2008 - Establishes the Mortgage Origination Commission to develop criteria and a numerical rating system to evaluate, and periodically report to the public on, the effectiveness of: (1) state licensing, supervision, and enforcement systems regarding mortgage loan originators and mortgage companies; and (2) mechanisms…
What it does: CRS summary · Introduced in Senate · Sep 25, 2008
Mortgage Origination Commission Act of 2008 - Establishes the Mortgage Origination Commission to develop criteria and a numerical rating system to evaluate, and periodically report to the public on, the effectiveness of: (1) state licensing, supervision, and enforcement systems regarding mortgage loan originators and mortgage companies; and (2) mechanisms to collect, evaluate, and respond to complaints against state-licensed mortgage loan originators and mortgage companies.
Amends the Truth in Lending Act to declare that its consumer credit protections shall be enforced by: (1) the Board of Governors of the Federal Reserve System (Board) under the Federal Deposit Insurance Act with respect to bank holding companies; and (2) the Director of the Office of Thrift Supervision with respect to savings and loan holding companies.
Authorizes state agencies to enforce compliance with respect to requirements for extensions of credit secured by a consumer's dwelling (including residential mortgage transactions) against state-regulated or -licensed mortgage companies and mortgage loan originators.
Amends the Bank Holding Company Act to grant the Board examination authority over bank holding companies and their mortgage company subsidiaries.
Amends the Home Owners Loan Act to grant the Director examination authority over savings and loan holding companies and their mortgage company subsidiaries.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Mortgage Origination Commission Act of 2008
Latest action (Sep 25, 2008): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Sep 25, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.