H.R. 2529 · 111th Congress
Neighborhood Preservation Act
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 111th Congress ended.
R
MillerSponsor6 cosponsors · 5 D, 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced May 20, 2009
- House Passed Jul 29, 2009
Neighborhood Preservation Act - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any individual for up to five years an interest in residential property which: (1) was or is security for an extension of credit by such depository institution (or…
What it does: CRS summary · Passed House amended · Jul 29, 2009
Neighborhood Preservation Act - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any individual for up to five years an interest in residential property which: (1) was or is security for an extension of credit by such depository institution (or affiliate); and (2) came under the institution's or affiliate's ownership or control through foreclosure (or a deed in lieu of foreclosure) on the extension of credit.
Directs the federal banking agencies to jointly prescribe specified safety and soundness regulations, including minimum capital requirements for such institutions or affiliates.
Permits extension of such a lease beyond five years if any federal or state law, including the Bank Holding Company Act of 1956, so permits.
States this Act applies only to leases entered into during the two-year period beginning on the date of the enactment of this Act.
States the intent of the Congress that: (1) no permanent change in policy on leasing foreclosed property is being established with respect to depository institutions and depository institution holding companies; and (2) bank leasing of foreclosed property authorized under this Act should not apply to leases entered into after such two-year period.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Neighborhood Preservation Act
Latest action (Jul 30, 2009): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 20, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced May 20, 2009
- House Passed Jul 29, 2009
No recorded floor vote found.