H.R. 4419 · 111th Congress
Reverse Mortgage Elder Protection Act
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
SestakSponsorNo cosponsors.
Reverse Mortgage Elder Protection Act - Amends the Truth in Lending Act to prohibit a creditor from taking an application for a reverse mortgage unless the creditor has provided the applicant with: (1) a specified written cautionary statement before the applicant receives any counseling regarding reverse mortgages; (2) a specified written checklist before…
What it does: CRS summary · Introduced in House · Jan 12, 2010
Reverse Mortgage Elder Protection Act - Amends the Truth in Lending Act to prohibit a creditor from taking an application for a reverse mortgage unless the creditor has provided the applicant with: (1) a specified written cautionary statement before the applicant receives any counseling regarding reverse mortgages; (2) a specified written checklist before meeting with a counseling agency about reverse mortgages; and (3) a referral to a housing counseling agency for reverse mortgage counseling approved by the Department of Housing and Urban Development (HUD).
Requires a counseling agency to provide the same kind of written checklist to a consumer that seeks counseling before requesting a loan application for a reverse mortgage.
Prohibits a creditor from either accepting a final application for a reverse mortgage, or from assessing any related fees, unless the creditor has received from the consumer or the consumer's authorized representative: (1) a written certification that the consumer has received counseling regarding reverse mortgages from a HUD-approved agency; and (2) a copy of the prescribed checklist signed by the agency counselor and by the consumer.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Reverse Mortgage Elder Protection Act
Latest action (Jan 12, 2010): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Jan 12, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.