S. 3177 · 112th Congress
Stopping Ongoing Lender Delays Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HellerSponsorNo cosponsors.
Stopping Ongoing Lender Delays Act or SOLD Act - Amends the Truth in Lending Act to require each servicer of a home mortgage to respond in writing within 30 days to a mortgagor of a residential mortgage loan who hasrequested in writing a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security…
What it does: CRS summary · Introduced in Senate · May 15, 2012
Stopping Ongoing Lender Delays Act or SOLD Act - Amends the Truth in Lending Act to require each servicer of a home mortgage to respond in writing within 30 days to a mortgagor of a residential mortgage loan who hasrequested in writing a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.
Authorizes an aggrieved individual to bring a civil action for damages and equitable relief for any violation of this Act.
Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: SOLD Act
Latest action (May 15, 2012): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: May 15, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.