H.R. 5667 · 113th Congress
Seller Finance Regulation Reduction Act
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
WilliamsSponsorNo cosponsors.
Seller Finance Regulation Reduction Act - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) has less than $25 million in assets; and (2) only originates residential mortgage loans with respect to property owed by the person, and in an…
What it does: CRS summary · Introduced in House · Sep 18, 2014
Seller Finance Regulation Reduction Act - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) has less than $25 million in assets; and (2) only originates residential mortgage loans with respect to property owed by the person, and in an amount of $150,000 or less.
Amends the Truth in Lending Act, with respect to minimum standards for residential mortgage loans, to prohibit, in determining whether a residential mortgage loan is a qualified mortgage, from applying to loans originated by such a person certain guidelines and regulations relating to ratios of total monthly debt to monthly income.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Seller Finance Regulation Reduction Act
Latest action (Sep 18, 2014): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Sep 18, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.