H.R. 1036 · 116th Congress
PARITY Act of 2019
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RigglemanSponsorNo cosponsors.
Preserving Access to Rural Installment Transactions for Years Act of 2019 or the PARITY Act of 2019
What it does: CRS summary · Introduced in House · Feb 7, 2019
Preserving Access to Rural Installment Transactions for Years Act of 2019 or the PARITY Act of 2019
This bill revises the definition of a mortgage originator for the purposes of compliance with registration and compensation requirements.
Among other things, it exempts from mortgage originator requirements those lenders providing financing to five (currently three) or fewer properties in a year, including corporations and partnerships that would otherwise be regulated as mortgage originators. The bill also removes the requirement that such lenders, in order to be exempt from these requirements, must verify the buyer's ability to repay the loan.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: PARITY Act of 2019
Also known as: Preserving Access to Rural Installment Transactions for Years Act of 2019
Latest action (Feb 7, 2019): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 7, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.