H.R. 7049 · 117th Congress
Mortgage Borrower Protection Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ShermanSponsorNo cosponsors.
This bill requires an entity extending a Property Assessed Clean Energy (PACE) financing agreement to receive written consent from each owner of any residential mortgage loan or other recorded lien on the property before extending such financing to the dwelling owner.
What it does: CRS summary · Introduced in House · Mar 9, 2022
Mortgage Borrower Protection Act of 2022
This bill requires an entity extending a Property Assessed Clean Energy (PACE) financing agreement to receive written consent from each owner of any residential mortgage loan or other recorded lien on the property before extending such financing to the dwelling owner. (PACE financing is used to cover the costs of home improvements such as energy-efficient improvements. The subsequent lien is tied to the specific property in the form of a tax assessment.)
Consent is not required if the PACE financing does not have priority over the mortgage loan or lien.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Mortgage Borrower Protection Act of 2022
Latest action (Mar 9, 2022): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 9, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.