US HB3978 | 2017-2018 | 115th Congress

Status

Spectrum: Slight Partisan Bill (Republican 14-5)
Status: Engrossed on February 15 2018 - 50% progression
Action: 2018-02-15 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]

Summary

TRID Improvement Act of 2017 (Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million. TITLE I--TRID IMPROVEMENT (Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. TITLE II--PROTECTION OF SOURCE CODE (Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena. TITLE III--FOSTERING INNOVATION (Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies. These requirements shall not apply with respect to any audit report prepared for an issuer that: ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities, had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and is not a large accelerated filer.

Tracking Information

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Title

TRID Improvement Act of 2017

Sponsors


Roll Calls

2018-02-14 - House - On motion to recommit with instructions RC# 76 (Y: 189 N: 228 NV: 13 Abs: 0) [FAIL]
2018-02-14 - House - On passage RC# 77 (Y: 271 N: 145 NV: 14 Abs: 0) [PASS]

History

DateChamberAction
2018-02-15SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2018-02-14HouseMotion to reconsider laid on the table Agreed to without objection.
2018-02-14HouseOn passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77). (text: CR H1155-1156)
2018-02-14HouseOn motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76).
2018-02-14HouseThe previous question on the motion to recommit with instructions was ordered without objection.
2018-02-14HouseDEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed.
2018-02-14HouseMr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166)
2018-02-14HouseH.Amdt.518 On agreeing to the Foster amendment (A002) Agreed to by voice vote.
2018-02-14HouseThe previous question was ordered on the bill and amendment pursuant to the rule.
2018-02-14HouseDEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.
2018-02-14HouseH.Amdt.518 Amendment (A002) offered by Mr. Foster. (consideration: CR H1165; text: CR H1165)
2018-02-14HouseDEBATE - The House proceeded with one hour of debate on H.R. 3978.
2018-02-14HouseProvides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
2018-02-14HouseConsidered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169)
2018-02-14HouseRule H. Res. 736 passed House.
2018-02-13HouseRules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
2018-01-25HousePlaced on the Union Calendar, Calendar No. 389.
2018-01-25HouseReported by the Committee on Financial Services. H. Rept. 115-524.
2017-11-15HouseOrdered to be Reported by the Yeas and Nays: 53 - 5.
2017-11-15HouseCommittee Consideration and Mark-up Session Held.
2017-10-05HouseReferred to the House Committee on Financial Services.
2017-10-05HouseIntroduced in House
2017-09-07HouseHearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.

Same As/Similar To

HR736 (Related) 2018-02-14 - Motion to reconsider laid on the table Agreed to without objection.
HB10 (Related) 2017-07-13 - Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.
HB1645 (Related) 2017-11-28 - Placed on the Union Calendar, Calendar No. 315.
HB2948 (Related) 2018-02-13 - Placed on the Union Calendar, Calendar No. 414.
HB3948 (Related) 2018-02-08 - Placed on the Union Calendar, Calendar No. 412.
HB4546 (Related) 2018-01-25 - Placed on the Union Calendar, Calendar No. 390.
SB1753 (Related) 2017-08-03 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB2126 (Related) 2018-06-26 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
HB5078 (Related) 2018-02-28 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB2490 (Related) 2018-03-05 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Subjects


US Congress State Sources


Bill Comments

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