US Congress Senate Bill 2995 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on May 26 2016 - 25% progression, died in committee
Action: 2016-05-26 - 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 (Introduced) [PDF]

Portfolio Lending and Mortgage Access Act This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations. A safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if: the creditor is a depository institution and has informed the mortgage originator that it intends to hold the loan on its balance sheet for the life of the loan, and the mortgage originator informs the consumer that the creditor intends to do so.

Portfolio Lending and Mortgage Access Act

Sen. Rand Paul [R-KY]

Date	Chamber	Action
2016-05-26	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/2995/all-info
Text	https://www.congress.gov/114/bills/s2995/BILLS-114s2995is.pdf