US Congress Senate Bill 488 (Prior Session Legislation)

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Sponsorship: Bipartisan Bill
Status: Introduced on March 3 2011 - 25% progression, died in committee
Action: 2011-03-03 - 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]

Reduce Excessive Interest Payments Act or REIP Act - Amends the National Housing Act to prohibit each mortgagee (or servicer) from imposing, and the Secretary of Housing and Urban Development (HUD) from requiring imposition of, any interest charge on an insured mortgage as a result of the loss of any time period provided by the mortgagee (or servicer) within which the mortgagor may fully repay the principal balance amount of the mortgage, with respect to: (1) any days in the preceding billing cycle in which such amounts were repaid, or (2) any amounts repaid in the current billing cycle that were repaid within such time period.

Reduce Excessive Interest Payments Act

Sen. Benjamin Cardin [D-MD]

Sen. Johnny Isakson [R-GA]

Date	Chamber	Action
2011-03-03	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/488/all-info
Text	https://www.congress.gov/112/bills/s488/BILLS-112s488is.pdf