summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
113th Congress
Bill Summary
Consumer Mortgage Choice Act
AI Summary
This bill, known as the Consumer Mortgage Choice Act, aims to clarify and improve the definitions of "points and fees" within the Truth in Lending Act (TILA), a federal law designed to protect consumers by requiring lenders to disclose key loan terms and costs. Specifically, it seeks to exclude certain charges from being counted as points and fees, such as interest, time-price differentials, and payments made to government-sponsored enterprises like Fannie Mae and Freddie Mac. The bill also clarifies that compensation paid directly by a consumer to a mortgage originator is considered a point or fee, but not compensation paid by the originator to its own employees. Additionally, it refines what constitutes a bona fide third-party charge, ensuring that only those not retained by the lender or its affiliates are excluded, and makes other technical adjustments to the definitions.
Committee Categories
Business and Industry
Sponsors (67)
Bill Huizenga (R)*,
Michele Bachmann (R),
Spencer Bachus (R),
Andy Barr (R),
Dan Benishek (R),
Kerry Bentivolio (R),
Sanford Bishop (D),
Michael Burgess (R),
Ken Calvert (R),
Howard Coble (R),
Mike Coffman (R),
Tom Cotton (R),
Rick Crawford (R),
John Culberson (R),
Blake Farenthold (R),
Stephen Fincher (R),
Michael Fitzpatrick (R),
J. Randy Forbes (R),
Gene Green (D),
Tim Griffin (R),
Michael Grimm (R),
Gregg Harper (R),
Robert Hurt (R),
Sheila Jackson-Lee (D),
Lynn Jenkins (R),
Bill Johnson (R),
Peter King (R),
John Kline (R),
David Loebsack (D),
Blaine Luetkemeyer (R),
Kenny Marchant (R),
Jim Matheson (D),
Betty McCollum (D),
Patrick McHenry (R),
Patrick Meehan (R),
Gregory Meeks (D),
Candice Miller (R),
Mick Mulvaney (R),
Tim Murphy (R),
Alan Nunnelee (R),
William Owens (D),
Steven Palazzo (R),
Erik Paulsen (R),
Stevan Pearce (R),
Scott Perry (R),
Gary Peters (D),
Robert Pittenger (R),
Ted Poe (R),
Mike Quigley (D),
James Renacci (R),
David Roe (R),
Mike Rogers (R),
Dana Rohrabacher (R),
Edward Royce (R),
Aaron Schock (R),
David Scott (D),
F. James Sensenbrenner (R),
Lamar Smith (R),
Steve Stivers (R),
Steve Stockman (R),
Lee Terry (R),
Patrick Tiberi (R),
Fred Upton (R),
Filemón Vela (D),
Ann Wagner (R),
Tim Walberg (R),
Steve Womack (R),
Last Action
Referred to the House Committee on Financial Services. (on 03/12/2013)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/113th-congress/house-bill/1077/all-info |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-113hr1077ih/pdf/BILLS-113hr1077ih.pdf.pdf |
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