Bill > H890

This bill, titled the "Full Disclosure for a Loan Act of 2015," proposes a significant overhaul of the loan application process, arguing that current practices are deceptive and illegal. The bill asserts that when individuals sign a loan application, they are unaware that their own credit is being used as the "new money" for the economy, a concept it references from a Bank of England report. It claims that this signature transforms the individual from a sovereign person into a debtor, binding them to complex and unfamiliar rules. Furthermore, the bill contends that a signed loan application constitutes an illegal contract for a loan and that mortgage documents, which typically bear only one signature, are therefore not legal.