US HR1153

Bill

Mortgage Choice Act of 2017

Introduced
02/16/2017

In Committee
11/14/2017

Crossed Over
02/12/2018

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Mortgage Choice Act of 2017 (Sec. 2) This bill amends the Truth in Lending Act to specify that neither escrow charges for insurance nor affiliated title charges shall be considered "points and fees" for purposes of determining whether a mortgage is a "high-cost mortgage." (A high-cost mortgage designation restricts the terms of the loan and requires a lender to make certain disclosures to the borrower.)

AI Summary

This bill amends the Truth in Lending Act to exclude escrow charges for insurance and affiliated title charges from the definition of "points and fees" when determining whether a mortgage is a "high-cost mortgage." This designation imposes certain restrictions on the loan terms and requires additional disclosures to the borrower. The bill directs the Bureau of Consumer Financial Protection to issue final regulations to implement these changes within 90 days of enactment.

Committee Categories

Business and Industry, Housing and Urban Affairs

Sponsors (18)

Bill Huizenga (R)*, Michael Doyle (D), Sean Duffy (R), Josh Gottheimer (D), Dave Joyce (R), Betty McCollum (D), Gregory Meeks (D), Luke Messer (R), Ralph Norman (R), Robert Pittenger (R), Dennis Ross (R), Keith Rothfus (R), Edward Royce (R), David Scott (D), Steve Stivers (R), David Trott (R), Ann Wagner (R), Tim Walberg (R),

Last Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 02/12/2018)

Official Document

https://www.congress.gov/bill/115th-congress/house-bill/1153/all-info

(4 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/house-bill/1153/all-info
BillText	https://www.congress.gov/115/bills/hr1153/BILLS-115hr1153eh.pdf
Bill	https://www.congress.gov/115/bills/hr1153/BILLS-115hr1153eh.pdf.pdf
BillText	https://www.congress.gov/115/bills/hr1153/BILLS-115hr1153rh.pdf
Bill	https://www.congress.gov/115/bills/hr1153/BILLS-115hr1153rh.pdf.pdf
BillText	https://www.congress.gov/115/bills/hr1153/BILLS-115hr1153ih.pdf
Bill	https://www.congress.gov/115/bills/hr1153/BILLS-115hr1153ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR10	Financial CHOICE Act of 2017	Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.	Related
HR6147	Interior, Environment, Financial Services, and General Government Appropriations Act, 2019	Message on Senate action sent to the House.	Related
HR6746	Protecting American Taxpayers and Homeowners Act of 2018	Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HRes725	Providing for consideration of the bill (H.B. 772) to amend the Federal Food, Drug, and Cosmetic Act to improve and clarify certain disclosure requirements for restaurants and similar retail food establishments, and to amend the authority to bring proceedings under section 403A; providing for consideration of the bill (H.B. 1153) to amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction; providing for consideration of	Motion to reconsider laid on the table Agreed to without objection.	Related

Bill > HR1153

US HR1153

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (18)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary