summary
Introduced
09/07/2017
09/07/2017
In Committee
11/15/2017
11/15/2017
Crossed Over
02/15/2018
02/15/2018
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
TRID Improvement Act of 2017 (Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million. TITLE I--TRID IMPROVEMENT (Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. TITLE II--PROTECTION OF SOURCE CODE (Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena. TITLE III--FOSTERING INNOVATION (Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies. These requirements shall not apply with respect to any audit report prepared for an issuer that: ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities, had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and is not a large accelerated filer.
AI Summary
This bill:
- Limits the amount the Securities and Exchange Commission (SEC) can deposit in its Reserve Fund for fiscal year 2018 to $48 million.
- Modifies mortgage loan disclosure requirements to specify that charges for any title insurance premium must be equal to the amount charged for each individual title insurance policy, subject to any state-required discounts.
- Requires the SEC to issue a subpoena before compelling a person to produce or furnish algorithmic trading source code or similar intellectual property.
- Provides a temporary exemption from auditor-attestation requirements under the Sarbanes-Oxley Act for certain low-revenue public companies.
- Allows loan originators who are registered in the Nationwide Mortgage Licensing System and Registry to temporarily originate loans when moving from a depository institution to a non-depository institution or between states, subject to certain conditions.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (19)
French Hill (R)*,
Andy Barr (R),
Tom Emmer (R),
Vicente Gonzalez (D),
Josh Gottheimer (D),
Trey Hollingsworth (R),
Ruben Kihuen (D),
Blaine Luetkemeyer (R),
Luke Messer (R),
Ralph Norman (R),
Stevan Pearce (R),
Dennis Ross (R),
Edward Royce (R),
Brad Sherman (D),
Kyrsten Sinema (I),
Steve Stivers (R),
Claudia Tenney (R),
Roger Williams (R),
Lee Zeldin (R),
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 02/15/2018)
Official Document
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bill summary
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