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House Bill 2954
115th Congress(2017-2018)
Home Mortgage Disclosure Adjustment Act
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Passed House on Jan 18, 2018
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H. R. 2954 (Introduced-in-House)


115th CONGRESS
1st Session
H. R. 2954


To amend the Home Mortgage Disclosure Act of 1975 to specify which depository institutions are subject to the maintenance of records and disclosure requirements of such Act, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

June 20, 2017

Mr. Emmer (for himself and Mr. Luetkemeyer) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Home Mortgage Disclosure Act of 1975 to specify which depository institutions are subject to the maintenance of records and disclosure requirements of such Act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Home Mortgage Disclosure Adjustment Act”.

SEC. 2. Depository institutions subject to maintenance of records and disclosure requirements.

(a) Loan volume threshold.—Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended—

(1) by redesignating subsection (i) as paragraph (2) and adjusting the margin appropriately; and

(2) by inserting before such paragraph (2) the following:

“(i) Exemptions.—

“(1) IN GENERAL.—With respect to a depository institution, the requirements of subsections (a) and (b) shall not apply—

“(A) with respect to closed-end mortgage loans, if such depository institution originated less than 1,000 closed-end mortgage loans in each of the two preceding calendar years; and

“(B) with respect to open-end lines of credit, if such depository institution originated less than 2,000 open-end lines of credit in each of the two preceding calendar years.”.

(b) Technical correction.—Section 304(i)(2) of such Act, as redesignated by subsection (a), is amended by striking “section 303(2)(A)” and inserting “section 303(3)(A)”.

(c) Data points.—Section 304(b) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(b)) is amended—

(1) by striking paragraphs (5) and (6);

(2) in paragraph (3), by inserting “and” at the end; and

(3) in paragraph (4), by striking “age.”.