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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 (Reported-in-House)

Union Calendar No. 359

115th CONGRESS
2d Session
H. R. 2954

[Report No. 115–485]


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

January 8, 2018

Additional sponsors: Mr. Duffy, Mr. Hill, Mr. Latta, Mr. Arrington, Mr. Smith of Nebraska, and Mr. Ross

January 8, 2018

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

[Strike out all after the enacting clause and insert the part printed in italic]

[For text of introduced bill, see copy of bill as introduced on June 20, 2017]

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) In general.—Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended—

(1) by redesignating subsection (i) as paragraph (3) and adjusting the margins accordingly; and

(2) by inserting before paragraph (3), as so redesignated, the following:

“(i) Exemptions.—

“(1) CLOSED-END MORTGAGE LOANS.—With respect to a depository institution, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to closed-end mortgage loans if the depository institution originated less than 500 closed-end mortgage loans in each of the 2 preceding calendar years.

“(2) OPEN-END LINES OF CREDIT.—With respect to a depository institution, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to open-end lines of credit if the depository institution originated less than 500 open-end lines of credit in each of the 2 preceding calendar years.”.

(b) Technical correction.—Section 304(i)(3) of the Home Mortgage Disclosure Act of 1975, as so redesignated by subsection (a)(1), is amended by striking “section 303(2)(A)” and inserting “section 303(3)(A)”.

Union Calendar No. 359

115th CONGRESS
     2d Session
H. R. 2954
[Report No. 115–485]
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.
January 8, 2018
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed