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Senate Bill 3639
116th Congress(2019-2020)
Housing Financial Literacy Act of 2020
Introduced
Introduced
Introduced in Senate on May 7, 2020
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Text
Introduced in Senate 
May 7, 2020
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Introduced in Senate(May 7, 2020)
May 7, 2020
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 3639 (Introduced-in-Senate)


116th CONGRESS
2d Session
S. 3639


To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.

IN THE SENATE OF THE UNITED STATES

May 7, 2020

Mr. Peters (for himself and Mr. Cornyn) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.

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 “Housing Financial Literacy Act of 2020”.

SEC. 2. Discount on mortgage insurance premium payments for first-time homebuyers who complete financial literacy housing counseling programs.

The second sentence of section 203(c)(2)(A) of the National Housing Act (12 U.S.C. 1709(c)(2)(A)) is amended by striking “not exceed 2.75 percent of the amount of the original insured principal obligation of the mortgage.” and inserting “be, in the case of a mortgage insured during the 4-year period beginning on the date that is 1 year after the date of enactment of the Housing Financial Literacy Act of 2020, 25 basis points lower than the premium payment amount established by the Secretary under the first sentence of this subparagraph, and, in the case of a mortgage insured after that 4-year period, set by the Secretary at a number of basis points lower than that premium payment amount that corresponds to the reduced risk of loss, if any, due to the counseling.”.