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- S.2438
S.2438: Predatory Lending Consumer Protection Act of 2002
About This Bill
- This bill was introduced in the 107th Congress
- This bill is primarily about law
- Introduced May 1, 2002
- Latest Major Action May 1, 2002
- See the one similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsors
15 (All Democrats)
Bill Summary
Predatory Lending Consumer Protection Act of 2002 - Amends the Truth in Lending Act guidelines for certain credit transactions secured by the consumer's principal dwelling (high-cost mortgage).Requires additional disclosures that the consumer is contracting to pay a much higher loan than most people pay. Specifies additional prohibitions against prepayment penalties, except in certain circumstances. Prohibits all balloon payments. Prohibits...
(Source: Library of Congress)
Bill Actions
| Date | Description |
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Sponsor introductory remarks on measure.
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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| May 1, 2002 |
Introduced in the Senate by Paul S. Sarbanes (D-Md.) |