S.1577: Mortgage Choice Act of 2013

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about housing and community development
You can read the bill
Sponsor Joe Manchin III, D-W.Va.
Total Cosponsors 8 (3 Democrats, 5 Republicans)
Introduced Oct. 28, 2013
Latest Major Action Sept. 16, 2014
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Mortgage Choice Act of 2013 - Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% percent of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.)

Excludes from the computation of such points and fees any escrow for future payment of insurance.

Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Exc...

(Source: Congressional Research Service)

Bill Actions

Date Description
Sept. 16, 2014 Committee on Banking, Housing, and Urban Affairs. Hearings held.
Oct. 28, 2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.