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S.949: Consumer Mortgage Choice Act

About this Bill

You can read the bill
Sponsor Joe Manchin III, D-W.Va.
Total Cosponsors 2 (All Republicans)
Introduced May 14, 2013
Latest Major Action May 14, 2013
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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

Consumer Mortgage Choice Act - 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: (1) any compensation paid by a mortgage originator or a creditor to an individual person employed by the mortgage originator or creditor, and (2) any escrow for future payment of insurance.

Modifies the inclusion in the computation of points and fees of all compensation paid to...

(Source: Congressional Research Service)

Bill Actions

Date Description
May 14, 2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.