HR 1051 · 107th Congress 2001–2003, ended

Predatory Lending Consumer Protection Act of 2001

Introduced Mar 15, 2001 Originated House Sponsor John J. LaFalce D-NY

Fact sheet

Latest action · May 23, 2002 Sponsor introductory remarks on measure. (CR E897)

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedMar 15, 2001
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Predatory Lending Consumer Protection Act of 2001 - 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 the terms of a high-cost mortgage from including advance collection of a premium on a single premium basis for specified credit insurance products.

Restricts the amount of points and fees which a creditor may finance in connection with a high-cost mortgage. Prohibits certain creditors from financing the prepayment fees or penalties due from the consumer.

Prohibits a high-cost mortgage creditor from engaging in specified practices, including requiring arbitration or any other nonjudicial procedure as a method for resolving any controversy or claims arising from the transaction.

Declares a consumer's waiver of the right of rescission ineffective if the creditor either advised, or encouraged such waiver, or required it as a precondition for a transaction.

Amends the Fair Credit Reporting Act to mandate that each high-cost mortgage creditor (including the successor creditor) report the debtor's complete payment history to certain consumer reporting agencies in accordance with specified regulations.

Cosponsors 35

Members who signed on, in the order they did. Signatures ran from Mar 15, 2001 to Oct 24, 2002, with 10 there on the day it was introduced.

SeatCosponsorSigned on
D-CABarbara LeeOriginalMar 15, 2001
D-NYCarolyn B. MaloneyOriginalMar 15, 2001
D-NYEliot L. EngelOriginalMar 15, 2001
D-ILJanice D. SchakowskyOriginalMar 15, 2001
D-ILLuis V. GutierrezOriginalMar 15, 2001
D-NYMaurice D. HincheyOriginalMar 15, 2001
D-MAMichael E. CapuanoOriginalMar 15, 2001
D-PAPaul E. KanjorskiOriginalMar 15, 2001
D-OHStephanie Tubbs JonesOriginalMar 15, 2001
D-MOWm. Lacy ClayOriginalMar 15, 2001
D-ILDanny K. DavisApr 3, 2001
D-INJulia CarsonApr 3, 2001
D-ILBobby L. RushApr 24, 2001
D-CAGeorge MillerApr 24, 2001
D-OHDennis J. KucinichJun 6, 2001
Show all 35 cosponsors

Actions 4

Everything that happened, newest first.

  1. May 23, 2002Sponsor introductory remarks on measure. (CR E897)
  2. Apr 2, 2001Referred to the Subcommittee on Financial Institutions and Consumer Credit.
  3. Mar 15, 2001Introduced in House
  4. Mar 15, 2001Referred to the House Committee on Financial Services.

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.