Predatory Lending Consumer Protection Act of 2001
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.
- IntroducedMar 15, 2001
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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 34
Members who signed on, in the order they did. Signatures ran from Mar 15, 2001 to Oct 24, 2002; 9 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Barbara Lee | Original | Mar 15, 2001 |
| D-NY | Carolyn B. Maloney | Original | Mar 15, 2001 |
| D-NY | Eliot L. Engel | Original | Mar 15, 2001 |
| D-IL | Janice D. Schakowsky | Original | Mar 15, 2001 |
| D-IL | Luis V. Gutierrez | Original | Mar 15, 2001 |
| D-NY | Maurice D. Hinchey | Original | Mar 15, 2001 |
| D-MA | Michael E. Capuano | Original | Mar 15, 2001 |
| D-OH | Stephanie Tubbs Jones | Original | Mar 15, 2001 |
| D-MO | Wm. Lacy Clay | Original | Mar 15, 2001 |
| D-IL | Danny K. Davis | Apr 3, 2001 | |
| D-IN | Julia Carson | Apr 3, 2001 | |
| D-IL | Bobby L. Rush | Apr 24, 2001 | |
| D-CA | George Miller | Apr 24, 2001 | |
| D-OH | Dennis J. Kucinich | Jun 6, 2001 | |
| D-NJ | Donald M. Payne | Jun 6, 2001 | |
| D-NY | Steve Israel | Jul 25, 2001 | |
| D-MI | David E. Bonior | Aug 2, 2001 | |
| D-CA | Hilda L. Solis | Aug 2, 2001 | |
| D-IL | Jesse L. Jackson, Jr. | Aug 2, 2001 | |
| D-NY | Jose E. Serrano | Sep 21, 2001 | |
| D-MN | Martin Olav Sabo | Sep 21, 2001 | |
| D-CA | Tom Lantos | Sep 21, 2001 | |
| D-PA | Robert A. Borski | Nov 1, 2001 | |
| D-NC | David E. Price | Feb 14, 2002 | |
| D-MA | Bill Delahunt | Mar 7, 2002 | |
| D-PA | Robert A. Brady | Mar 7, 2002 | |
| D-AZ | Ed Pastor | Mar 19, 2002 | |
| D-TX | Gene Green | Mar 19, 2002 | |
| D-IL | Jerry F. Costello | Mar 19, 2002 | |
| D-CA | Joe Baca | Mar 19, 2002 | |
| D-NC | Melvin L. Watt | Apr 29, 2002 | |
| D-NJ | Steven R. Rothman | Jun 11, 2002 | |
| D-NJ | Rush Holt | Oct 24, 2002 | |
| D-CA | Zoe Lofgren | Oct 24, 2002 |
Withdrew 1 Paul E. Kanjorski D-PA Apr 26, 2001
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 15, 2001 |
| Consumer Protection and Financial Institutions Subcommittee | Referred Apr 2, 2001 |
Actions 4
Everything that happened, newest first.
- May 23, 2002Sponsor introductory remarks on measure. (CR E897)
- Apr 2, 2001Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Mar 15, 2001Introduced in House
- Mar 15, 2001Referred to the House Committee on Financial Services.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E379 | John J. LaFalce D-NY | Mar 15, 2001 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 107-774 | PREDATORY MORTGAGE LENDING: THE PROBLEM, IMPACT, AND RESPONSES500 pages | Banking, Housing, and Urban Affairs Committee | Jul 26, 2001–Jul 27, 2001 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Home Ownership and Equity Protection Act of 1994 and other sections of the Truth in Lending Act to protect consumers against predatory practices in connection with high cost mortgage transactions, to strengthen the civil remedies available to consumers under existing law, and for other purposes.
- Short Titles as Introduced
- Predatory Lending Consumer Protection Act of 2001
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Civil actions and liability
- Class actions (Civil procedure)
- Collection of accounts
- Commerce
- Commercial arbitration
- Consumer credit
- Consumer education
- Consumer protection
- Counseling
- Credit insurance
- Credit life insurance
- Damages
- Debtor and creditor
- Disability insurance
- Disabled
- Fees
- Finance and Financial Sector
- Fines (Penalties)
- Foreclosure
- Government Operations and Politics
- Government paperwork
- Home ownership
- Home repair and improvement
- Housing and Community Development
- Insurance premiums
- Labor and Employment
- Law
- Liability (Law)
- Limitation of actions
- Loan defaults
- Mortgage interest rates
- Mortgage loans
- Mortgages
- Restrictive trade practices
- Secondary mortgage market
- Social Welfare
- Unemployment insurance
Text 1
Each version as it was printed, newest first.
- Mar 15, 2001Introduced in House
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
