HR 3607 · 107th Congress 2001–2003, ended

Protecting Our Communities From Predatory Lending Practices Act

Introduced Dec 20, 2001 Originated House Sponsor Maxine Waters D-CA

Fact sheet

Latest action · Jan 14, 2002 Referred to the Subcommittee on Financial Institutions and Consumer Credit.

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. IntroducedDec 20, 2001
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Protecting Our Communities From Predatory Lending Practices Act - Amends the Truth in Lending Act to prohibit: (1) unfair or deceptive practices regarding a consumer credit transaction, extension, or servicing (including any related advertisement); and (2) false, deceptive, or misleading representations in connection with a consumer credit transaction, application, solicitation, or advertisement, or any real or personal property securing such transaction.

Sets forth prohibitions relating to consumer credit transactions secured by a dwelling, including: (1) prepayment penalties; (2) creditor financing of credit insurance; (3) the practice of flipping a consumer loan or other extension of credit secured by a consumer's dwelling; (4) imposition of fees for services or products not actually provided; (5) creditor payments to home improvement contractors without consumer countersignature; (6) creditor attempts to influence an appraisal which will secure an extension of credit; (7) blank terms in a credit agreement; and (8) steering of consumers who qualify for conventional mortgages to high cost mortgages.

Places "high-cost mortgages" within the ambit of the Act's protections, including prohibitions against: (1) creditor actions to encourage consumer default; (2) creditor imposition of fees for providing pay-off balances on a high-cost mortgage; (3) creditor lending related to a high-cost mortgage in the absence of certification that the consumer has received home-ownership counseling; and (4) extensions of credit without regard to consumer's payment ability.

Cosponsors 1

Members who signed on, in the order they did. All signed on Feb 13, 2002.

SeatCosponsorSigned on
D-ILJanice D. SchakowskyFeb 13, 2002

Actions 4

Everything that happened, newest first.

  1. Jan 14, 2002Referred to the Subcommittee on Financial Institutions and Consumer Credit.
  2. Dec 20, 2001Introduced in House
  3. Dec 20, 2001Referred to the House Committee on Financial Services.
  4. Dec 20, 2001Sponsor introductory remarks on measure. (CR E2393-2394)

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.