Predatory Lending Consumer Protection Act of 2002
Latest action · May 1, 2002 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedMay 1, 2002
- Passed SenateNot reached
- Passed HouseNot 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 15
Members who signed on, in the order they did. Signatures ran from May 1, 2002 to Jun 27, 2002; 14 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Barbara A. Mikulski | Original | May 1, 2002 |
| D-CA | Barbara Boxer | Original | May 1, 2002 |
| D-MI | Carl Levin | Original | May 1, 2002 |
| D-NY | Charles E. Schumer | Original | May 1, 2002 |
| D-CT | Christopher J. Dodd | Original | May 1, 2002 |
| D-MI | Debbie Stabenow | Original | May 1, 2002 |
| D-MA | Edward M. Kennedy | Original | May 1, 2002 |
| D-NY | Hillary Rodham Clinton | Original | May 1, 2002 |
| D-MA | John F. Kerry | Original | May 1, 2002 |
| D-NJ | Jon S. Corzine | Original | May 1, 2002 |
| D-MN | Mark Dayton | Original | May 1, 2002 |
| D-MN | Paul D. Wellstone | Original | May 1, 2002 |
| D-IL | Richard J. Durbin | Original | May 1, 2002 |
| D-NJ | Robert G. Torricelli | Original | May 1, 2002 |
| D-MO | Jean Carnahan | Jun 27, 2002 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred May 1, 2002 |
Actions 3
Everything that happened, newest first.
- May 1, 2002Introduced in Senate
- May 1, 2002Sponsor introductory remarks on measure. (CR S3629)
- May 1, 2002Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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 |
|---|---|---|---|
| Senate | Debate and remarks S3629 | Paul S. Sarbanes D-MD | May 1, 2002 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend 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 2002
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Civil actions and liability
- Collection of accounts
- Commerce
- Commercial arbitration
- Consumer credit
- Consumer education
- Consumer protection
- Credit insurance
- Credit life insurance
- Debtor and creditor
- Fees
- Finance and Financial Sector
- Housing and Community Development
- Law
- Loan defaults
- Mortgage interest rates
- Mortgage loans
- Mortgages
- Restrictive trade practices
Text 1
Each version as it was printed, newest first.
- May 1, 2002Introduced in Senate
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.
