Predatory Mortgage Lending Practices Reduction Act
Latest action · Apr 29, 2003 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.
- IntroducedApr 8, 2003
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Truth in Lending Act to require lenders to establish a best practices plan, meeting certain criteria, to ensure compliance with such Act for high cost mortgages.
Proscribes unfair or deceptive acts or practices in providing mortgage lending services for either a subprime federally related mortgage loan or for mortgage brokerage services for such a loan. Sets forth civil penalties for violations.
Consumer Fairness Act - Amends the Consumer Credit Protection Act to declare unenforceable a written provision in any consumer contract or transaction which requires binding arbitration to resolve any controversy arising out of such transaction or contract, or the refusal to perform all or any part of the transaction. (Permits post-controversy arbitration agreements.)
Amends the Community Development Banking and Financial Institutions Act of 1994 to authorize the Community Development Financial Institutions Fund to make grants to nonprofit community development corporations to educate and train borrowers and community groups regarding illegal and inappropriate predatory lending practices.
Cosponsors 27
Members who signed on, in the order they did. Signatures ran from Apr 8, 2003 to Jul 21, 2003; 23 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Barbara Lee | Original | Apr 8, 2003 |
| I-VT | Bernard Sanders | Original | Apr 8, 2003 |
| D-MI | Carolyn C. Kilpatrick | Original | Apr 8, 2003 |
| D-PA | Chaka Fattah | Original | Apr 8, 2003 |
| D-IL | Danny K. Davis | Original | Apr 8, 2003 |
| D-NJ | Donald M. Payne | Original | Apr 8, 2003 |
| D-VI | Donna M. Christensen | Original | Apr 8, 2003 |
| D-NY | Edolphus Towns | Original | Apr 8, 2003 |
| D-DC | Eleanor Holmes Norton | Original | Apr 8, 2003 |
| D-MD | Elijah E. Cummings | Original | Apr 8, 2003 |
| D-SC | James E. Clyburn | Original | Apr 8, 2003 |
| D-IL | Janice D. Schakowsky | Original | Apr 8, 2003 |
| D-IL | Jesse L. Jackson, Jr. | Original | Apr 8, 2003 |
| D-MI | John Conyers, Jr. | Original | Apr 8, 2003 |
| D-GA | John Lewis | Original | Apr 8, 2003 |
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 Apr 8, 2003 |
| Consumer Protection and Financial Institutions Subcommittee | Referred Apr 29, 2003 |
Actions 3
Everything that happened, newest first.
- Apr 29, 2003Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Apr 8, 2003Introduced in House
- Apr 8, 2003Referred to the House Committee on Financial Services.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To protect home buyers from predatory lending practices.
- Short Titles as Introduced
- Predatory Mortgage Lending Practices Reduction Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Civil Rights and Liberties, Minority Issues
- Commerce
- Commercial arbitration
- Community development
- Consumer complaints
- Consumer credit
- Consumer education
- Consumer protection
- Contractors
- Debtor and creditor
- Department of Housing and Urban Development
- Discrimination in consumer credit
- Economics and Public Finance
- Employee training
- Employment tests
- Federal Reserve System
- Federal Trade Commission
- Federally-assisted loans
- Federally-guaranteed loans
- Fees
- Finance and Financial Sector
- Financial services
- Fines (Penalties)
- Government lending
- Government Operations and Politics
- Grants-in-aid
- Housing and Community Development
- Independent regulatory commissions
- Infrastructure
- Internet
- Labeling
- Labor and Employment
- Law
- Licenses
- Mortgage banks
- Mortgage guaranty insurance
- Mortgage interest rates
- Mortgages
- Restrictive trade practices
- Science, Technology, Communications
- Social Welfare
- Subcontractors
- Urban affairs
- World Wide Web
Text 1
Each version as it was printed, newest first.
- Apr 8, 2003Introduced 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.