Predatory Mortgage Lending Practices Reduction Act
Latest action · Apr 28, 2005 Referred to the House Committee on Financial Services.
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 28, 2005
- 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 31
Members who signed on, in the order they did. Signatures ran from Apr 28, 2005 to Sep 19, 2006; 8 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MI | Carolyn C. Kilpatrick | Original | Apr 28, 2005 |
| D-MD | Elijah E. Cummings | Original | Apr 28, 2005 |
| D-IL | Jesse L. Jackson, Jr. | Original | Apr 28, 2005 |
| D-CA | Juanita Millender-McDonald | Original | Apr 28, 2005 |
| D-NY | Major R. Owens | Original | Apr 28, 2005 |
| D-AZ | Raúl M. Grijalva | Original | Apr 28, 2005 |
| D-CT | Rosa L. DeLauro | Original | Apr 28, 2005 |
| D-LA | William J. Jefferson | Original | Apr 28, 2005 |
| D-FL | Alcee L. Hastings | May 11, 2005 | |
| I-VT | Bernard Sanders | May 11, 2005 | |
| D-TX | Eddie Bernice Johnson | May 11, 2005 | |
| D-MI | John Conyers, Jr. | May 25, 2005 | |
| D-MD | Albert Russell Wynn | Jun 30, 2005 | |
| D-MS | Bennie G. Thompson | Jun 30, 2005 | |
| D-FL | Kendrick B. Meek | Jun 30, 2005 | |
| D-MA | Edward J. Markey | Oct 20, 2005 | |
| D-IN | Julia Carson | Oct 20, 2005 | |
| D-OH | Dennis J. Kucinich | Oct 26, 2005 | |
| D-VI | Donna M. Christensen | Oct 26, 2005 | |
| D-GA | John Lewis | Oct 26, 2005 | |
| D-TX | Sheila Jackson Lee | Oct 26, 2005 | |
| D-MO | Wm. Lacy Clay | Oct 26, 2005 | |
| D-OH | Marcy Kaptur | Nov 2, 2005 | |
| D-NC | Melvin L. Watt | Dec 15, 2005 | |
| D-PA | Chaka Fattah | Apr 26, 2006 | |
| D-DC | Eleanor Holmes Norton | Apr 26, 2006 | |
| D-SC | James E. Clyburn | Apr 26, 2006 | |
| D-NV | Shelley Berkley | Apr 27, 2006 | |
| D-NJ | Donald M. Payne | May 11, 2006 | |
| D-IL | Janice D. Schakowsky | May 11, 2006 | |
| D-OH | Sherrod Brown | Sep 19, 2006 |
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 28, 2005 |
Actions 2
Everything that happened, newest first.
- Apr 28, 2005Introduced in House
- Apr 28, 2005Referred to the House Committee on Financial Services.
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 |
|---|---|---|---|
| Serial No. 109-58 | LICENSING AND REGISTRATION IN THE MORTGAGE INDUSTRY158 pages | Financial Services Committee | Sep 29, 2005 |
Titles 3
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
- Short Titles as Introduced for portions of this bill
- Consumer Fairness Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Civil Rights and Liberties, Minority Issues
- Collection of accounts
- 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
- Government publicity
- Grants-in-aid
- Housing and Community Development
- Independent regulatory commissions
- Infrastructure
- Labeling
- Labor and Employment
- Law
- Licenses
- Mortgage banks
- Mortgage guaranty insurance
- Mortgage interest rates
- Mortgages
- Restrictive trade practices
- Social Welfare
- Subcontractors
- Urban affairs
Text 1
Each version as it was printed, newest first.
- Apr 28, 2005Introduced 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.