Congress 115 - HR 3978 - TRID Improvement Act of 2017

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Accounting and auditing Business records Civil actions and liability Computers and information technology Consumer Financial Protection Bureau Finance and Financial Sector Financial services and investments Government information and archives Government liability Government trust funds Housing finance and home ownership Intellectual property Licensing and registrations Real estate business Securities Securities and Exchange Commission (SEC) State and local government operations User charges and fees

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Summary

(Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million.

TITLE I--TRID IMPROVEMENT

(Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings.

TITLE II--PROTECTION OF SOURCE CODE

(Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena.

TITLE III--FOSTERING INNOVATION

(Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies.

These requirements shall not apply with respect to any audit report prepared for an issuer that:

ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities,
had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and
is not a large accelerated filer.

This exemption shall expire at the earliest of: (1) the last day of the fiscal year 10 years after the issuer's first sale of common equity securities, (2) the end of the fiscal year in which the issuer's average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer.

TITLE IV--NATIONAL SECURITIES EXCHANGE REGULATORY PARITY

(Sec. 401) The bill amends the Securities Act of 1933 to exempt from state registration securities qualified for national trading by the SEC and authorized to be listed on a national securities exchange. Currently, securities listed on exchanges specified by statute or rule are exempt.

TITLE V--ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS

(Sec. 501) The bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution.

(Sec. 502) The bill revises the S.A.F.E. Mortgage Licensing Act's civil liability immunity provisions.

Actions

Feb 15, 2018

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 14, 2018

Motion to reconsider laid on the table Agreed to without objection.
Feb 14, 2018

On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77). (text: CR H1155-1156)
Feb 14, 2018

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77).(text: CR H1155-1156)
Feb 14, 2018

On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76).
Feb 14, 2018

The previous question on the motion to recommit with instructions was ordered without objection.
Feb 14, 2018

DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed.
Feb 14, 2018

Mr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166)
Feb 14, 2018

The previous question was ordered on the bill and amendment pursuant to the rule.
Feb 14, 2018

DEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.
Feb 14, 2018

DEBATE - The House proceeded with one hour of debate on H.R. 3978.
Feb 14, 2018

Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
Feb 14, 2018

Considered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169)
Feb 14, 2018

Rule H. Res. 736 passed House.
Feb 13, 2018

Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
Jan 25, 2018

Placed on the Union Calendar, Calendar No. 389.
Jan 25, 2018

Reported by the Committee on Financial Services. H. Rept. 115-524.
Nov 15, 2017

Ordered to be Reported by the Yeas and Nays: 53 - 5.
Nov 15, 2017

Committee Consideration and Mark-up Session Held.
Oct 5, 2017

Referred to the House Committee on Financial Services.
Oct 5, 2017

Introduced in House
Sep 7, 2017

Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.

Amendments

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