Housing Financial Literacy Act of 2019
Latest action · Jul 10, 2019 Received in the Senate and 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.
- IntroducedApr 9, 2019
- Passed HouseJul 9, 2019
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Housing Financial Literacy Act of 2019
This bill modifies the discount given by the Federal Housing Administration (FHA) on single-family mortgage-insurance premium payments for first-time homebuyers who complete a financial-management counseling program. Under current law, the maximum premium amount for such homebuyers is 2.75% of the original insured principal obligation of the mortgage (compared to 3% for other homebuyers). The bill instead requires that the premium amount for such homebuyers be 25 basis points (0.25% of the original insured principal obligation of mortgage) lower than the amount otherwise established by the FHA. The bill also specifies that first-time homebuyers must complete the financial-management counseling program prior to applying for a mortgage or entering into a sales agreement.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Apr 9, 2019 to Jun 12, 2019; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-OH | Steve Stivers | Original | Apr 9, 2019 |
| D-GA | David Scott | Jun 12, 2019 |
Committees 2
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 9, 2019Markup Jun 11, 2019 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jul 10, 2019 |
Actions 10
Everything that happened, newest first.
- Jul 10, 2019Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jul 9, 2019Ms. Waters moved to suspend the rules and pass the bill, as amended.
- Jul 9, 2019Considered under suspension of the rules. (consideration: CR H5278-5280)
- Jul 9, 2019DEBATE - The House proceeded with forty minutes of debate on H.R. 2162.
- Jul 9, 2019Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5278)
- Jul 9, 2019Motion to reconsider laid on the table Agreed to without objection.
- Jun 11, 2019Committee Consideration and Mark-up Session Held.
- Jun 11, 2019Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 6.
- Apr 9, 2019Introduced in House
- Apr 9, 2019Referred to the House Committee on Financial Services.
In the Congressional Record 2
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 |
|---|---|---|---|
| House | Debate and remarks H8963 | Joyce Beatty D-OH | Nov 19, 2019 |
| House | Debate and remarks H5278–H5280Text printed H5278 | Andy Barr R-KY, Joyce Beatty D-OH, Maxine Waters D-CA, Steve Stivers R-OH | Jul 9, 2019 |
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.
Congressional Budget Office cost estimate
- Aug 6, 2019H.R. 2162, Housing Financial Literacy Act of 2019As passed by the House of Representatives on July 9, 2019
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 165, no. 61, April 9, 2019, page H3218.
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. 116-23 | A REVIEW OF THE STATE OF AND BARRIERS TO MINORITY HOMEOWNERSHIP324 pages | Financial Services Committee | May 8, 2019 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 851 | Housing Financial Literacy Act of 2017 | Reintroduction of | Feb 3, 2017 |
| S 3639 | Housing Financial Literacy Act of 2020 | Related bill | May 7, 2020 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.
- Short Title(s) as Introduced
- Housing Financial Literacy Act of 2019
- Short Title(s) as Passed House
- Housing Financial Literacy Act of 2019
- Short Titles from RFS (Referred to Senate) bill text
- Housing Financial Literacy Act of 2019
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 3
Each version as it was printed, newest first.
- Jul 10, 2019Referred in Senate
- Jul 9, 2019Engrossed in House
- Apr 9, 2019Introduced 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.
