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Home Equity Loan Consumer Protection Act of 1988

Introduced: July 23, 1987 See on congress.gov
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 Everywhere this bill has been 20 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 23, 1988
Became Public Law No: 100-709.
Nov 23, 1988
Signed by President.
Nov 14, 1988
Presented to President.
Nov 14, 1988
Measure Signed in Senate.
Oct 22, 1988
Passed Senate without amendment by Voice Vote.
Oct 22, 1988
Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.
Sep 14, 1988
Placed on Senate Legislative Calendar under General Orders. Calendar No. 939.
Sep 14, 1988
Senate Committee on Banking discharged by Unanimous Consent.
Jun 28, 1988
Received in the Senate and read twice and referred to the Committee on Banking.
Jun 20, 1988
Passed House (Amended) by Voice Vote.
Jun 20, 1988
Passed/agreed to in House: Passed House (Amended) by Voice Vote.
Jun 20, 1988
Called up by House Under Suspension of Rules.
May 19, 1988
Ordered to be Reported (Amended).
May 19, 1988
Committee Consideration and Mark-up Session Held.
Feb 24, 1988
Forwarded by Subcommittee to Full Committee (Amended).
Feb 24, 1988
Subcommittee Consideration and Mark-up Session Held.
Oct 6, 1987
Subcommittee Hearings Held.
Aug 3, 1987
Referred to Subcommittee on Consumer Affairs and Coinage.
Jul 23, 1987
Referred to House Committee on Banking, Finance and Urban Affairs.
Jul 23, 1987
Introduced in House
 Plain-English summary Congressional Research Service

Home Equity Loan Consumer Protection Act of 1987 - Amends the Truth in Lending Act to impose additional disclosure requirements for any open end credit plan secured by a consumer's dwelling. Specifies the information to be disclosed as information regarding annual interest rates, finance charge conditions, fees, changes in variable interest rates, and a statement that in the event of any default the consumer risks loss of the dwelling.

Imposes additional disclosure requirements for advertisements of open end credit plans secured by consumers' dwellings. Requires such advertisements to disclose a statement of any minimum or fixed amount which could be imposed, periodic rates expressed as annual percentage rates, and any other term which the Federal Reserve Board may by regulation require. Prohibits the use of advertisements for any home equity loan which refer to such loan as "free money" or as a "loan at prime."

Requires the Federal Reserve Board to develop and prepare a pamphlet for distribution to consumers which contains: (1) a general description of open end credit plans secured by consumer dwellings and the terms and conditions on which such loans are generally extended; and (2) a discussion of the potential advantages and disadvantages of such plans.

What's happening now November 23, 1988

Became Public Law No: 100-709.

 Committees of jurisdiction 3
 Cosponsors 3
All 3 Democratic 3