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HR 3153 103th Congress House Finance and Financial Sector Civil actions and liability Consumer credit Consumer education Consumer protection Damages Debtor and creditor Federal preemption Fees Home equity loans Housing and Community Development Housing finance Interest rates Liability (Law) Mortgage interest rates Restrictive trade practices State laws

Home Equity Protection Act of 1993

Introduced: September 28, 1993 See on congress.gov
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This bill died when the 103rd Congress ended
It never became law before the 103rd Congress (1993–1994) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 22, 1994
Subcommittee Hearings Held.
Oct 18, 1993
Referred to the Subcommittee on Consumer Credit and Insurance.
Sep 29, 1993
Sponsor introductory remarks on measure. (CR E2290-2292)
Sep 28, 1993
Referred to the House Committee on Banking, Finance + Urban Affrs.
Sep 28, 1993
Introduced in House
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 Plain-English summary Congressional Research Service

Home Equity Protection Act of 1993 - Amends the Truth in Lending Act to require the creditor of each high cost mortgage to provide certain clearly written, conspicuous disclosures regarding the risks associated with such mortgages.

Prohibits such mortgages from containing: (1) a prepayment penalty for paying all or part of the principal prior to the date on which the balance is due; (2) certain refinancing fees; (3) balloon payments; (4) negative amortization; (5) certain prepared payments; and (6) specified unfair, deceptive, or evasive acts.

Declares that State authority to regulate certain high rate mortgage loans is not preempted by specified Federal statutes.

Includes within the creditor's liability for damages for noncompliance with this Act all finance charges and fees paid by the consumer.

Empowers the appropriate State attorney general to bring an action to enforce this Act. Subjects an assignee of a high cost mortgage to all the claims and defenses that the consumer could assert against the creditor.

What's happening now March 22, 1994

Subcommittee Hearings Held.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 4
D
Bishop, Sanford D.
Georgia · Feb 2, 1994
 D
Neal, Richard E.
Massachusetts · Sep 28, 1993
 D
Schumer, Charles E.
New York · Sep 28, 1993
 D
Waters, Maxine
California · Sep 28, 1993
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3153: Home Equity Protection Act of 1993. 103rd Congress. Open America. https://openamerica.io/bill/103-HR-3153/
MLA
"H.R. 3153: Home Equity Protection Act of 1993." 103rd Congress, 2026, Open America, https://openamerica.io/bill/103-HR-3153/.
Bluebook (legal)
H.R. 3153, 103rd Cong. (2026), https://openamerica.io/bill/103-HR-3153/.
Markdown link
[H.R. 3153: Home Equity Protection Act of 1993](https://openamerica.io/bill/103-HR-3153/)
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