HR 3642 103th Congress House Finance and Financial Sector Accounting Administrative procedure Bank capital Bank records Bank reserves Deposit insurance Excise tax Financial statements Government Operations and Politics Government paperwork Housing and Community Development Labor and Employment Mortgage loans Pension funds Secondary mortgage market Securities fraud Securities regulation Tax penalties Taxation

Commercial Mortgage Capital Availability Act of 1993

Introduced: November 22, 1993 See on congress.gov

Everywhere this bill has been 5 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 20, 1993

Referred to the Subcommittee on Telecommunications and Finance.

Dec 6, 1993

Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance.

Nov 22, 1993

Referred to the House Committee on Energy and Commerce.

Nov 22, 1993

Referred to the House Committee on Banking, Finance + Urban Affrs.

Nov 22, 1993

Introduced in House

Plain-English summary Congressional Research Service

Commercial Mortgage Capital Availability Act of 1993 - Sets forth a regulatory scheme under which qualified insured depository institutions meeting prescribed reserve and capital requirements may execute mortgage loan transfers with a recourse arrangement.

Amends the Securities Exchange Act of 1934 to modify the definition of "mortgage related security" to include notes directly secured by a first lien on real estate with commercial structures located upon it (thus bringing such securities within the purview of the Act).

Directs the Secretary of Labor to exempt commercial mortgage related securities transactions from: (1) certain restrictions of the Employee Retirement Income Security Act of 1974; and (2) certain taxes imposed under the Internal Revenue Code.

Mandates that securities relying on the provisions of this Act comply with all Federal securities laws relating to disclosure to investors, registrations, reporting and anti-fraud provisions.

Requires insured depository institutions to maintain the minimum adequate capital prescribed by regulatory banking agencies when executing mortgage backed securities transactions.

What's happening now December 20, 1993

Referred to the Subcommittee on Telecommunications and Finance.

Committees of jurisdiction 4