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Predatory Lending Consumer Protection Act of 2001

Introduced: March 15, 2001 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 23, 2002
Sponsor introductory remarks on measure. (CR E897)
Apr 2, 2001
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Mar 15, 2001
Referred to the House Committee on Financial Services.
Mar 15, 2001
Introduced in House
 Plain-English summary Congressional Research Service
Predatory Lending Consumer Protection Act of 2001 - Amends the Truth in Lending Act guidelines for certain credit transactions secured by the consumer's principal dwelling (high-cost mortgage).

Requires additional disclosures that the consumer is contracting to pay a much higher loan than most people pay. Specifies additional prohibitions against prepayment penalties, except in certain circumstances. Prohibits all balloon payments. Prohibits the terms of a high-cost mortgage from including advance collection of a premium on a single premium basis for specified credit insurance products.

Restricts the amount of points and fees which a creditor may finance in connection with a high-cost mortgage. Prohibits certain creditors from financing the prepayment fees or penalties due from the consumer.

Prohibits a high-cost mortgage creditor from engaging in specified practices, including requiring arbitration or any other nonjudicial procedure as a method for resolving any controversy or claims arising from the transaction.

Declares a consumer's waiver of the right of rescission ineffective if the creditor either advised, or encouraged such waiver, or required it as a precondition for a transaction.

Amends the Fair Credit Reporting Act to mandate that each high-cost mortgage creditor (including the successor creditor) report the debtor's complete payment history to certain consumer reporting agencies in accordance with specified regulations.

What's happening now May 23, 2002

Sponsor introductory remarks on measure. (CR E897)

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 3