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S 2438 107th Congress Senate Finance and Financial Sector Civil actions and liability Collection of accounts Commerce Commercial arbitration Consumer credit Consumer education Consumer protection Credit insurance Credit life insurance Debtor and creditor Fees Housing and Community Development Law Loan defaults Mortgage interest rates Mortgage loans Mortgages Restrictive trade practices

Predatory Lending Consumer Protection Act of 2002

Introduced: May 1, 2002 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 1, 2002
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 1, 2002
Sponsor introductory remarks on measure. (CR S3629)
May 1, 2002
Introduced in Senate
 Plain-English summary Congressional Research Service
Predatory Lending Consumer Protection Act of 2002 - 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 1, 2002

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2