S 2280 109th Congress Senate Housing and Community Development Administrative procedure Civil actions and liability Commerce Consumer credit Consumer education Counseling Crime and Law Enforcement Criminal investigation Criminal justice information Data banks Department of the Treasury Economics and Public Finance Federal aid to housing Federal aid to law enforcement Finance and Financial Sector Fines (Penalties) Fraud Government Operations and Politics Law

STOP FRAUD Act

Introduced: February 14, 2006 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 14, 2006

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

Feb 14, 2006

Sponsor introductory remarks on measure. (CR S1177-1178)

Feb 14, 2006

Introduced in Senate

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Plain-English summary Congressional Research Service

Stopping Transactions which Operate to Promote Fraud, Risk, and Underdevelopment Act or the STOP FRAUD Act - Amends federal criminal law to make it unlawful for any mortgage professional (as defined by this Act) to execute, or attempt to execute, a scheme or artifice to: (1) defraud any natural person or financial institution in connection with the offer of consumer credit secured by an interest in real property, or in personal property used or expected to be used as a principal dwelling; or (2) falsely obtain any money or property from a natural person in connection with an extension of consumer credit secured by an interest in real property, or in personal property used or expected to be used as the principal dwelling of such natural person.

Provides for: (1) fines and/or imprisonment for violations of such provisions; and (2) a private right of action.

Includes within the definition of "financial institution" for specified federal monetary transaction provisions the Federal National Mortgage Association (Fannie Mae), the Government National Mortgage Association (Ginnie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), mortgage appraisers, real estate accountants, real estate attorneys, real estate brokers, mortgage underwriters, mortgage processors, mortgage settlement and title companies, mortgage brokers, mortgage loan originators, and any other mortgage professional engaged in the mortgage industry.

Amends the Housing and Urban Development Act of 1968 to authorize the Secretary of Housing and Urban Development to provide tenants, homeowners, and other consumers with mortgage fraud counseling.

What's happening now February 14, 2006

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

Bill text 1 version