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HR 3535 110th Congress House

Homebuyer's Protection Act of 2007

Official title: To amend the Truth in Lending Act to require escrow accounts for the payment of property taxes and insurance for all subprime loans, and to expand the coverage… Show full official titleShow less

Official title: To amend the Truth in Lending Act to require escrow accounts for the payment of property taxes and insurance for all subprime loans, and to expand the coverage of the appraisal requirements under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and for other purposes.

Introduced: September 14, 2007 See on congress.gov
Housing and Community Development Bank accountsCommerceConsumer creditConsumer education
More subjectsShow fewer subjects
Consumer protectionDebtor and creditorFinance and Financial SectorHousing financeInsurance premiumsMortgage banksMortgagesProperty insuranceProperty taxReal estate appraisalTaxation
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 14, 2007
Referred to the House Committee on Financial Services.
Sep 14, 2007
Introduced in House
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 Latest action September 14, 2007

Referred to the House Committee on Financial Services.

 Plain-English summary Congressional Research Service

Homebuyer's Protection Act of 2007 - Amends the Truth in Lending Act to require a creditor to establish, in an insured depository institution, an escrow or impound account for payment of taxes and hazard insurance at the time of the consummation of a subprime mortgage transaction.

Requires such account to remain in existence for as long as the subprime mortgage is outstanding.

Requires creditors, before consummating a consumer credit transaction involving an impound, trust, or escrow account, to provide the following written disclosures: (1) that an escrow or impound account will be established; (2) the amount required to fund such account; (3) the amount in the initial year of estimated taxes and hazard insurance premiums; and (4) the estimated monthly amount payable for taxes and hazard insurance.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to extend its appraisal requirements to all real estate related financial transactions, not only those that are federally related.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Moore, Gwen
Wisconsin · Sep 14, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3535: Homebuyer's Protection Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-HR-3535/
MLA
"H.R. 3535: Homebuyer's Protection Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-HR-3535/.
Bluebook (legal)
H.R. 3535, 110th Cong. (2026), https://openamerica.io/bill/110-HR-3535/.
Markdown link
[H.R. 3535: Homebuyer's Protection Act of 2007](https://openamerica.io/bill/110-HR-3535/)
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