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S 2153 110th Congress Senate Finance and Financial Sector Commerce Consumer credit Consumer education Damages Housing and Community Development Law Mortgage interest rates Mortgages

Mortgage Disclosure Improvement Act of 2007

Introduced: October 4, 2007 Introduced by: Reed, Jack Democratic · Rhode Island See on congress.gov
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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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 4, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S12781)
Oct 4, 2007
Sponsor introductory remarks on measure. (CR S12780-12781)
Oct 4, 2007
Introduced in Senate
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 Plain-English summary Congressional Research Service

Mortgage Disclosure Improvement Act of 2007 - Amends the Truth in Lending Act to require a creditor to disclose to a consumer with respect to an extension of credit secured by the consumer's dwelling that the consumer is not required to complete the credit agreement merely because the consumer has received required disclosures or signed a loan application.

Requires such disclosure to be furnished to the borrower not later than seven business days before the consummation of the transaction, as well as at the time of consummation.

Requires additional disclosures in such a circumstance regarding any variable rates or payment schedules.

Increases the actual damages for which a creditor is liable for noncompliance with such Act in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling. Replaces the current range of damages from $200 to $2,000 with a flat damages amount of $5,000, adjusted annually for inflation.

What's happening now October 4, 2007

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S12781)

 Related & companion bills 2
  • HR 4019 Related bill Mortgage Disclosure Improvement Act of 2007
  • S 2636 Related bill Foreclosure Prevention Act of 2008
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Whitehouse, Sheldon
Rhode Island · Oct 17, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2153: Mortgage Disclosure Improvement Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-S-2153/
MLA
"S. 2153: Mortgage Disclosure Improvement Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-2153/.
Bluebook (legal)
S. 2153, 110th Cong. (2026), https://openamerica.io/bill/110-S-2153/.
Markdown link
[S. 2153: Mortgage Disclosure Improvement Act of 2007](https://openamerica.io/bill/110-S-2153/)
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