HR 162
114th Congress
House
Housing and Community Development
Housing finance and home ownership
To amend the Truth in Lending Act to allow certain loans that are not fully amortizing to be used in seller carryback financing on residential mortgage loans.
Introduced: January 6, 2015
Introduced by:
Schweikert, David
Republican
· Arizona
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 6, 2015
Referred to the House Committee on Financial Services.
Jan 6, 2015
Introduced in House
Plain-English summary
Amends the Truth in Lending Act to modify the exclusion from the definition of "mortgage originator" of a seller providing mortgage financing of three properties in a 12-month period to remove the requirement that a residential mortgage loan be fully amortizing. (Allows treatment as a mortgage originator of any seller providing mortgage financing of three properties in a 12-month period even if the mortgage loan involved is not fully amortizing.)
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1