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HR 4182 114th Congress House Housing and Community Development Civil actions and liability Housing finance and home ownership

Prompt Notification of Short Sales Act

Introduced: December 3, 2015 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 3, 2015
Referred to the House Committee on Financial Services.
Dec 3, 2015
Introduced in House
 Plain-English summary Congressional Research Service

Prompt Notification of Short Sales Act

This bill requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding the mortgagor's written request for a short sale of the dwelling or residential real property subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.

An aggrieved individual may bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act.

This bill shall not apply to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.

What's happening now December 3, 2015

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1