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H.R. 3971 115th Congress House

Community Institution Mortgage Relief Act of 2017

Official title: To amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with re… Show full official titleShow less

Official title: To amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with respect to certain rules relating to mortgage loans, and for other purposes.

Introduced: October 5, 2017 Introduced by: Claudia Tenney Republican · New York See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresBanking and financial institutions regulationConsumer Financial Protection BureauConsumer creditHousing finance and home ownership
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This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) 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 22 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 13, 2017
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 12, 2017
Motion to reconsider laid on the table Agreed to without objection.
Dec 12, 2017
On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675). (text: CR H9799)
Dec 12, 2017
On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 233 (Roll no. 674).
Dec 12, 2017
Considered as unfinished business. (consideration: CR H9828-9830)
Dec 12, 2017
POSTPONED PROCEEDINGS - At the conclusion of debate on the Titus motion to recommit, the Chair put the question on passage of the motion to recommit, and by voice vote announced that the noes had prevailed. Ms. Titus demanded the yeas and nays and the Chair postponed further proceedings on the motion to recommit until later in the legislative day.
Dec 12, 2017
The previous question on the motion to recommit with instructions was ordered without objection.
Dec 12, 2017
DEBATE - The House proceeded with 10 minutes of debate on the Titus motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to Protecting Consumers from Excessive Housing Costs and Predatory Lenders.
Dec 12, 2017
Ms. Titus moved to recommit with instructions to the Committee on Financial Services. (text: CR H9807)
Dec 12, 2017
DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
Dec 12, 2017
DEBATE - The House proceeded with one hour of debate on H.R. 3971.
Dec 12, 2017
Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
Dec 12, 2017
Considered under the provisions of rule H. Res. 647. (consideration: CR H9799-9808)
Dec 6, 2017
Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
Nov 30, 2017
Placed on the Union Calendar, Calendar No. 319.
Nov 30, 2017
Reported by the Committee on Financial Services. H. Rept. 115-432.
Oct 12, 2017
Ordered to be Reported by the Yeas and Nays: 41 - 19.
Oct 12, 2017
Committee Consideration and Mark-up Session Held.
Oct 11, 2017
Committee Consideration and Mark-up Session Held.
Oct 5, 2017
Introduced in House
Oct 5, 2017
Referred to the House Committee on Financial Services.
Sep 7, 2017
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.
 Votes taken on this bill 2
DateChamberWhat was voted onResultYes–No
Dec 12, 2017 House · vote #675 On Passage Passed 294–129 See who voted →
Dec 12, 2017 House · vote #674 On Motion to Recommit with Instructions Failed 190–233 See who voted →
 Amendments to this bill 2

Amendments propose changes to this bill. Members vote on amendments separately before the final bill vote. An agreed amendment becomes part of the bill; a failed amendment does not.

1 agreed to 1 with no recorded outcome

AmendmentSponsorPurposeStatusLatest action
HAMDT 497 Sherman, Brad An amendment numbered 1 printed in Part B of House Report 115-443 to lower the amount of consolidated assets … Agreed to Dec 12, 2017
HAMDT 496 – Pursuant to the provisions of H.Res. 647 the amendment in the nature of a substitute consisting of the text o… No recorded outcome –
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 Latest action December 13, 2017

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

 Plain-English summary Congressional Research Service

Community Institution Mortgage Relief Act of 2017

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $10 billion or less that holds the loan on its balance sheet for three years after its origination.

A creditor shall be deemed to have complied with the three-year balance sheet requirement if it transfers a loan by reason of its bankruptcy or failure, the purchase of it by another, or by a supervisory act or recommendation from a state or federal regulator.

The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 20,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.

 Related & companion bills 4
  • HR 10 Financial CHOICE Act of 2017
  • HR 3280 Financial Services and General Government Appropriations Act, 2018
  • HR 3354 Make America Secure and Prosperous Appropriations Act, 2018
  • HRES 647 Providing for consideration of the bill (H.R. 477) to amend the Securities Exchange Act of 1934 to exempt from registra…
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
 Cosponsors 3
All 3 Democratic 1 Republican 2
R
Sessions, Pete
Texas · Nov 30, 2017
 D
Sherman, Brad
California · Oct 5, 2017
 R
Williams, Roger
Texas · Oct 5, 2017
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3971: Community Institution Mortgage Relief Act of 2017. 115th Congress. Open America. https://openamerica.io/bill/115-HR-3971/
MLA
"H.R. 3971: Community Institution Mortgage Relief Act of 2017." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-HR-3971/.
Bluebook (legal)
H.R. 3971, 115th Cong. (2026), https://openamerica.io/bill/115-HR-3971/.
Markdown link
[H.R. 3971: Community Institution Mortgage Relief Act of 2017](https://openamerica.io/bill/115-HR-3971/)
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