S 2304
115th Congress
Senate
Armed Forces and National Security
Protecting Veterans from Predatory Lending Act of 2018
Introduced: January 11, 2018
Introduced by:
Tillis, Thomas
Republican
· North Carolina
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 11, 2018
Read twice and referred to the Committee on Veterans' Affairs.
Jan 11, 2018
Introduced in Senate
Plain-English summary
Protecting Veterans from Predatory Lending Act of 2018
The bill establishes mortgage loan protections for veterans.
A refinanced home loan may not be guaranteed by the Department of Veterans Affairs (VA) unless: (1) a specified minimum time period has passed between the original loan and the refinancing; and (2) the lender complies with provisions related to fee recoupment, mortgage interest rates, and net tangible benefit tests.
The National Housing Act is amended to prohibit the Government National Mortgage Association (Ginnie Mae) from guaranteeing a new refinanced VA loan until the later of: (1) 210 days after the first loan payment, or (2) the sixth monthly loan payment.
What's happening now
Read twice and referred to the Committee on Veterans' Affairs.
Committees of jurisdiction
1