HR 7049
117th Congress
House
Finance and Financial Sector
Mortgage Borrower Protection Act of 2022
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 9, 2022
Referred to the House Committee on Financial Services.
Mar 9, 2022
Introduced in House
Plain-English summary
Mortgage Borrower Protection Act of 2022
This bill requires an entity extending a Property Assessed Clean Energy (PACE) financing agreement to receive written consent from each owner of any residential mortgage loan or other recorded lien on the property before extending such financing to the dwelling owner. (PACE financing is used to cover the costs of home improvements such as energy-efficient improvements. The subsequent lien is tied to the specific property in the form of a tax assessment.)
Consent is not required if the PACE financing does not have priority over the mortgage loan or lien.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1