S.Amdt. 4445

SA 4445. Mrs. BOXER submitted an amendment intended to be proposed by her to the bill H.R. 3221, moving the United States toward greater energy independence and security, developing innovative new technologies, reducing carbon emissions, creating green jobs, protecting consumers, increasing clean renewable energy production, and modernizing our energy infrastructure, and to amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. NOTIFICATION OF SALE OR TRANSFER OF MORTGAGE LOANS.

The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended by inserting after section 129 the following new section:

“SEC. 129A. NOTICE OF NEW CREDITOR.

“(a) In General.--In addition to other disclosures required by this title, not later than 30 days after the date on which a mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including--

“(1) the identity, address, telephone number of the new creditor;

“(2) the date of transfer;

“(3) how to reach an agent or party having authority to act on behalf of the new creditor;

“(4) the location of the place where transfer of ownership of the debt is recorded; and

“(5) any other relevant information regarding the new creditor.

“(b) Definition.--As used in this section, the term ‘mortgage loan' means any consumer credit transaction that is secured by the principal dwelling of a consumer.”.