An amendment numbered 6 printed in House Report 111-98 to require income to be verified by lenders utilizing IRS tax transcripts or similar methods that verify income by a third party.
What it does: Inserts new text after section 129C(a)(3) of the Truth in Lending Act (as added by section 201(a) of the bill)
Rep. Dennis Moore (D-KS)Description
Amendment requires income to be verified by lenders utilizing IRS tax transcripts or similar methods that verify income by a third party.
What it changes
1 change to H.R. 1728
We couldn't match these changes to the text of H.R. 1728, so they're shown as written.
Inserts new text after section 129C(a)(3) of the Truth in Lending Act (as added by section 201(a) of the bill)
InsertsInserted: (4) Income verification.--In order to safeguard against fraudulent reporting, any consideration of a consumer's income history in making a determination under this subsection shall include the verification of such income by the use of--
Inserted: (A) Internal Revenue Service transcripts of tax returns provided by a third party; or
Inserted: (B) such other similar method that quickly and effectively verifies income documentation by a third party as the Federal banking agencies may jointly prescribe.
Original wording
In section 129C(a) of the Truth in Lending Act (as added by section 201(a) of the bill), insert after paragraph (3) the following (and redesignate succeeding paragraphs accordingly):
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
In section 129C(a) of the Truth in Lending Act (as added by section 201(a) of the bill), insert after paragraph (3) the following (and redesignate succeeding paragraphs accordingly):
“(4) Income verification.--In order to safeguard against fraudulent reporting, any consideration of a consumer's income history in making a determination under this subsection shall include the verification of such income by the use of--
“(A) Internal Revenue Service transcripts of tax returns provided by a third party; or
“(B) such other similar method that quickly and effectively verifies income documentation by a third party as the Federal banking agencies may jointly prescribe.”.
Legislative Activity
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House amendment offered
May 7, 2009
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House amendment offered
May 7, 2009
House amendment agreed to: On agreeing to the Moore (KS) amendment (A006) Agreed to by voice vote.
May 7, 2009 • 1:13 PM
Amendment agreed to Committee of the Whole
May 7, 2009 • 1:13 PM
House amendment offered/reported by : Amendment (A006) offered by Mr. Moore (KS).(consideration: CR H5356-5357; text: CR H5356)
May 7, 2009 • 1:06 PM
Amendment (A006) offered by Mr. Moore (KS). (consideration: CR H5356-5357; text: CR H5356)
May 7, 2009 • 1:06 PM
On agreeing to the Moore (KS) amendment (A006) Agreed to by voice vote.
May 7, 2009 • 1:13 PM