To require notice to consumers when a mortgage loan has been sold, transferred, or assigned to a third party.

SA 1035. Mrs. BOXER submitted an amendment intended to be proposed to
amendment SA 1018 submitted by Mr. Dodd (for himself and Mr. Shelby) to
the bill S. 896, to prevent mortgage foreclosures and enhance mortgage
credit availability; 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.

(a) In General.--Section 131 of the Truth in Lending Act
(15 U.S.C. 1641) is amended by adding at the end the
following:
``(g) Notice of New Creditor.--
``(1) 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--
``(A) the identity, address, telephone number of the new
creditor;
``(B) the date of transfer;
``(C) how to reach an agent or party having authority to
act on behalf of the new creditor;
``(D) the location of the place where transfer of ownership
of the debt is recorded; and
``(E) any other relevant information regarding the new
creditor.
``(2) Definition.--As used in this subsection, the term
`mortgage loan' means any consumer credit transaction that is
secured by the principal dwelling of a consumer.''.
(b) Private Right of Action.--Section 130(a) of the Truth
in Lending Act (15 U.S.C. 1640(a)) is amended by inserting
``subsection (f) or (g) of section 131,'' after ``section
125,''.
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