S.Amdt. 4106
What it does: Adds SEC. 1111. COMPLIANCE WITH OTHER RULES at the end of title X
Sen. Jeff Merkley (D-OR)What it changes
1 change to S. 3217
Adds SEC. 1111. COMPLIANCE WITH OTHER RULES at the end of title X
Adds a sectionInserted: SEC. 1111. COMPLIANCE WITH OTHER RULES.
Inserted: Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting before section 130 the following:
Inserted: "SEC. 129B. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
Inserted: "A creditor or other person shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with consumer credit.".
Inserted: SEC. 1112. CONSUMER LEASING ACT OF 1976.
Inserted: Section 183 of the Consumer Leasing Act of 1976 (15 U.S.C. 1667b) is amended--
Inserted: (1) by striking the section heading and inserting the following:
Inserted: "SEC. 183. LESSEE LIABILITY AND LESSOR COMPLIANCE."; AND
Inserted: (2) by adding at the end the following:
Inserted: "(d) Compliance With Consumer Financial Protection Laws.--A lessor shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to the lessor in connection with consumer leases.".
Inserted: SEC. 1113. ELECTRONIC FUND TRANSFER ACT.
Inserted: The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is amended by adding at the end the following:
Show 24 more inserted paragraphsShow less
Inserted: "SEC. 922. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
Inserted: "A person shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with electronic fund transfers.".
Inserted: SEC. 1114. FAIR CREDIT REPORTING ACT.
Inserted: The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is amended by inserting after section 615 the following:
Inserted: "SEC. 615A. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
Inserted: "A person shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with consumer reports.".
Inserted: SEC. 1115. FAIR DEBT COLLECTION PRACTICES ACT.
Inserted: The Fair Debt Collection Practices Act (15 U.S.C. 1692 et seq.) is amended by inserting after section 812 the following:
Inserted: "SEC. 812A. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
Inserted: "A person shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with the collection of debt.".
Inserted: SEC. 1116. REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974.
Inserted: (a) Compliance With Consumer Financial Protection Laws.--The Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et. seq) is amended by inserting after section 12 the following:
Inserted: "SEC. 13. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
Inserted: "A person shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with settlement services or the servicing of federally related mortgage loans.".
Inserted: (b) Jurisdiction.--Notwithstanding section 1096(8) of this Act, section 16 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2614) is amended to read as follows:
Inserted: "SEC. 16. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS; JURISDICTION; LIMITATIONS.
Inserted: "Any action pursuant to the provisions of section 6, 8, 9, or 13 may be brought in the United States district court or in any other court of competent jurisdiction, for the district in which the property involved is located, or where the violation is alleged to have occurred, within 3 years in the case of a violation of section 6 and 1 year in the case of a violation of section 8, 9, or 13 from the date of the occurrence of the violation, except that actions brought by the Bureau, the Secretary, the Attorney General of any State, or the insurance commissioner of any State may be brought within 3 years from the date of the occurrence of the violation.".
Inserted: SEC. 1117. HOMEOWNERS PROTECTION ACT OF 1998.
Inserted: The Homeowners Protection Act of 1998 (12 U.S.C. 4901 et. seq) is amended by inserting after section 7 (12 U.S.C. 4906) the following:
Inserted: "SEC. 7A. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
Inserted: "A servicer, mortgagee, or mortgage insurer shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with private mortgage insurance.".
Inserted: SEC. 1118. TRUTH IN SAVINGS ACT.
Inserted: Section 269 of the Truth in Savings Act (12 U.S.C. 4308) is amended by adding at the end the following:
Inserted: "(c) Compliance With Consumer Financial Protection Laws.--Any regulation promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 regarding disclosures, payment of interest, or periodic statements in connection with accounts within the scope this Act shall be considered a regulation pursuant to this Act.".
Original wording
At the end of title X, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 4106. Mr. MERKLEY submitted an amendment intended to be proposed by him to the bill S. 3217, to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes; which was ordered to lie on the table; as follows:
At the end of title X, insert the following:
SEC. 1111. COMPLIANCE WITH OTHER RULES.
Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting before section 130 the following:
“SEC. 129B. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
“A creditor or other person shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with consumer credit.”.
SEC. 1112. CONSUMER LEASING ACT OF 1976.
Section 183 of the Consumer Leasing Act of 1976 (15 U.S.C. 1667b) is amended--
(1) by striking the section heading and inserting the following:
“SEC. 183. LESSEE LIABILITY AND LESSOR COMPLIANCE.”; AND
(2) by adding at the end the following:
“(d) Compliance With Consumer Financial Protection Laws.--A lessor shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to the lessor in connection with consumer leases.”.
SEC. 1113. ELECTRONIC FUND TRANSFER ACT.
The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is amended by adding at the end the following:
“SEC. 922. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
“A person shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with electronic fund transfers.”.
SEC. 1114. FAIR CREDIT REPORTING ACT.
The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is amended by inserting after section 615 the following:
“SEC. 615A. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
“A person shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with consumer reports.”.
SEC. 1115. FAIR DEBT COLLECTION PRACTICES ACT.
The Fair Debt Collection Practices Act (15 U.S.C. 1692 et seq.) is amended by inserting after section 812 the following:
“SEC. 812A. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
“A person shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with the collection of debt.”.
SEC. 1116. REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974.
(a) Compliance With Consumer Financial Protection Laws.--The Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et. seq) is amended by inserting after section 12 the following:
“SEC. 13. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
“A person shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with settlement services or the servicing of federally related mortgage loans.”.
(b) Jurisdiction.--Notwithstanding section 1096(8) of this Act, section 16 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2614) is amended to read as follows:
“SEC. 16. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS; JURISDICTION; LIMITATIONS.
“Any action pursuant to the provisions of section 6, 8, 9, or 13 may be brought in the United States district court or in any other court of competent jurisdiction, for the district in which the property involved is located, or where the violation is alleged to have occurred, within 3 years in the case of a violation of section 6 and 1 year in the case of a violation of section 8, 9, or 13 from the date of the occurrence of the violation, except that actions brought by the Bureau, the Secretary, the Attorney General of any State, or the insurance commissioner of any State may be brought within 3 years from the date of the occurrence of the violation.”.
SEC. 1117. HOMEOWNERS PROTECTION ACT OF 1998.
The Homeowners Protection Act of 1998 (12 U.S.C. 4901 et. seq) is amended by inserting after section 7 (12 U.S.C. 4906) the following:
“SEC. 7A. COMPLIANCE WITH CONSUMER FINANCIAL PROTECTION LAWS.
“A servicer, mortgagee, or mortgage insurer shall comply with all rules promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 applicable to that person in connection with private mortgage insurance.”.
SEC. 1118. TRUTH IN SAVINGS ACT.
Section 269 of the Truth in Savings Act (12 U.S.C. 4308) is amended by adding at the end the following:
“(c) Compliance With Consumer Financial Protection Laws.--Any regulation promulgated pursuant to sections 1031 through 1033 of the Consumer Financial Protection Act of 2010 regarding disclosures, payment of interest, or periodic statements in connection with accounts within the scope this Act shall be considered a regulation pursuant to this Act.”.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
Senate amendment submitted
May 18, 2010