To require the FHA to equitably treat homebuyers who have repaid in full their FHA-insured mortgages.
What it does: Adds SEC. 22. PROHIBITION ON INTEREST CHARGES FOR ON-TIME PRINCIPAL PAYMENTS at the end of the bill
Sen. Benjamin L. Cardin (D-MD)What it changes
1 change to S. 782 · shown in the bill's text
Adds SEC. 22. PROHIBITION ON INTEREST CHARGES FOR ON-TIME PRINCIPAL PAYMENTS at the end of the bill
Adds a sectionIn S. 782 · Reported to Senate
(3) the Small Business Administration.
Inserted: SEC. 22. PROHIBITION ON INTEREST CHARGES FOR ON-TIME PRINCIPAL PAYMENTS.
Inserted: Section 203 of the National Housing Act (12 U.S.C. 1709) is amended by adding at the end the following:
Inserted: "(z) Prohibition on Interest Charges for On-time Principal Payments.--Each mortgagee (or servicer) with respect to a mortgage under this section may not impose, nor may the Secretary require the imposition of, any interest charge on such a mortgage as a result of the loss of any time period provided by the mortgagee (or servicer) within which the mortgagor may fully repay the principal balance amount of the mortgage, with respect to--
Inserted: "(1) any days in the billing cycle that precedes the most recent billing cycle in which such amounts were repaid; or
Inserted: "(2) any amounts repaid in the current billing cycle that were repaid within such time period.".
Original wording
At the end, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 407. Mr. CARDIN submitted an amendment intended to be proposed by him to the bill S. 782, to amend the Public Works and Economic Development Act of 1965 to reauthorize that Act, and for other purposes; which was ordered to lie on the table; as follows:
At the end, add the following:
SEC. 22. PROHIBITION ON INTEREST CHARGES FOR ON-TIME PRINCIPAL PAYMENTS.
Section 203 of the National Housing Act (12 U.S.C. 1709) is amended by adding at the end the following:
“(z) Prohibition on Interest Charges for On-time Principal Payments.--Each mortgagee (or servicer) with respect to a mortgage under this section may not impose, nor may the Secretary require the imposition of, any interest charge on such a mortgage as a result of the loss of any time period provided by the mortgagee (or servicer) within which the mortgagor may fully repay the principal balance amount of the mortgage, with respect to--
“(1) any days in the billing cycle that precedes the most recent billing cycle in which such amounts were repaid; or
“(2) any amounts repaid in the current billing cycle that were repaid within such time period.”.
Legislative Activity
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Considered by Senate. (consideration: CR S3962)
June 21, 2011
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Considered by Senate. (consideration: CR S3962)
June 21, 2011
Considered by Senate. (consideration: CR S3852)
June 16, 2011
Considered by Senate. (consideration: CR S3847)
June 15, 2011
Considered by Senate. (consideration: CR S3752)
June 14, 2011
Considered by Senate. (consideration: CR S3635)
June 9, 2011
Senate amendment proposed (on the floor): Amendment SA 407 proposed by Senator Cardin.
June 8, 2011
Amendment SA 407 proposed by Senator Cardin. (consideration: CR S3598; text: CR S3598) To require the FHA to equitably treat homebuyers who have repaid in full their FHA-insured mortgages.
June 8, 2011
Senate amendment submitted
June 7, 2011