H.R. 3529House113th Congress (2013-2015)In Committee

Protecting Habitat Homeownership Act

Introduced November 19, 2013

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

November 19, 2013

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HouseIntro Referral

Introduced in House

November 19, 2013

HouseIntro Referral

Referred to the House Committee on Financial Services.

November 19, 2013

Floor Debate

3 members

What members said about H.R. 3529 on the floor

2 Republicans1 Democrat
Howard P. "Buck" McKeon
Rep. Howard P. "Buck" McKeonR-CA-25 · Dec 11, 2014

I thank Chairman Hastings for yielding. Mr. Speaker, it is a great privilege to speak on my bill, H.R. 5742, the Soledad Canyon Settlement Act. I appreciate the opportunity to appear before the…

Doc Hastings
Rep. Doc HastingsR-WA-4 · Dec 11, 2014

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 5742) to provide to the Secretary of the Interior a mechanism to cancel contracts for the sale of materials CA- 20139 and CA-22901,…

Brad Sherman
Rep. Brad ShermanD-CA-30 · Dec 11, 2014

Mr. Speaker, I rise in support of the bill and would like to hear from the gentleman from California (Mr. McKeon), so I will reserve the balance of my time. Mr. Speaker, I yield myself as much time…

Bill Text

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Introduced in HouseIssued November 19, 2013

I

113th CONGRESS

1st Session

H. R. 3529

IN THE HOUSE OF REPRESENTATIVES

November 19, 2013

Mr. Meadows (for himself, Mrs. Capito, Mr. Murphy of Florida, and Mr. Butterfield) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To provide exemptions from certain mortgage, servicing, and appraisal requirements for non-profit low-income housing providers, and for other purposes.

1.

Short title

This Act may be cited as the Protecting Habitat Homeownership Act.

2.

Exemptions

(a)

Truth in Lending Act

The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended—

(1)

in section 128(f) (15 U.S.C. 1638(f))—

(A)

in paragraph (3)—

(i)

by striking apply to any fixed rate and inserting the following:

apply to—

(A)

any fixed rate

;

(ii)

by striking the period and inserting ; or; and

(iii)

by adding at the end the following:

(B)

any residential mortgage loan originated by a non-profit low-income housing provider.

; and

(B)

by adding at the end the following:

(4)

Non-profit low-income housing provider defined

For purposes of this subsection, the term non-profit low-income housing provider means an organization that—

(A)

is exempt from taxation pursuant to section 501(c)(3) of the Internal Revenue Code of 1986;

(B)

makes residential mortgage loans—

(i)

for the purpose of promoting or facilitating homeownership for poor or low-income, disabled, or other disadvantaged persons or families; and

(ii)

sets interest rates on such loans that—

(I)

are lower than the bank prime loan rate, as determined under the Federal Reserve Statistical Release of selected interest rates (commonly referred to as the H.15) by the Board of Governors of the Federal Reserve System, for the last day of the most recent weekly release of such rates; or

(II)

are, after adjusting for inflation, no-interest loans or loans with interest rates significantly below the interest rates for loans for purchase of single-family housing generally available in the market;

(C)

except as described under subparagraph (B), does not engage in the business of a loan originator or mortgage broker;

(D)

conducts its activities in a manner that serves public or charitable purposes;

(E)

receives funding and revenue and charges fees in a manner that does not incentivize the organization or its employees to act other than in the best interests of its clients;

(F)

compensates employees in a manner that does not incentivize employees to act other than in the best interests of its clients; and

(G)

meets such other requirements as the Bureau determines appropriate.

.

(2)

in section 129C(a) (15 U.S.C. 1639c(a)), by adding at the end the following:

(10)

Exemption for non-profit low-income housing providers

This subsection shall not apply to a residential mortgage loan made by a non-profit low-income housing provider (as such term is defined under section 128(f)(4)).

;

(3)

in section 129E (15 U.S.C. 1638e), by adding at the end the following:

(l)

Exemption for non-Profit low-Income housing providers

This section shall not apply to a residential mortgage loan made by a non-profit low-income housing provider (as such term is defined under section 128(f)(4)), or any services provided with respect to such a mortgage loan.

; and

(4)

in section 129H (15 U.S.C. 1638h), by adding at the end the following:

(g)

Exemption for non-Profit low-Income housing providers

This section shall not apply to a residential mortgage loan made by a non-profit low-income housing provider (as such term is defined under section 128(f)(4)).

.

(b)

Real Estate Settlement Procedures Act of 1974

Section 6(k) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605(k)) is amended by adding at the end the following:

(3)

Exemption for non-profit low-income housing providers

This subsection and subsections (l) and (m) shall not apply to the servicing of a residential mortgage loan made by a non-profit low-income housing provider (as such term is defined under section 128(f)(4) of the Truth in Lending Act).

.