H.R. 4997 – Reading Mode

114th CONGRESS

2d Session

H. R. 4997

IN THE HOUSE OF REPRESENTATIVES

April 20, 2016

Mr. Emmer of Minnesota (for himself, Mr. Guinta, Mr. Barr, Mr. Luetkemeyer, Mr. Mulvaney, and Mr. Hill) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Home Mortgage Disclosure Act of 1975 to specify which depository institutions are subject to the maintenance of records and disclosure requirements of such Act, and for other purposes.

Short title

This Act may be cited as the Home Mortgage Disclosure Adjustment Act.

Depository institutions subject to maintenance of records and disclosure requirements

(a)

In general

Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended—

(1)

by redesignating subsection (i) as paragraph (2) and adjusting the margin appropriately; and

(2)

by inserting before such paragraph (2) the following:

(i)

Exemptions

(1)

In general

With respect to a depository institution, the requirements of subsections (a) and (b) shall not apply—

(A)

with respect to closed-end mortgage loans, if such depository institution originated less than 100 closed-end mortgage loans in each of the two preceding calendar years; and

(B)

with respect to open-end lines of credit, if such depository institution originated less than 200 open-end lines of credit in each of the two preceding calendar years.

(b)

Technical correction

Section 304(i)(2) of such Act, as redesignated by subsection (a), is amended by striking section 303(2)(A) and inserting section 303(3)(A).