H.R. 685House114th Congress (2015-2017)Passed House

Mortgage Choice Act of 2015

Legislative Activity

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17 earlier actions

SenateCommittee Latest Action

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-49.

Banking, Housing, and Urban Affairs Committee

April 16, 2015

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HouseIntro Referral

Introduced in House

February 3, 2015

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

February 3, 2015

HouseCommittee

Committee Consideration and Mark-up Session Held.

Financial Services Committee

March 25, 2015

HouseCommittee

Committee Consideration and Mark-up Session Held.

Financial Services Committee

March 26, 2015

HouseCommittee

Ordered to be Reported by the Yeas and Nays: 43 - 12.

Financial Services Committee

March 26, 2015

HouseCommittee

Reported by the Committee on Financial Services. H. Rept. 114-54.

Financial Services Committee

April 6, 2015

HouseCalendars

Placed on the Union Calendar, Calendar No. 35.

April 6, 2015

HouseFloor

Rules Committee Resolution H. Res. 189 Reported to House. Resolution provides for consideration of 3 measures: H.R. 650; H.R. 685; and S. Con. Res. 11.

April 13, 2015 • 7:32 PM

HouseFloor

Considered under the provisions of rule H. Res. 189. (consideration: CR H2188-2194)

April 14, 2015 • 4:11 PM

HouseFloor

DEBATE - The House proceeded with one hour of debate on H.R. 685.

April 14, 2015 • 4:11 PM

HouseFloor

The previous question was ordered pursuant to the rule. (consideration: CR H2194)

April 14, 2015 • 5:11 PM

HouseFloor

POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 685, the Chair put the question on adoption of the bill, and by voice vote announced that the ayes had prevailed. Ms. Waters (CA) demanded the yeas and nays, and the Chair postponed further proceedings on adoption until later in the legislative day.

April 14, 2015 • 5:12 PM

HouseFloor

Considered as unfinished business. (consideration: CR H2197)

April 14, 2015 • 5:56 PM

HouseFloor

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 286 - 140 (Roll no. 152).(text: CR H2188)

View vote Passed

April 14, 2015 • 6:04 PM

HouseFloor

On passage Passed by the Yeas and Nays: 286 - 140 (Roll no. 152). (text: CR H2188)

View vote Passed

April 14, 2015 • 6:04 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

April 14, 2015 • 6:04 PM

SenateIntro Referral

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

April 15, 2015

SenateCommittee

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-49.

Banking, Housing, and Urban Affairs Committee

April 16, 2015

Voting History

1 vote recorded • Roll call available

HOUSE

Roll Call Available

April 14, 2015 at 6:03 PM

On Passage

Majority required: 1/2 (50%)

Passed

286 - 140

Bill Text

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Referred in SenateIssued April 15, 2015

IIB

114th CONGRESS

1st Session

H. R. 685

IN THE SENATE OF THE UNITED STATES

April 15, 2015

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction.

Short title

This Act may be cited as the Mortgage Choice Act of 2015.

Definition of points and fees

(a)

Amendment to section 103 of TILA

Section 103(bb)(4) of the Truth in Lending Act (15 U.S.C. 1602(bb)(4)) is amended—

(1)

by striking paragraph (1)(B) and inserting paragraph (1)(A) and section 129C;

(2)

in subparagraph (C)—

(A)

by inserting and insurance after taxes;

(B)

in clause (ii), by inserting , except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement (as defined in section 2(7) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602(7)) after compensation; and

(C)

by striking clause (iii) and inserting the following:

(iii)

the charge is—

(I)

a bona fide third-party charge not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator; or

(II)

a charge set forth in section 106(e)(1);

; and

(3)

in subparagraph (D)—

(A)

by striking accident,; and

(B)

by striking or any payments and inserting and any payments.

(b)

Amendment to section 129C of TILA

Section 129C of the Truth in Lending Act (15 U.S.C. 1639c) is amended—

(1)

in subsection (a)(5)(C), by striking 103 and all that follows through or mortgage originator and inserting 103(bb)(4); and

(2)

in subsection (b)(2)(C)(i), by striking 103 and all that follows through or mortgage originator) and inserting 103(bb)(4).

Rulemaking

Not later than the end of the 90-day period beginning on the date of the enactment of this Act, the Bureau of Consumer Financial Protection shall issue final

regulations to carry out the amendments made by this Act, and such regulations shall be effective upon issuance.

Passed the House of Representatives April 14, 2015.

Karen L. Haas,

Clerk