IIB
115th CONGRESS
2d Session
H. R. 5078
IN THE SENATE OF THE UNITED STATES
February 28, 2018
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
AN ACT
To amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes.
Short title
This Act may be cited as the TRID Improvement Act of 2018
.
Amendments to mortgage disclosure requirements
Section 4(a) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603(a)) is amended—
by striking itemize all charges
and inserting itemize all actual charges
;
by striking and all charges imposed upon the seller in connection with the settlement and
and inserting and the seller in connection with the settlement. Such forms
; and
by inserting after or both.
the following new sentence: Charges for any title insurance premium disclosed on such forms shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by State regulation or the title company rate filings.
.
Positive credit reporting permitted
In general
Section 623 of the Fair Credit Reporting Act (15 U.S.C. 1681s–2) is amended by adding at the end the following new subsection:
Full-File credit reporting
In general
Subject to the limitation in paragraph (2) and notwithstanding any other provision of law, a person or the Secretary of Housing and Urban Development may furnish to a consumer reporting agency information relating to the performance of a consumer in making payments—
under a lease agreement with respect to a dwelling, including such a lease in which the Department of Housing and Urban Development provides subsidized payments for occupancy in a dwelling; or
pursuant to a contract for a utility or telecommunications service.
Limitation
Information about a consumer’s usage of any utility services provided by a utility or telecommunication firm may be furnished to a consumer reporting agency only to the extent that such information relates to payment by the consumer for the services of such utility or telecommunication service or other terms of the provision of the services to the consumer, including any deposit, discount, or conditions for interruption or termination of the services.
Payment plan
An energy utility firm may not report payment information to a consumer reporting agency with respect to an outstanding balance of a consumer as late if—
the energy utility firm and the consumer have entered into a payment plan (including a deferred payment agreement, an arrearage management program, or a debt forgiveness program) with respect to such outstanding balance; and
the consumer is meeting the obligations of the payment plan, as determined by the energy utility firm.
Definitions
In this subsection, the following definitions shall apply:
Energy utility firm
The term energy utility firm means an entity that provides gas or electric utility services to the public.
Utility or telecommunication firm
The term utility or telecommunication firm means an entity that provides utility services to the public through pipe, wire, landline, wireless, cable, or other connected facilities, or radio, electronic, or similar transmission (including the extension of such facilities).
.
Limitation on liability
Section 623(c) of the Consumer Credit Protection Act (15 U.S.C. 1681s–2(c)) is amended—
in paragraph (2), by striking or
at the end;
by redesignating paragraph (3) as paragraph (4); and
by inserting after paragraph (2) the following new paragraph:
subsection (f) of this section, including any regulations issued thereunder; or
.
GAO study and report
Not later than 2 years after the date of the enactment of this Act, the Comptroller General of the United States shall submit to Congress a report on the impact of furnishing information pursuant to subsection (f) of section 623 of the Fair Credit Reporting Act (15 U.S.C. 1681s–2) (as added by this Act) on consumers.
Passed the House of Representatives February 27, 2018.
Karen L. Haas,
Clerk.