II
115th CONGRESS
1st Session
S. 1310
IN THE SENATE OF THE UNITED STATES
June 7, 2017
Mr. Rounds (for himself, Ms. Heitkamp, Mr. Tester, Mr. Hoeven, Mr. Donnelly, and Mr. Kennedy) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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
In general
Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended—
by redesignating subsection (i) as paragraph (3) and adjusting the margins accordingly; and
by inserting before paragraph (3), as so redesignated, the following:
Exemptions
Closed-end mortgage loans
With respect to a depository institution, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to closed-end mortgage loans if the depository institution originated less than 500 closed-end mortgage loans in each of the 2 preceding calendar years.
Open-end lines of credit
With respect to a depository institution, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to open-end lines of credit if the depository institution originated less than 500 open-end lines of credit in each of the 2 preceding calendar years.
.
Technical correction
Section 304(i)(3) of the Home Mortgage Disclosure Act of 1975, as so redesignated by subsection (a)(1), is amended by striking section 303(2)(A)
and inserting section 303(3)(A)
.