Real Estate Settlement Procedures Act Amendments

Summary

Real Estate Settlement Procedures Act Amendments. Repeals, under the Real Estate Settlement Procedures Act, the requirements for advance disclosure of specific settlement costs and the disclusure of the house's previous selling price. Alters, under such Act, the definition of "federally related mortgage loan" to exclude construction loans and second trusts. Excludes any agency or instrumentality of a State from the definition of "creditor. Provides the Secretary of the Department of Housing and Urban Development with authority to modify the uniform settlement statement required under the Real Estate Settlement Procedures Act to adopt such statment to area differences in local laws and customs. Modifies the information booklet designed by HUD to include general estimates of the settlement costs likely to be borne by the borrower. Requires lenders to give out the booklet and estimates only upon a written application for a mortgage loan.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 5 November 1975

   Introduced

   Referred to House Committee on Banking, Currency and Housing.

   Source: IntroReferral

2. 5 November 1975

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 November 1975

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 5 November 1975

  Open at official source

Sponsors

• Rep. Brown, Garry E. [R-MI-3] · R · Sponsor
• Rep. Treen, David C. [R-LA-3] · R · Cosponsor
• Sen. Baucus, Max [D-MT] · D · Cosponsor
• · hsba00 · Standing

Related records

• related to → Real Estate Settlement Procedures Act Amendments