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United States · Bill · HR

H.R. 1182 (109th)

Prohibit Predatory Lending Act

referredUnited States· United States Congress· EN

Introduced

9 March 2005

Last action

13 May 2005 · Referred

Status

Referred to the Subcommittee on Housing and Community Opportunity.

Sponsors

Rep. Miller, Brad [D-NC-13], Rep. Watt, Melvin L. [D-NC-12], Rep. Frank, Barney [D-MA-4], DAVID PRICE, CAROLYN MALONEY, JOSEPH CROWLEY, WM. CLAY, Sanford Bishop, Barbara Lee, Rep. Rangel, Charles B. [D-NY-19], Rep. Scott, Robert C. "Bobby" [D-VA-3], JOHN LEWIS, Rep. Jones, Stephanie Tubbs [D-OH-11], G. K. Butterfield, Gwen Moore, ELIJAH CUMMINGS, Rep. McKinney, Cynthia A. [D-GA-4], Sheila Jackson Lee, Rep. Kilpatrick, Carolyn C. [D-MI-13], James Clyburn, Rep. Payne, Donald M. [D-NJ-10], Rep. Watson, Diane E. [D-CA-33], Rep. Fattah, Chaka [D-PA-2], Rep. Meeks, Gregory W. [D-NY-5], Rep. Davis, Artur [D-AL-7], LUIS GUTIERREZ, Bennie Thompson, Rep. Owens, Major R. [D-NY-12], Rep. Schakowsky, Janice D. [D-IL-9], Rep. Jefferson, William J. [D-LA-2], Al Green, Rep. Costello, Jerry F. [D-IL-21], Rep. Wasserman Schultz, Debbie [D-FL-25], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Davis, Danny K. [D-IL-7], Rep. Honda, Michael M. [D-CA-17], Betty McCollum, EDDIE JOHNSON, Rep. Weiner, Anthony D. [D-NY-9], Rep. Kucinich, Dennis J. [D-OH-10], Sen. Udall, Tom [D-NM], Del. Christensen, Donna M. [D-VI-At Large], Rep. Filner, Bob [D-CA-51], Rep. Ford, Harold E., Jr. [D-TN-9], Rep. Meek, Kendrick B. [D-FL-17], Sen. Sanders, Bernard [I-VT], Rep. Moore, Dennis [D-KS-3], David Scott

Subjects

Discovery layer

Source updated

15 August 2025

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Summary

Prohibit Predatory Lending Act - Amends the Truth in Lending Act in connection with consumer credit cost disclosure to redefine: (1) high-cost mortgage; (2) the formula used to adjust certain percentage points in connection with a consumer credit transaction secured by the consumer's principal dwelling; and (3) related points and fees. Sets forth a formula to calculate: (1) points and fees for open-end loans; and (2) bona fide discount points and prepayment penalties. Revises requirements for: (1) prepayment penalties; (2) balloon payments; and (3) extension of credit without regard to consumer's payment ability. Prohibits in connection with high-cost mortgages: (1) a lender from recommending a default on an existing debt prior to and in connection with the closing of a high-cost mortgage that refinances all or any portion of such existing loan or debt; (2) specified late fees; (3) certain accelerations of debt; (4) certain evasions, structuring of transactions, and reciprocal arrangements; (5) certain modification and deferral fees; and (6) mandatory arbitration or other nonjudicial procedures. Mandates pre-loan counseling as a prerequisite for a high-loan mortgage. Revises guidelines governing lender liability for correction of errors. Prohibits a lender from knowingly or intentionally engaging in the unfair act or practice of flipping (the making of a loan or extension of credit to a consumer which refinances an existing mortgage when the new loan or credit extension does not have reasonable, tangible net benefit to the consumer, considering all of the circumstances, including the terms of both the new and the refinanced loans or credit, the cost of the new loan or credit, and the consumer's circumstances). Prohibits single premium credit insurance. Doubles civil money penalties for certain violations. Extends to three years the statute of limitations for violation of certain statutory disclosure requirements.

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

Timeline

  1. 9 March 2005

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 9 March 2005

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 9 March 2005

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 19 April 2005

    Introduced

    Sponsor introductory remarks on measure. (CR H2110-2111)

    Source: IntroReferral

  5. 13 May 2005

    Referred

    Referred to the Subcommittee on Financial Institutions and Consumer Credit.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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Sponsors

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Related records

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Sources

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