A bill to amend the Consumer Credit Protection Act to prohibit certain practices in the case of second mortgages which secure residential real property.

Summary

Amends the Consumer Credit Protection Act to prohibit practices in the case of second mortgages which secure residential property including (1) prepayment of mortgage penalization; (2) foreclosure or seizure of real property under a judgment entered upon warrant of attorney to confess judgment without an opportunity for a judicial hearing; (3) extension of credit to a mortgagor who the creditor knows does not have projected income sufficient to meet the payment schedule; and (4) harassment of the mortgagor in connection with the collection of mortgage payments. Prescribes remedies for such violations. Entitles a mortgagor of a second mortgage to retain funds obtained under the mortgage without obligation to repay on or after the date of any violation. Prohibits any real estate broker (other than the mortgagor) who has arranged a second mortgage which is secured by residential real property to acquire, directly or indirectly, such property (or proceeds resulting from its disposition) at a foreclosure sale or auction of such property. Imposes a fine of up to $10,000 for such violation.

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Timeline

1. 18 February 1976

   Introduced

   Referred to House Committee on Banking, Currency and Housing.

   Source: IntroReferral

2. 18 February 1976

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 February 1976

   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 · 18 February 1976

  Open at official source

Sponsors

• Rep. Stark, Fortney Pete [D-CA-9] · D · Sponsor
• · hsba00 · Standing

Related records

• related to ← A bill to amend the Consumer Credit Protection Act to prohibit certain practices in the case of second mortgages which secure residential real property.