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United States · Bill · HR

H.R. 2609 (100th)

Residential Mortgage Credit Fairness Act of 1987

referredUnited States· United States Congress· EN

Introduced

4 June 1987

Last action

15 June 1987 · Referred

Status

Referred to Subcommittee on Consumer Affairs and Coinage.

Sponsors

Rep. Gallo, Dean A. [R-NJ-11], Rep. Saxton, Jim [R-NJ-13], Rep. Johnson, Nancy L. [R-CT-6], JOHN CONYERS, Rep. Boehlert, Sherwood [R-NY-25], Rep. Smith, Bob [R-NH-1], Rep. Howard, James J. [D-NJ-3], Rep. Murphy, Austin J. [D-PA-22], Rep. Courter, Jim [R-NJ-12], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Schaefer, Dan [R-CO-6], Rep. Schuette, Bill [R-MI-10], Rep. Roukema, Marge [R-NJ-5], Rep. Lightfoot, Jim [R-IA-5], Rep. Applegate, Douglas [D-OH-18], Rep. Garcia, Robert [D-NY-18], Rep. Roe, Robert A. [D-NJ-8], Marcy Kaptur, LOUISE SLAUGHTER, Rep. McMillen, Thomas [D-MD-4], Rep. Hughes, William J. [D-NJ-2], Sen. Schumer, Charles E. [D-NY], Rep. Eckart, Dennis E. [D-OH-11], Rep. Tauke, Thomas Joseph [R-IA-2], Rep. Hawkins, Augustus F. [D-CA-29], Rep. Bustamante, Albert G. [D-TX-23], Rep. Daub, Hal [R-NE-2], Rep. Atkins, Chester G. [D-MA-5], Rep. Solarz, Stephen J. [D-NY-13], Rep. Rinaldo, Matthew J. [R-NJ-12], Rep. Stokes, Louis [D-OH-21], Rep. Buechner, Jack [R-MO-2], Rep. Bentley, Helen Delich [R-MD-2], Rep. Kleczka, Gerald D. [D-WI-4], Rep. Vucanovich, Barbara F. [R-NV-2], Rep. Dwyer, Bernard J. [D-NJ-6], Rep. Anderson, Glenn M. [D-CA-32], Rep. Bunning, Jim [R-KY-4], Rep. Badham, Robert E. [R-CA-40], Rep. Kolbe, Jim [R-AZ-5], Rep. Dreier, David [R-CA-33], Rep. Morrison, Bruce A. [D-CT-3], Steny Hoyer, Rep. Bilirakis, Michael [R-FL-9], Rep. Pease, Donald J. [D-OH-13], Rep. Boxer, Barbara [D-CA-6], Rep. Foglietta, Thomas M. [D-PA-1], Rep. Wortley, George C. [R-NY-27]

Subjects

Discovery layer

Source updated

28 August 2025

Official sourceView documentsShare

Summary

Residential Mortgage Credit Fairness Act of 1987 - Amends the Truth in Lending Act to prohibit a creditor from: (1) imposing terms and conditions for a residential mortgage transaction which are less favorable to the consumer than the terms and conditions which were originally disclosed to the consumer; or (2) limiting the availability or effectiveness of such terms and conditions to a specified period. Allows an exception to such requirements if: (1) the disclosure contains a clear and conspicuous statement that such terms and conditions are subject to charge; or (2) any delay in consummating the transaction is due to an unreasonable delay caused by the consumer. Requires that any disclosure made in connection with a residential mortgage shall: (1) be mailed or delivered before the earlier of the date on which the credit is extended or three days after the creditor receives the consumer's application; and (2) include a statement of the rights and duties of the creditor and the consumer and any form to be used by the consumer to exercise the right to withdraw the application. Allows a consumer to withdraw a mortgage application without incurring any obligation to the creditor (other than certain reasonable fees) if the consumer provides the creditor written notice within three days after receiving the required disclosure statement from the creditor. Specifies that for purposes of such required disclosure statements the term "finance charge" shall include any fee imposed by the creditor for any such extension of credit. Increases the civil penalty for failure to make a required disclosure for a residential mortgage from a minimum of $100 and a maximum of $1,000 to a minimum of $1,000 and a maximum of $10,000.

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

Timeline

  1. 4 June 1987

    Introduced

    Referred to House Committee on Banking, Finance and Urban Affairs.

    Source: IntroReferral

  2. 4 June 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 4 June 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 15 June 1987

    Referred

    Referred to Subcommittee on Consumer Affairs and Coinage.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Sponsors

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Related records

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Sources

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