Home Equity Protection Act of 1993

Summary

Home Equity Protection Act of 1993 - Amends the Truth in Lending Act to require the creditor of each high cost mortgage to provide certain clearly written, conspicuous disclosures regarding the risks associated with such mortgages. Prohibits such mortgages from containing: (1) a prepayment penalty for paying all or part of the principal prior to the date on which the balance is due; (2) certain refinancing fees; (3) balloon payments; (4) negative amortization; (5) certain prepared payments; and (6) specified unfair, deceptive, or evasive acts. Declares that State authority to regulate certain high rate mortgage loans is not preempted by specified Federal statutes. Includes within the creditor's liability for damages for noncompliance with this Act all finance charges and fees paid by the consumer. Empowers the appropriate State attorney general to bring an action to enforce this Act. Subjects an assignee of a high cost mortgage to all the claims and defenses that the consumer could assert against the creditor.

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

Timeline

1. 28 September 1993

   Introduced

   Referred to the House Committee on Banking, Finance + Urban Affrs.

   Source: IntroReferral

2. 28 September 1993

   Introduced

   Introduced in House

   Source: IntroReferral

3. 28 September 1993

   Introduced

   Introduced in House

   Source: IntroReferral

4. 29 September 1993

   Introduced

   Sponsor introductory remarks on measure. (CR E2290-2292)

   Source: IntroReferral

5. 18 October 1993

   Referred

   Referred to the Subcommittee on Consumer Credit and Insurance.

   Source: Committee

6. 22 March 1994

   Committee

   Subcommittee Hearings Held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 28 September 1993 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 28 September 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 28 September 1993

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 28 September 1993

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Kennedy, Joseph P., II [D-MA-8] · D · Sponsor
• Rep. Gonzalez, Henry B. [D-TX-20] · D · Sponsor
• Rep. Moakley, John Joseph [D-MA-9] · D · Sponsor
• Sen. Schumer, Charles E. [D-NY] · D · Sponsor
• Rep. Frank, Barney [D-MA-4] · D · Sponsor
• Rep. Kanjorski, Paul E. [D-PA-11] · D · Sponsor
• Rep. Flake, Floyd H. [D-NY-6] · D · Sponsor
• Rep. Waters, Maxine [D-CA-43] · D · Sponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Sponsor
• Rep. Klein, Herbert C. [D-NJ-8] · D · Sponsor
• Rep. Watt, Melvin L. [D-NC-12] · D · Sponsor
• Rep. Roybal-Allard, Lucille [D-CA-40] · D · Sponsor
• Rep. Rush, Bobby L. [D-IL-1] · D · Sponsor
• Rep. Wynn, Albert Russell [D-MD-4] · D · Sponsor
• Rep. Brown, Corrine [D-FL-5] · D · Sponsor
• Rep. Filner, Bob [D-CA-51] · D · Sponsor
• Rep. Hamburg, Dan [D-CA-1] · D · Sponsor
• Rep. Woolsey, Lynn C. [D-CA-6] · D · Sponsor
• Rep. Neal, Richard E. [D-MA-1] · D · Sponsor
• Rep. Meehan, Martin T. [D-MA-5] · D · Sponsor
• Rep. Coyne, William J. [D-PA-14] · D · Sponsor
• Rep. Lewis, John [D-GA-5] · D · Sponsor
• Rep. Clay, William (Bill) [D-MO-1] · D · Sponsor
• Rep. Lantos, Tom [D-CA-12] · D · Sponsor
• Rep. DeFazio, Peter A. [D-OR-4] · D · Sponsor
• Rep. Bishop, Sanford D. [D-GA-2] · D · Cosponsor
• · hsba00 · Standing

Related records

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