Protecting Our Communities From Predatory Lending Practices Act

Summary

Protecting Our Communities From Predatory Lending Practices Act - Amends the Truth in Lending Act to prohibit: (1) unfair or deceptive practices regarding a consumer credit transaction, extension, or servicing (including any related advertisement); and (2) false, deceptive, or misleading representations in connection with a consumer credit transaction, application, solicitation, or advertisement, or any real or personal property securing such transaction. Sets forth prohibitions relating to consumer credit transactions secured by a dwelling, including: (1) prepayment penalties; (2) creditor financing of credit insurance; (3) the practice of flipping a consumer loan or other extension of credit secured by a consumer's dwelling; (4) imposition of fees for services or products not actually provided; (5) creditor payments to home improvement contractors without consumer countersignature; (6) creditor attempts to influence an appraisal which will secure an extension of credit; (7) blank terms in a credit agreement; and (8) steering of consumers who qualify for conventional mortgages to high cost mortgages. Places "high-cost mortgages" within the ambit of the Act's protections, including prohibitions against: (1) creditor actions to encourage consumer default; (2) creditor imposition of fees for providing pay-off balances on a high-cost mortgage; (3) creditor lending related to a high-cost mortgage in the absence of certification that the consumer has received home-ownership counseling; and (4) extensions of credit without regard to consumer's payment ability.

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

Timeline

1. 20 December 2001

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 20 December 2001

   Introduced

   Sponsor introductory remarks on measure. (CR E2393-2394)

   Source: IntroReferral

3. 20 December 2001

   Introduced

   Introduced in House

   Source: IntroReferral

4. 20 December 2001

   Introduced

   Introduced in House

   Source: IntroReferral

5. 14 January 2002

   Referred

   Referred to the Subcommittee on Financial Institutions and Consumer Credit.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 20 December 2001 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 20 December 2001

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 20 December 2001

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 20 December 2001

  Open at official source

Sponsors

• Maxine Waters · D · Sponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• · hsba00 · Standing

Related records

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