A bill to prohibit banks, savings and loan associations, and other lenders from offering loans secured by improved real estate with variable interest rates.

Summary

Prohibits any lender from making a federally related mortgage loan which has an adjustable interest rate or an adjustable period of repayment. Imposes penalties for violations of the provisions of this Act. Defines "Federally related mortgage loan" to include any loan which: (1) is secured by residential real property; (2) is made by a lender the deposits of which are insured or regulated by an agency of the Federal Government; (3) is made in connection with a housing or urban development program; (4) is eligible for purchase by governmental financial agencies; or (5) is made by a creditor who makes or invests in real estate loans aggregating more than $1,000,000 per year.

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Documents

1 official file

• Introduced in House

  summary · EN · 26 March 1975

  Open at official source

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