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United States · Bill · HR

H.R. 607 (105th)

An Act to amend the National Housing Act to prevent the funding of unnecessary or excessive costs for obtaining a home equity conversion mortgage, to require automatic cancellation and notice of cancellation rights with respect to private mortgage insurance required as a condition for entering into a residential mortagage transaction, to abolish the Thrift Depositor Protection Oversight Board, and for other purposes.

openUnited States· United States Congress· EN

Introduced

5 February 1997

Last action

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Status

Message on Senate action sent to the House.

Sponsors

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Subjects

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Source updated

7 April 2025

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Summary

Homeowners Insurance Protection Act - Amends the Truth in Lending Act to require a creditor to provide free, specified written disclosures about cancellation rights for private mortgage insurance if a consumer is required to obtain such insurance as a condition for entering into a residential mortgage transaction. Imposes civil liability in the amount of treble damages for noncompliance with such disclosure requirements.

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Documents

13 official files

Engrossed Amendment Senate (text)

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