A bill to amend the Real Estate Settlement Procedures Act of 1974 to prohibit sellers or lenders from requiring that title insurance or title searches be obtained from specific title companies or attorneys.

Summary

Repeals that provision of the Real Estate Settlement Procedures Act which required specified lenders to provide an itemized disclosure of charges related to mortgage settlements. Stipulates that a seller of property which will be purchased with the assistance of a federally related mortgage loan may not require, directly or indirectly, as a condition to selling the property, that title insurance covering the property be purchased by the buyer from any particular title company, or that a title opinion relating to such property be obtained from, or that a search of the title to such property be performed by, any particular attorney. Stipulates that any person who violates provisions of this Act shall be liable to the buyer in an amount equal to three times all charges made for such title insurance, or three times all attorney's fees charged for such title opinion or title search, as the case may be. Stipulates that any lender covered by this Act who elects to pay and pays for all settlement charges with respect to a federally related mortgage loan shall be exempt from any provision of the law or constitution of any State which imposes a maximum interest rate ceiling which would otherwise apply to such loan.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 16 September 1975

  Open at official source

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