Predatory Lending Consumer Protection Act of 2002

Summary

Predatory Lending Consumer Protection Act of 2002 - Amends the Truth in Lending Act guidelines for certain credit transactions secured by the consumer's principal dwelling (high-cost mortgage). Requires additional disclosures that the consumer is contracting to pay a much higher loan than most people pay. Specifies additional prohibitions against prepayment penalties, except in certain circumstances. Prohibits all balloon payments. Prohibits the terms of a high-cost mortgage from including advance collection of a premium on a single premium basis for specified credit insurance products. Restricts the amount of points and fees which a creditor may finance in connection with a high-cost mortgage. Prohibits certain creditors from financing the prepayment fees or penalties due from the consumer. Prohibits a high-cost mortgage creditor from engaging in specified practices, including requiring arbitration or any other nonjudicial procedure as a method for resolving any controversy or claims arising from the transaction. Declares a consumer's waiver of the right of rescission ineffective if the creditor either advised, or encouraged such waiver, or required it as a precondition for a transaction. Amends the Fair Credit Reporting Act to mandate that each high-cost mortgage creditor (including the successor creditor) report the debtor's complete payment history to certain consumer reporting agencies in accordance with specified regulations.

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Timeline

1. 1 May 2002

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 1 May 2002

   Introduced

   Sponsor introductory remarks on measure. (CR S3629)

   Source: IntroReferral

3. 1 May 2002

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 1 May 2002 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 1 May 2002

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 1 May 2002

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 1 May 2002

  Open at official source

Sponsors

• Sen. Sarbanes, Paul S. [D-MD] · D · Sponsor
• Rep. Dodd, Christopher J. [D-CT-2] · D · Sponsor
• Charles Schumer · D · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Corzine, Jon S. [D-NJ] · D · Sponsor
• Sen. Kerry, John F. [D-MA] · D · Sponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Sponsor
• Richard Durbin · D · Sponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Sponsor
• Sen. Clinton, Hillary Rodham [D-NY] · D · Sponsor
• Rep. Boxer, Barbara [D-CA-6] · D · Sponsor
• Sen. Wellstone, Paul D. [D-MN] · D · Sponsor
• Rep. Torricelli, Robert G. [D-NJ-9] · D · Sponsor
• Sen. Dayton, Mark [D-MN] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Carnahan, Jean [D-MO] · D · Cosponsor
• · ssbk00 · Standing

Related records

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