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United States · Bill · S

S. 2860 (110th)

Fair Value and Independent Appraisal Act

referredUnited States· United States Congress· EN

Introduced

15 April 2008

Last action

15 April 2008 · Introduced

Status

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

Sponsors

Sen. Casey, Robert P., Jr. [D-PA], Sen. Martinez, Mel [R-FL], Sen. Coleman, Norm [R-MN], Sen. Nelson, Bill [D-FL]

Subjects

Discovery layer

Source updated

14 August 2025

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Summary

Fair Value and Independent Appraisal Act - Amends the Truth in Lending Act to prohibit a creditor from extending a mortgage to any consumer without first obtaining a written appraisal of the property to be mortgaged, prepared in accordance with specified requirements. Requires a creditor to provide a copy of each such appraisal to the consumer without charge, at least three days prior to the transaction closing date. Declares unfair or deceptive specified property appraisal practices in the provision of: (1) mortgage lending services for a consumer credit transaction secured by the consumer's principal dwelling; or (2) any mortgage brokerage services for such a transaction. Establishes civil monetary penalties for such practices. Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to jointly prescribe regulations defining such unfair or deceptive acts or practices.

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

Timeline

  1. 15 April 2008

    Introduced

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

    Source: IntroReferral

  2. 15 April 2008

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 15 April 2008

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 15 April 2008

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 15 April 2008

    Open at official source

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Sponsors

Related records

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Sources

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