Real Estate Settlement Costs Act

Summary

Real Estate Settlement Costs Act - Defines the terms used in this Act, including "federally related mortgage loan" and "settlement services." Provides that all fees and charges for settlement services, in connection with a federally recorded mortgage loan, shall be paid by the lender. States that a lender may not, in connection with any federally related mortgage loan, require the borrower, or the seller of the property financed by the loan, to pay any points, discounts, charges, or similar fees (other than any penalty for late payment). Provides that no person who regularly provides title insurance using any means or instrumentality of interstate commerce shall provide such insurance to the buyer or seller of a home at a rate or price which is in excess of that charged to a mortgage lender for comparable coverage or provide more limited coverage to the buyer or seller of a home than it provides to mortgage lenders. Imposes civil penalties upon any lender or provider of title insurance who violates any provision of this Act.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 26 March 1974

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.