Home Equity Loan Consumer Protection Act of 1988

Summary

Home Equity Loan Consumer Protection Act of 1987 - Amends the Truth in Lending Act to impose additional disclosure requirements for any open end credit plan secured by a consumer's dwelling. Specifies the information to be disclosed as information regarding annual interest rates, finance charge conditions, fees, changes in variable interest rates, and a statement that in the event of any default the consumer risks loss of the dwelling. Imposes additional disclosure requirements for advertisements of open end credit plans secured by consumers' dwellings. Requires such advertisements to disclose a statement of any minimum or fixed amount which could be imposed, periodic rates expressed as annual percentage rates, and any other term which the Federal Reserve Board may by regulation require. Prohibits the use of advertisements for any home equity loan which refer to such loan as "free money" or as a "loan at prime." Requires the Federal Reserve Board to develop and prepare a pamphlet for distribution to consumers which contains: (1) a general description of open end credit plans secured by consumer dwellings and the terms and conditions on which such loans are generally extended; and (2) a discussion of the potential advantages and disadvantages of such plans.

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Timeline

1. 23 July 1987

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 23 July 1987

   Introduced

   Introduced in House

   Source: IntroReferral

3. 23 July 1987

   Introduced

   Introduced in House

   Source: IntroReferral

4. 3 August 1987

   Referred

   Referred to Subcommittee on Consumer Affairs and Coinage.

   Source: Committee

5. 6 October 1987

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 24 February 1988

   Committee

   Forwarded by Subcommittee to Full Committee (Amended).

   Source: Committee

7. 24 February 1988

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

8. 19 May 1988

   Reported

   Ordered to be Reported (Amended).

   Source: Committee

9. 19 May 1988

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

10. 20 June 1988

    Passed

    Passed House (Amended) by Voice Vote.

    Source: Floor

11. 20 June 1988

    Passed

    Passed/agreed to in House: Passed House (Amended) by Voice Vote.

    Source: Floor

12. 20 June 1988

    Floor

    Called up by House Under Suspension of Rules.

    Source: Floor

13. 28 June 1988

    Introduced

    Received in the Senate and read twice and referred to the Committee on Banking.

    Source: IntroReferral

14. 14 September 1988

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 939.

    Source: Calendars

15. 14 September 1988

    Discharge

    Senate Committee on Banking discharged by Unanimous Consent.

    Source: Discharge

16. 14 September 1988

    Committee

    Senate Committee on Banking discharged by Unanimous Consent.

    Source: Committee

17. 22 October 1988

    Passed

    Passed Senate without amendment by Voice Vote.

    Source: Floor

18. 22 October 1988

    Passed

    Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.

    Source: Floor

19. 14 November 1988

    President

    Presented to President.

    Source: President

20. 14 November 1988

    Floor

    Presented to President.

    Source: Floor

21. 14 November 1988

    Floor

    Measure Signed in Senate.

    Source: Floor

22. 23 November 1988

    Became law

    Became Public Law No: 100-709.

    Source: President

23. 23 November 1988

    Became law

    Signed by President.

    Source: BecameLaw

24. 23 November 1988

    President

    Signed by President.

    Source: President

Votes

No vote records are attached yet.

Versions

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

Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 24 November 1988

  ViewDownloadOpen at official source

• Passed House amended

  summary · EN · 20 June 1988

  Open at official source

• Introduced in House

  summary · EN · 23 July 1987

  Open at official source

Sponsors

• DAVID PRICE · D · Sponsor
• Rep. St Germain, Fernand J. [D-RI-1] · D · Sponsor
• Rep. Wylie, Chalmers P. [R-OH-15] · R · Sponsor
• Rep. Annunzio, Frank [D-IL-11] · D · Sponsor
• Rep. Barnard, Doug, Jr. [D-GA-10] · D · Sponsor
• Rep. Bereuter, Doug [R-NE-1] · R · Sponsor
• Rep. Bustamante, Albert G. [D-TX-23] · D · Sponsor
• JAMES COOPER · D · Sponsor
• Rep. Eckart, Dennis E. [D-OH-11] · D · Sponsor
• Rep. Flake, Floyd H. [D-NY-6] · D · Sponsor
• Rep. Foglietta, Thomas M. [D-PA-1] · D · Sponsor
• Rep. Garcia, Robert [D-NY-18] · D · Sponsor
• Rep. Hawkins, Augustus F. [D-CA-29] · D · Sponsor
• Marcy Kaptur · D · Sponsor
• Rep. Kennedy, Joseph P., II [D-MA-8] · D · Sponsor
• Rep. Kleczka, Gerald D. [D-WI-4] · D · Sponsor
• Rep. LaFalce, John J. [D-NY-36] · D · Sponsor
• Rep. Manton, Thomas J. [D-NY-9] · D · Sponsor
• Rep. Morrison, Bruce A. [D-CT-3] · D · Sponsor
• Rep. Murphy, Austin J. [D-PA-22] · D · Sponsor
• Rep. Neal, Stephen L. [D-NC-5] · D · Sponsor
• Rep. Patterson, Elizabeth [D-SC-4] · D · Sponsor
• Rep. Solarz, Stephen J. [D-NY-13] · D · Sponsor
• Rep. Valentine, Tim [D-NC-2] · D · Sponsor
• Rep. Downey, Thomas J. [D-NY-2] · D · Cosponsor
• Rep. Ackerman, Gary L. [D-NY-7] · D · Cosponsor
• Del. de Lugo, Ron [D-VI-At Large] · D · Cosponsor
• Rep. Savage, Gus [D-IL-2] · D · Cosponsor
• Rep. Wortley, George C. [R-NY-27] · R · Cosponsor
• Rep. Bryant, John W. [D-TX-5] · D · Cosponsor
• Rep. Owens, Major R. [D-NY-12] · D · Cosponsor
• Rep. Scheuer, James H. [D-NY-11] · D · Cosponsor
• Rep. Lancaster, H. Martin [D-NC-3] · D · Cosponsor
• Rep. Martinez, Matthew G. [D-CA-30] · D · Cosponsor
• Rep. Mfume, Kweisi [D-MD-7] · D · Cosponsor
• Rep. Daub, Hal [R-NE-2] · R · Cosponsor
• Rep. Carper, Thomas R. [D-DE-At Large] · D · Cosponsor
• Rep. McMillen, Thomas [D-MD-4] · D · Cosponsor
• Rep. Frost, Martin [D-TX-24] · D · Cosponsor
• LOUISE SLAUGHTER · D · Cosponsor
• Rep. Hughes, William J. [D-NJ-2] · D · Cosponsor
• Rep. Dwyer, Bernard J. [D-NJ-6] · D · Cosponsor
• Rep. Roukema, Marge [R-NJ-5] · R · Cosponsor
• Rep. Atkins, Chester G. [D-MA-5] · D · Cosponsor
• Rep. Vento, Bruce F. [D-MN-4] · D · Cosponsor
• Rep. Howard, James J. [D-NJ-3] · D · Cosponsor
• Rep. Akaka, Daniel K. [D-HI-2] · D · Cosponsor
• Nancy Pelosi · D · Cosponsor

Showing 48 of 67 sponsors and actors.

Related records

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