United States · Law · S
S. 3164 (93rd)
Real Estate Settlement Procedures Act of 1974
Introduced
13 March 1974
Last action
22 December 1974 · President
Status
Public law 93-533.
Sponsors
Sen. Brock, Bill [R-TN]
Subjects
Housing
Source updated
14 January 2025
Summary
Real Estate Settlement Procedures Act - Expresses the findings of Congress and declares that the purpose of this Act is to effect specified changes in the settlement process for residential real estate. Defines the terms used in this Act. Directs the Secretary of Housing and Urban Development, in consultation with the Administrator of Veterans' Affairs, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, to develop and prescribe a standard form for the statement of settlement costs which shall be used as the standard real estate settlement form in all transactions in the United States which involve federally related mortgage loans. Requires such form to conspicuously and clearly itemize the charges imposed upon both the borrower and the seller in connection with the settlement. Directs the Secretary to prepare and distribute special booklets to help persons borrowing money to finance the purchase of residential real estate to better understand the nature and costs of real estate settlement services. Requires lenders to provide the booklet to each person from whom it receives an application to borrow money to finance the purchase of residential real estate. Requires lenders agreeing to make a federally related mortgage loan to provide to the prospective borrower, and to any officer or agency of the Federal Government proposing to insure, guarantee, supplement, or assist such loan, at least ten days prior to settlement, an itemized disclosure in writing of each charge arising in connection with such settlement. Prohibits any person from giving and accepting any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, involving a federally related mortgage loan. Prescribes limits on the amounts a lender, in connection with a federally related mortgage loan, shall require the borrower or prospective borrower to deposit in any escrow account which may be established in connection with such loan for the purpose of assuring payment of taxes and insurance premiums with respect to the property. Directs the Secretary to establish and place in operation on a demonstration basis in various areas of the United States, a model system or systems for the recordation of land parcels in a manner and form calculated to facilitate and simplify land transfers and mortgage transactions and reduce the cost thereof. Directs the Secretary to report to the Congress on the necessity for further Congressional action in connection with real estate settlement practices. States that no fee or charge shall be imposed by a lender in connection with a federally related mortgage loan for or on account of the preparation and submission by such lender of statements required by this Act.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
13 March 1974
Introduced
Referred to Senate Committee on Banking, Housing and Urban Affairs.
Source: IntroReferral
13 March 1974
Introduced
Introduced in Senate
Source: IntroReferral
22 May 1974
Reported
Reported to Senate from the Committee on Banking, Housing and Urban Affairs with amendment, S. Rept. 93-866.
Source: Committee
22 May 1974
Reported
Reported to Senate from the Committee on Banking, Housing and Urban Affairs with amendment, S. Rept. 93-866.
Source: Committee
24 July 1974
Passed
Measure passed Senate, amended.
Source: Floor
24 July 1974
Passed
Passed/agreed to in Senate: Measure passed Senate, amended.
Source: Floor
14 August 1974
Passed
Measure passed House, amended, in lieu of H.R. 9989.
Source: Floor
14 August 1974
Passed
Passed/agreed to in House: Measure passed House, amended, in lieu of H.R. 9989.
Source: Floor
18 September 1974
ResolvingDifferences
Conference scheduled in Senate.
Source: ResolvingDifferences
30 September 1974
ResolvingDifferences
Conference scheduled in House.
Source: ResolvingDifferences
9 December 1974
Passed
Senate agreed to conference report.
Source: ResolvingDifferences
9 December 1974
Passed
Conference report agreed to in Senate: Senate agreed to conference report.
Source: ResolvingDifferences
9 December 1974
ResolvingDifferences
Conference report filed in House, H. Rept. 93-1526.
Source: ResolvingDifferences
9 December 1974
ResolvingDifferences
Conference report filed: Conference report filed in House, H. Rept. 93-1526.
Source: ResolvingDifferences
11 December 1974
Passed
House agreed to conference report.
Source: ResolvingDifferences
11 December 1974
Passed
Conference report agreed to in House: House agreed to conference report.
Source: ResolvingDifferences
12 December 1974
Floor
Measure presented to President.
Source: Floor
12 December 1974
President
Measure presented to President.
Source: President
22 December 1974
President
Public law 93-533.
Source: President
22 December 1974
Became law
Signed by President.
Source: BecameLaw
22 December 1974
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)
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Leesvertaling
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Public Law (PDF)
Public Law · EN · 23 December 1974
Public Law
summary · EN · 22 December 1974
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Introduced in Senate
summary · EN · 13 March 1974
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Sponsors
- Sen. Brock, Bill [R-TN] · R · Sponsor
- · ssbk00 · Standing
Related records
- related to → Real Estate Settlement Procedures Act
Related across the Repo ecosystem
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Direct relationships
- Legal framework · Real Estate Settlement Procedures Act of 1974 · S. 3164 (93rd) · US
- Identifier matchPROJECTS_FROM
Same us record 93-s-3164 projected from PoliticalRepo US row.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/93rd-congress/senate-bill/3164
- Open data entity: https://api.congress.gov/v3/bill/93/s/3164
- us · 93-s-3164 · source updated 14 January 2025