Seller Finance Regulation Reduction Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Sep 18, 2014)
Seller Finance Regulation Reduction Act - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) has less than $25 million in assets; and (2) only originates residential mortgage loans with respect to property owed by the person, and in an amount of $150,000 or less.
Amends the Truth in Lending Act, with respect to minimum standards for residential mortgage loans, to prohibit, in determining whether a residential mortgage loan is a qualified mortgage, from applying to loans originated by such a person certain guidelines and regulations relating to ratios of total monthly debt to monthly income.
What just happenedSep 18, 2014
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseSep 18, 2014
- Sep 18, 2014IntroReferralH11100
Referred to the House Committee on Financial Services.
- Sep 18, 2014IntroReferralIntro-H
Introduced in House
- Sep 18, 2014IntroReferral1000
Introduced in House