Home > 106th Congressional Bills > H.R. 471 (ih) To amend title 49, United States Code, to grant the State of New York authority to allow tandem trailers to use Interstate Route 787 between the New York State Thruway and Church Street in Albany, New York. [Introduced in House] %%Filename:...

H.R. 471 (ih) To amend title 49, United States Code, to grant the State of New York authority to allow tandem trailers to use Interstate Route 787 between the New York State Thruway and Church Street in Albany, New York. [Introduced in House] %%Filename:...


Google
 
Web GovRecords.org







108th CONGRESS
  2d Session
                                H. R. 4719

    To amend the Truth in Lending Act to limit the liability of any 
            assignee of a creditor, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 25, 2004

 Mr. Baker (for himself, Mr. Royce, and Mr. Hensarling) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
    To amend the Truth in Lending Act to limit the liability of any 
            assignee of a creditor, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mortgage Market Protection Act of 
2004''.

SEC. 2. LIMITATION ON LIABILITY OF THE ASSIGNEE OF A CREDITOR.

    (a) Violations Apparent on Face of Disclosure Statements.--Section 
131(a) of Truth in Lending Act (15 U.S.C. 1641(a)) is amended--
            (1) by striking ``(a) Except as otherwise'' and inserting 
        ``(a) Civil Action Against Assignees--
            ``(1) In general.--Except as otherwise provided'';
            (2) by striking the 2nd sentence; and
            (3) by adding at the end the following new paragraph:
            ``(2) Violations apparent on face of documents.--For the 
        purpose of this section, a violation is apparent on the face of 
        the disclosure document if--
                    ``(A) the disclosure can be determined to be 
                incomplete or inaccurate from a comparison of any 
                disclosure provided pursuant to section 127, 127A, 128, 
                or 129, a uniform disclosure statement provided 
                pursuant to section 4 of the Real Estate Settlement 
                Procedures Act of 1974, the promissory note or other 
                instrument signed by the consumer under which credit 
                was extended, and any itemization of the amount 
                financed; or
                    ``(B) any disclosure provided pursuant to section 
                127, 127A, 128, or 129 does not contain terms required 
                to be used under this title.''.
    (b) Repeal of Right to Rescind Any Credit Transaction as Against an 
Assignee.--Subsection (c) of section 131 of the Truth in Lending Act 
(15 U.S.C. 1641(c)) is amended to read as follows:
    ``(c) [Repealed]''.
    (c) Limitation on Rights Upon Assignment of High Cost Mortgages.--
Subsection (d) of section 131 of Truth in Lending Act (15 U.S.C. 
1641(d) is amended--
            (1) by striking paragraph (1) and inserting the following 
        new paragraph:
            ``(1) In general.--Notwithstanding any other provision of 
        law, any person who purchases or is otherwise assigned a 
        mortgage referred to in section 103(aa) shall be liable, 
        jointly and severally with the original creditor and any prior 
        or subsequent assignee, for all material violations committed 
        by the original creditor, to the extent that the violation is 
        apparent on the face of the disclosure.'';
            (2) by striking paragraph (2) and inserting the following 
        new paragraph:
            ``(2) Limitation on damages.--Notwithstanding any other 
        provision of law--
                    ``(A) a cause of action for a liability described 
                in paragraph (1) may be asserted by the borrower only 
                in an individual action;
                    ``(B) in any such action the amount of relief shall 
                not exceed the sum of all of the amounts that the 
                borrower has paid in connection with the loan and 
                reasonable attorney's fees in such individual action;
                    ``(C) no such action may be brought after the end 
                of the 3-year period beginning on the the date of the 
                violation giving rise to the liability; and
                    ``(D) such cause of action shall constitute the 
                exclusive remedy of the consumer against an assignee of 
                a mortgage referred to in section 103(aa).''; and
            (3) by striking paragraph (3) and inserting the following 
        new paragraph:
            ``(3) Denial of rescission rights as against assignees of 
        high cost mortgages.--Notwithstanding any other provision of 
        this title, no provision of this title that permits a consumer 
        to void or rescind a mortgage referred to in section 103(aa) 
        shall apply with respect to any assignee of such mortgage.''.
    (d) Technical and Conforming Amendment.--Subsection (e) of section 
131 of the Truth in Lending Act (15 U.S.C. 1641(e)) is amended to read 
as follows:
    ``(e) [Repealed]''.
                                 <all>

Pages: 1

Other Popular 106th Congressional Bills Documents:

1 S. 1123 (is) To amend the Federal Food, Drug, and Cosmetic Act to improve the safety of imported food, and for other purposes. [Introduced in Senate] ...
2 H.R. 562 (rh) To approve and ratify certain transfers of land and natural resources by or on behalf of the Delaware Nation of Indians, and for other purposes. [Reported in House] ...
3 S. 11 (rh) For the relief of Wei Jingsheng. [Reported in House] ...
4 H.R. 990 (ih) To provide for investment in private sector securities markets of amounts held in the Federal Old-Age and Survivors Insurance Trust Fund for payment of benefits under title II of the Social Security Act. [Introduced in House] ...
5 H.Res. 385 (eh) [Engrossed in House] ...
6 H.Con.Res. 409 (ath) Directing the Clerk of the House of Representatives to make corrections in the enrollment of the bill H.R. 1654. [Agreed to House] ...
7 H.Con.Res. 141 (enr) [Enrolled bill] ...
8 H.R. 4884 (ih) To redesignate the facility of the United States Postal Service located at 200 West 2nd Street in Royal Oak, Michigan, as the ``William S. Broomfield Post Office Building''. [Introduced in House] ...
9 H.R. 2593 (ih) To provide for parity in the treatment of mental illness. [Introduced in House] ...
10 H.R. 4435 (eh) To clarify certain boundaries on the map relating to Unit NC-01 of the Coastal Barrier Resources System. [Engrossed in House] ...
11 S. 259 (is) To increase the role of the Secretary of Transportation in administering section 901 of the Merchant Marine Act, 1936, and for other purposes. [Introduced in Senate] ...
12 H.R. 2442 (rs) To provide for the preparation of a Government report detailing injustices suffered by Italian Americans during World War II, and a formal acknowledgment of such injustices by the President. [Reported in Senate] ...
13 H.Res. 501 (ath) Expressing the sense of the House of Representatives regarding the Nation's law enforcement officers. [Agreed to House] ...
14 H.R. 2685 (ih) To guarantee the right of all active duty military personnel, merchant mariners, and their dependents to vote in Federal, State, and local elections. [Introduced in House] ...
15 H.R. 3073 (eh) To amend part A of title IV of the Social Security Act to provide for grants for projects designed to promote responsible fatherhood, and for other purposes. [Engrossed in House] ...
16 H.R. 1915 (ih) To provide grants to the States to improve the reporting of unidentified and missing persons. [Introduced in House] ...
17 S. 1296 (es) To designate portions of the lower Delaware River and associated tributaries as a component of the National Wild and Scenic Rivers System. [Engrossed in Senate] ...
18 S.Res. 23 (ats) Congratulating Michael Jordan on the announcement of his retirement from the Chicago Bulls and the National Basketball Association. [Agreed to Senate] ...
19 S. 3268 (is) To amend the Oil Pollution Act of 1990 to improve provisions concerning the recovery of damages for injuries resulting from oil spills. [Introduced in Senate] ...
20 H.R. 99 (eas) [Engrossed Amendment Senate] ...
21 H.Res. 665 (rh) Waiving points of order against the conference report to accompany the [Reported in House] ...
22 S. 551 (is) To amend the Internal Revenue Code of 1986 to encourage school construction and rehabilitation through the creation of a new class of bond, and for other purposes. [Introduced in Senate] ...
23 H.R. 707 (es2) ...
24 H.R. 2297 (ih) To suspend temporarily the duty on ferroniobium. [Introduced in House] ...
25 H.R. 2120 (ih) To require equitable coverage of prescription contraceptive drugs and devices, and contraceptive services under health plans. [Introduced in House] ...
26 H.R. 1102 (rs) To provide for pension reform, and for other purposes. [Reported in Senate] ...
27 S. 3215 (is) To amend the Public Health Service Act to reauthorize women's health research award programs conducted through the National Institutes of Health. [Introduced in Senate] ...
28 S.Con.Res. 36 (rfh) Condemning Palestinian efforts to revive the original Palestine [Referred in House] ...
29 H.R. 4063 (ih) To establish the Rosie the Riveter-World War II Home Front National Historical Park in the State of California, and for other purposes. [Introduced in House] ...
30 H.R. 4053 (ih) To authorize assistance to the countries of southeastern Europe for fiscal year 2001, to authorize assistance for democratization in Serbia and Montenegro, to require equitable burdensharing in multilateral assistance programs for southeast...


Other Documents:

106th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy