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 H.R. 915 (rs) To authorize a cost of living adjustment in the pay of administrative law judges. [Reported in Senate] ...
2 H.Con.Res. 235 (ath) Providing for the sine die adjournment of the first session of the One Hundred Sixth Congress. [Agreed to House] ...
3 S. 2414 (is) To combat trafficking of persons, especially into the sex trade, [Introduced in Senate] ...
4 H.R. 432 (rfs) To designate the North/South Center as the Dante B. Fascell North-South Center. [Referred in Senate] ...
5 S.Res. 124 (is) To establish a special committee of the Senate to address the cultural crisis facing America. [Introduced in Senate] ...
6 H.Res. 591 (eh) [Engrossed in House] ...
7 H.Res. 87 (ath) Electing members of the Joint Committee on Printing and the Joint Committee of Congress on the Library. [Agreed to House] ...
8 H.R. 5314 (eh) To amend title 10, United States Code, to facilitate the adoption of retired military working dogs by law enforcement agencies, former handlers of these dogs, and other persons capable of caring for these dogs. [Engrossed in House] %%Filena...
9 H.J.Res. 34 (ih) Congratulating and commending the Veterans of Foreign Wars. [Introduced in House] ...
10 H.R. 3473 (ih) To amend the Omnibus Crime Control and Safe Streets Act of 1968 to restrict the transfer by local law enforcement agencies of certain firearms. [Introduced in House] ...
11 H.R. 3519 (enr) To provide for negotiations for the creation of a trust fund to be administered by the International Bank for Reconstruction and Development or the International Development Association to combat the AIDS epidemic. [Enrolled bill] %%Filena...
12 H.R. 4925 (ih) To amend the Internal Revenue Code of 1986 to allow more equitable and direct tax relief for health insurance and medical care expenses, to give Americans more options for obtaining quality health care, and to expand insurance coverage to t...
13 S. 3068 (pcs) To amend the Immigration and Nationality Act to remove certain limitations on the eligibility of aliens residing in the United States to obtain lawful permanent resident status. [Placed on Calendar Senate] ...
14 S. 850 (is) To make schools safer by waiving the local matching requirement under the Community Policing program for the placement of law enforcement officers in local schools. [Introduced in Senate] ...
15 S. 509 (is) To amend the Peace Corps Act to authorize appropriations for fiscal years 2000 through 2003 to carry out that Act, and for other purposes. [Introduced in Senate] ...
16 H.R. 560 (rs) To designate the Federal building and United States courthouse located at the intersection of Comercio and San Justo Streets, in San Juan, Puerto Rico, as the ``Jose V. Toledo Federal Building and United States Courthouse''. [Reported in Sen...
17 S. 276 (is) For the relief of Sergio Lozano, Fauricio Lozano and Ana Lozano. [Introduced in Senate] ...
18 S. 334 (is) To amend the Federal Power Act to remove the jurisdiction of the Federal Energy Regulatory Commission to license projects on fresh waters in the State of Hawaii. [Introduced in Senate] ...
19 H.R. 4960 (ih) To extend the King Range National Conservation Area boundary in the State of California to include the Mill Creek Forest. [Introduced in House] ...
20 S. 1052 (rs) To implement further the Act (Public Law 94-241) approving the Covenant to Establish a Commonwealth of the Northern Mariana Islands in Political Union with the United States of America, and for other purposes. [Reported in Senate] %%Filename:...
21 S. 2089 (rs) To amend the Foreign Intelligence Surveillance Act of 1978 to modify procedures relating to orders for surveillance and searches for foreign intelligence purposes, and for other purposes. [Reported in Senate] ...
22 H.J.Res. 102 (ih) Recognizing that the Birmingham Pledge has made a significant contribution in fostering racial harmony and reconciliation in the United States and around the world, and for other purposes. [Introduced in House] ...
23 S. 2741 (is) To amend the Agricultural Credit Act of 1987 to extend the authority of the Secretary of Agriculture to provide grants for State mediation programs dealing with agricultural issues, and for other purposes. [Introduced in Senate] ...
24 H.R. 420 (ih) To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to require that the size of the public debt be reduced during each fiscal year by the amount of the net surplus in the social security trust funds at the end of that fisc...
25 H.Res. 583 (rh) Providing for consideration of the Senate amendments to the bill (H.R. 940) to designate the Lackawanna Valley National Heritage Area, and for other purposes. [Reported in House] ...
26 H.J.Res. 72 (ih) Granting the consent of the Congress to the Red River Boundary Compact. [Introduced in House] ...
27 H.R. 4733 (rfs) Making appropriations for energy and water development for the fiscal year ending September 30, 2001, and for other purposes. [Referred in Senate] ...
28 H.R. 3338 (ih) To authorize the Secretary of Transportation to issue a certificate of documentation with appropriate endorsement for employment in the coastwise trade for the vessel R'ADVENTURE II. [Introduced in House] ...
29 S. 3023 (is) To amend the Civil Rights Act of 1964 to protect breastfeeding by new mothers. [Introduced in Senate] ...
30 H.R. 1693 (enr) To amend the Fair Labor Standards Act of 1938 to clarify the overtime exemption for employees engaged in fire protection activities. [Enrolled bill] ...


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