Home > 105th Congressional Bills > H.R. 607 (eh) To amend the Real Estate Settlement Procedures Act of 1974 to require ...H.R. 607 (eh) To amend the Real Estate Settlement Procedures Act of 1974 to require ...
In the Senate of the United States,
November 13, 1997.
Resolved, That the bill from the House of Representatives (H.R.
607) entitled ``An Act to amend the Real Estate Settlement Procedures
Act of 1974 to require notice of cancellation rights with respect to
private mortgage insurance which is required as a condition of entering
into certain federally related mortgage loans and to provide for
cancellation of such insurance, and for other purposes.'', do pass with
the following
AMENDMENTS:
Strike out all after the enacting clause and insert:
SECTION 1. TABLE OF CONTENTS.
The table of contents for this Act is as follows:
Sec. 1. Table of contents.
TITLE I--SENIOR CITIZEN HOME EQUITY PROTECTION
Sec. 101. Short title.
Subtitle A--Senior Citizen Home Equity Protection
Sec. 111. Disclosure requirements; prohibition of funding of
unnecessary or excessive costs.
Sec. 112. Implementation.
Subtitle B--Temporary Extension of Public Housing and Section 8 Rental
Assistance Provisions
Sec. 121. Public housing ceiling rents and income adjustments and
preferences for assisted housing.
Sec. 122. Public housing demolition and disposition.
Sec. 123. Public housing funding flexibility and mixed-finance
developments.
Sec. 124. Minimum rents.
Sec. 125. Provisions relating to section 8 rental assistance program.
Subtitle C--Reauthorization of Federally Assisted Multifamily Rental
Housing Provisions
Sec. 131. Multifamily housing finance pilot programs.
Sec. 132. Hud disposition of multifamily housing.
Sec. 133. Multifamily mortgage auctions.
Sec. 134. Clarification of owner's right to prepay.
Subtitle D--Reauthorization of Rural Housing Programs
Sec. 141. Housing in underserved areas program.
Sec. 142. Housing and related facilities for elderly persons and
families and other low-income persons and
families.
Sec. 143. Loan guarantees for multifamily rental housing in rural
areas.
Subtitle E--Reauthorization of National Flood Insurance Program
Sec. 151. Program expiration.
Sec. 152. Borrowing authority.
Sec. 153. Emergency implementation of program.
Sec. 154. Authorization of appropriations for studies.
Subtitle F--Native American Housing Assistance
Sec. 161. Subsidy layering certification.
Sec. 162. Inclusion of homebuyer selection policies and criteria.
Sec. 163. Repayment of grant amounts for violation of affordable
housing requirement.
Sec. 164. United States Housing Act of 1937.
Sec. 165. Miscellaneous.
TITLE II--HOMEOWNERS PROTECTION ACT
Sec. 201. Short title.
Sec. 202. Definitions.
Sec. 203. Termination of private mortgage insurance.
Sec. 204. Disclosure requirements.
Sec. 205. Notification upon cancellation or termination.
Sec. 206. Disclosure requirements for lender paid mortgage insurance.
Sec. 207. Fees for disclosures.
Sec. 208. Civil liability.
Sec. 209. Effect on other laws and agreements.
Sec. 210. Enforcement.
Sec. 211. Construction.
Sec. 212. Effective date.
TITLE III--ABOLISHMENT OF THE THRIFT DEPOSITOR PROTECTION OVERSIGHT
BOARD
Sec. 301. Abolishment.
TITLE I--SENIOR CITIZEN HOME EQUITY PROTECTION
SEC. 101. SHORT TITLE.
This title may be cited as the ``Senior Citizen Home Equity
Protection Act''.
Subtitle A--Senior Citizen Home Equity Protection
SEC. 111. DISCLOSURE REQUIREMENTS; PROHIBITION OF FUNDING OF
UNNECESSARY OR EXCESSIVE COSTS.
Section 255(d) of the National Housing Act (12 U.S.C. 1715z-20(d))
is amended--
(1) in paragraph (2)--
(A) in subparagraph (B), by striking ``and'' at the
end;
(B) by redesignating subparagraph (C) as
subparagraph (D); and
(C) by inserting after subparagraph (B) the
following:
``(C) has received full disclosure of all costs to
the mortgagor for obtaining the mortgage, including any
costs of estate planning, financial advice, or other
related services; and'';
(2) in paragraph (9)(F), by striking ``and'';
(3) in paragraph (10), by striking the period at the end
and inserting ``; and''; and
(4) by adding at the end the following:
``(11) have been made with such restrictions as the
Secretary determines to be appropriate to ensure that the
mortgagor does not fund any unnecessary or excessive costs for
obtaining the mortgage, including any costs of estate planning,
financial advice, or other related services.''.
SEC. 112. IMPLEMENTATION.
(a) Notice.--The Secretary of Housing and Urban Development shall,
by interim notice, implement the amendments made by section 111 in an
expeditious manner, as determined by the Secretary. Such notice shall
not be effective after the date of the effectiveness of the final
regulations issued under subsection (b).
(b) Regulations.--The Secretary shall, not later than the
expiration of the 90-day period beginning on the date of enactment of
this Act, issue final regulations to implement the amendments made by
section 111. Such regulations shall be issued only after notice and
opportunity for public comment pursuant to the provisions of section
553 of title 5, United States Code (notwithstanding subsections (a)(2)
and (b)(3)(B) of that section).
Subtitle B--Temporary Extension of Public Housing and Section 8 Rental
Assistance Provisions
SEC. 121. PUBLIC HOUSING CEILING RENTS AND INCOME ADJUSTMENTS AND
PREFERENCES FOR ASSISTED HOUSING.
Section 402(f) of The Balanced Budget Downpayment Act, I (42 U.S.C.
1437aa note) is amended by striking ``and 1997'' and inserting ``,
1997, and 1998''.
SEC. 122. PUBLIC HOUSING DEMOLITION AND DISPOSITION.
Section 1002(d) of the Emergency Supplemental Appropriations for
Additional Disaster Assistance, for Anti-terrorism Initiatives, for
Assistance in the Recovery from the Tragedy that Occurred at Oklahoma
City, and Rescissions Act, 1995 (42 U.S.C. 1437c note) is amended by
striking ``September 30, 1997'' and inserting ``September 30, 1998''.
SEC. 123. PUBLIC HOUSING FUNDING FLEXIBILITY AND MIXED-FINANCE
DEVELOPMENTS.
(a) Extension of Authority.--Section 201(a)(2) of the Departments
of Veterans Affairs and Housing and Urban Development, and Independent
Agencies Appropriations Act, 1996 (42 U.S.C. 1437l note) is amended to
read as follows:
``(2) Applicability.--Section 14(q) of the United States
Housing Act of 1937 shall be effective only with respect to
assistance provided from funds made available for fiscal year
1998 or any preceding fiscal year, except that the authority in
the first sentence of section 14(q)(1) of that Act to use up to
10 percent of the allocation of certain funds for any operating
subsidy purpose shall not apply to amounts made available for
fiscal year 1998.''.
(b) Mixed Finance.--Section 14(q)(1) of the United States Housing
Act of 1937 (42 U.S.C. 1437l(q)(1)) is amended by inserting after the
first sentence the following: ``Such assistance may involve the
drawdown of funds on a schedule commensurate with construction draws
for deposit into an interest earning escrow account to serve as
collateral or credit enhancement for bonds issued by a public agency
for the construction or rehabilitation of the development.''.
SEC. 124. MINIMUM RENTS.
Section 402(a) of The Balanced Budget Downpayment Act, I (Public
Law 104-99; 110 Stat. 40) is amended in the matter preceding paragraph
(1) by striking ``fiscal year 1997'' and inserting ``fiscal years 1997
and 1998''.
SEC. 125. PROVISIONS RELATING TO SECTION 8 RENTAL ASSISTANCE PROGRAM.
Section 203(d) of the Departments of Veterans Affairs and Housing
and Urban Development, and Independent Agencies Appropriations Act,
1996 (as contained in section 101(e) of the Omnibus Consolidated
Rescissions and Appropriations Act of 1996 (Public Law 104-134)) (42
U.S.C. 1437f note) is amended by striking ``and 1997'' and inserting
``, 1997, and 1998''.
Subtitle C--Reauthorization of Federally Assisted Multifamily Rental
Housing Provisions
SEC. 131. MULTIFAMILY HOUSING FINANCE PILOT PROGRAMS.
Section 542 of the Housing and Community Development Act of 1992
(12 U.S.C. 1707 note) is amended--
(1) in subsection (b)(5), by inserting before the period at
the end of the first sentence the following: ``, and not more
than an additional 15,000 units during fiscal year 1998''; and
(2) in the first sentence of subsection (c)(4)--
(A) by striking ``and'' and inserting a comma; and
(B) by inserting before the period at the end the
following: ``, and not more than an additional 15,000
units during fiscal year 1998''.
SEC. 132. HUD DISPOSITION OF MULTIFAMILY HOUSING.
Section 204 of the Departments of Veterans Affairs and Housing and
Urban Development, and Independent Agencies Appropriations Act, 1997
(12 U.S.C. 1715z-11a) is amended by inserting after ``owned by the
Secretary'' the following: ``, including the provision of grants and
loans from the General Insurance Fund for the necessary costs of
rehabilitation or demolition,''.
SEC. 133. MULTIFAMILY MORTGAGE AUCTIONS.
Section 221(g)(4)(C) of the National Housing Act (12 U.S.C.
1715l(g)(4)(C)) is amended--
(1) in the first sentence of clause (viii), by striking
``September 30, 1996'' and inserting ``December 31, 2000''; and
(2) by adding at the end the following:
``(ix) The authority of the Secretary to conduct
multifamily auctions under this subparagraph shall be effective
for any fiscal year only to the extent and in such amounts as
are approved in appropriations Acts for the costs of loan
guarantees (as defined in section 502 of the Congressional
Budget Act of 1974), including the cost of modifying loans.''.
SEC. 134. CLARIFICATION OF OWNER'S RIGHT TO PREPAY.
(a) Prepayment Right.--Notwithstanding section 211 of the Housing
and Community Development Act of 1987 or section 221 of the Housing and
Community Development Act of 1987 (as in effect pursuant to section
604(c) of the Cranston-Gonzalez National Affordable Housing Act),
subject to subsection (b), with respect to any project that is eligible
low-income housing (as that term is defined in section 229 of the
Housing and Community Development Act of 1987)--
(1) the owner of the project may prepay, and the mortgagee
may accept prepayment of, the mortgage on the project, and
(2) the owner may request voluntary termination of a
mortgage insurance contract with respect to such project and
the contract may be terminated notwithstanding any requirements
under sections 229 and 250 of the National Housing Act.
(b) Conditions.--Any prepayment of a mortgage or termination of an
insurance contract authorized under subsection (a) may be made--
(1) only to the extent that such prepayment or termination
is consistent with the terms and conditions of the mortgage on
or mortgage insurance contract for the project; and
(2) only if owner of the project involved agrees not to
increase the rent charges for any dwelling unit in the project
during the 60-day period beginning upon such prepayment or
termination.
(c) Applicability.--This section shall apply only during the period
beginning on October 1, 1997, and ending at the end of September 30,
1998.
Subtitle D--Reauthorization of Rural Housing Programs
SEC. 141. HOUSING IN UNDERSERVED AREAS PROGRAM.
The first sentence of section 509(f)(4)(A) of the Housing Act of
1949 (42 U.S.C. 1479(f)(4)(A)) is amended by striking ``fiscal year
1997'' and inserting ``fiscal years 1997, 1998, and 1999''.
SEC. 142. HOUSING AND RELATED FACILITIES FOR ELDERLY PERSONS AND
FAMILIES AND OTHER LOW-INCOME PERSONS AND FAMILIES.
(a) Authority To Make Loans.--Section 515(b)(4) of the Housing Act
of 1949 (42 U.S.C. 1485(b)(4)) is amended by striking ``September 30,
1997'' and inserting ``September 30, 1999''.
(b) Set-Aside for Nonprofit Entities.--The first sentence of
section 515(w)(1) of the Housing Act of 1949 (42 U.S.C. 1485(w)(1)) is
amended by striking ``fiscal year 1997'' and inserting ``fiscal years
1997, 1998, and 1999''.
Other Popular 105th Congressional Bills 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. |
 |