| Also tagged in: Black colleges, Business, College administration, College costs, Communications, Community development banking, Conflict of interests, Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumers, Education, Emblems, Finance Latest Action: 04/21/2008 - Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Dodd. With written report No. 110-327.
Bill TextAn original bill to establish requirements for private lenders to protect student borrowers receiving private educational loans, and for other purposes. 4/21/2008--Introduced. Private Student Loan Transparency and Improvement Act of 2007 - Amends the Truth in Lending Act to prohibit a private educational lender from: (1) offering or providing any gift to specified educational institutions or their personnel in exchange for any advantage or consideration provided to such lender related to its educational loan activities; or (2) engaging in revenue sharing with such institutions. Prohibits such lender from marketing loans in any way that implies the institution endorses the lender's private educational loans (co-branding). Prohibits an employee in the financial aid office of an educational institution who has responsibilities regarding financial aid, and also serves on an advisory group established by a lender, from receiving anything of value from such lender.[...] show full description | | Also tagged in: Administrative procedure, Banks and banking, Budgets, Business, Business ethics, Citizenship, Collection of accounts, College costs, Conflict of interests, Congress, Congressional investigations, Congressional reporting requirements, Department of Education, Department of the Treasury, Education, Executive departments Latest Action: 05/07/2008 - Signed by President.
Bill TextTo ensure continued availability of access to the Federal student loan program for students and families. 5/7/2008--Public Law. (There are 4 other summaries) (This measure has not been amended since it was passed by the Senate on April 30, 2008. The summary of that version is repeated here.) Ensuring Continued Access to Student Loans Act of 2008 - (Sec. 2) Amends the Higher Education Act of 1965 to increase, by $2,000, the maximum annual unsubsidized Stafford loan amounts that may be provided to undergraduate students under the Federal Family Education Loan (FFEL) program. Sets the aggregate limit on such loans at $31,000 for dependent undergraduates and $57,500 for independent undergraduates. (Sec. 3) Gives parent borrowers of PLUS FFELs the option to defer loan principal repayment for up to six months after the students for whom such loans are borrowed cease to carry at least one-half the normal full-time academic workload. [...] show full description | | Latest Action: 04/03/2008 - Sponsor introductory remarks on measure. (CR S2440-2442)
Bill TextA bill to amend the Higher Education Act of 1965 in order to increase unsubsidized Stafford loan limits for undergraduate students, provide for a secondary market for FFEL loans, allow for the in-school deferment of PLUS loans, augment the maximum Federal Pell Grant for the lowest income students, and expand the number of students eligible to obtain loans under the lender-of-last-resort program, and for other purposes. 4/3/2008--Introduced. Strengthening Student Aid for All Act - Amends the Higher Education Act of 1965 to increase the maximum annual and aggregate unsubsidized Stafford loan amounts that may be provided to undergraduate students under the Federal Family Education Loan (FFEL) program. Allows parents of dependent students to defer PLUS FFEL principal repayment until such students cease to be enrolled as undergraduates on at least a half-time basis. Directs the Secretary of Education to act as the secondary market of last resort for FFELs, until July [...] show full description | | Also tagged in: Affordable housing, Appropriations, Bankruptcy, Bonds, Budgets, Community development, Community development banking, Consumer credit, Consumer education, Consumer protection, Consumers, Counseling, Damages, Federal aid to housing, Fees, Finance Latest Action: 02/14/2008 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 577.
Bill TextA bill to provide needed housing reform. 2/13/2008--Introduced. Foreclosure Prevention Act of 2008 - Amends the Internal Revenue Code to: (1) authorize use of the proceeds of a qualified mortgage bond issue to refinance a mortgage on a residence originally financed through a qualified subprime loan; (2) raise the ceiling and volume cap imposed upon certain state housing bonds; and (3) exclude from the meaning of tax preference item private activity bonds, for purposes of the alternative minimum tax, qualified mortgage bonds or veterans' mortgage bonds issued after enactment of this Act and before January 1, 2011. Makes FY2008 appropriations for: (1) emergency needs of states and local governmental units to redevelop certain abandoned and foreclosed homes; and (2) the Neighborhood Reinvestment Corporation for foreclosure mitigation activities, including grants for housing counseling. Helping Families Save Their Homes in Bankruptcy Act of 2008 - Authorizes a bankruptcy [...] show full description | | Also tagged in: Afghanistan, Armed forces, Budgets, Business, Collection of accounts, Debt, Defense policy, Families, Finance, Government lending, Housing, Housing finance, Housing subsidies, Iraq, Iraq compilation, Middle East and North Africa Latest Action: 02/01/2008 - Referred to the Subcommittee on Disability Assistance and Memorial Affairs.
Bill TextTo amend title 38, United States Code, to prohibit the Secretary of Veterans Affairs from collecting certain debts to the United States in the case of veterans who die as a result of a service-connected disability incurred or aggravated on active duty in a combat zone, and for other purposes. 1/29/2008--Introduced. Combat Veterans Debt Elimination Act of 2008 - Prohibits the Secretary of Veterans Affairs from collecting debts owed to the United States by certain veterans who die as a result of a service-connected disability incurred or aggravated on active duty in a war after the Persian Gulf War or a combat zone after September 11, 2001, if the Secretary determines, in his or her discretion, that the termination of collection is in the best interest of the United States. Excepts any amounts owed the United States under federal housing and small business loan programs from such prohibition on debt collection. | | Also tagged in: Afghanistan, Armed forces, Budgets, Business, Collection of accounts, Debt, Defense policy, Families, Finance, Government lending, Housing, Housing finance, Housing subsidies, Iraq, Iraq compilation, Middle East and North Africa Latest Action: 02/01/2008 - Referred to the Subcommittee on Disability Assistance and Memorial Affairs.
Bill TextTo amend title 38, United States Code, to prohibit the Secretary of Veterans Affairs from collecting certain debts owed to the United States by members of the Armed Forces and veterans who die as a result of an injury incurred or aggravated on active duty in a combat zone, and for other purposes. 1/28/2008--Introduced. Combat Veterans Debt Elimination Act of 2008 - Prohibits the Secretary of Veterans Affairs from collecting debts owed to the United States by certain members of the armed forces or veterans who die as a result of an injury incurred or aggravated on active duty in a war or a combat zone after September 11, 2001. Excepts any amounts owed the United States under federal housing and small business loan programs from such prohibition on debt collection. | | Also tagged in: Afghanistan, Armed forces, Budgets, Business, Collection of accounts, Debt, Defense policy, Families, Finance, Government lending, Housing, Housing finance, Housing subsidies, Iraq, Iraq compilation, Middle East and North Africa Latest Action: 01/23/2008 - Read twice and referred to the Committee on Veterans' Affairs.
Bill TextA bill to amend title 38, United States Code, to prohibit the Secretary of Veterans Affairs from collecting certain debts owed to the United States by members of the Armed Forces and veterans who die as a result of an injury incurred or aggravated on active duty in a combat zone, and for other purposes. 1/23/2008--Introduced. Combat Veterans Debt Elimination Act of 2008 - Prohibits the Secretary of Veterans Affairs from collecting debts owed to the United States by certain members of the armed forces or veterans who die as a result of an injury incurred or aggravated on active duty in a war or a combat zone after September 11, 2001. Excepts any amounts owed the United States under federal housing and small business loan programs from such prohibition on debt collection.
| | Also tagged in: Afghanistan, Armed forces, Budgets, Business, Collection of accounts, Debt, Defense policy, Families, Finance, Government lending, Housing, Housing finance, Housing subsidies, Iraq, Iraq compilation, Middle East and North Africa Latest Action: 01/22/2008 - Sponsor introductory remarks on measure. (CR S96-97)
Bill TextA bill to amend title 38, United States Code, to prohibit the Secretary of Veterans Affairs from collecting certain debts to the United States in the case of veterans who die as a result of a service-connected disability incurred or aggravated on active duty in a combat zone, and for other purposes. 1/22/2008--Introduced. Combat Veterans Debt Elimination Act of 2008 - Prohibits the Secretary of Veterans Affairs from collecting debts owed to the United States by certain veterans who die as a result of a service-connected disability incurred or aggravated on active duty in a war after the Persian Gulf War or a combat zone after September 11, 2001, if the Secretary determines, in his or her discretion, that the termination of collection is in the best interest of the United States. Excepts any amounts owed the United States under federal housing and small business loan programs from such prohibition on debt collection. | | Latest Action: 04/30/2008 - Committee Consideration and Mark-up Session Held.
Bill TextTo amend the Servicemembers Civil Relief Act to provide for a limitation on the sale, foreclosure, or seizure of property owned by a servicemember during the one-year period following the servicemember's period of military service. 12/19/2007--Introduced. Amends the Servicemembers Civil Relief Act of 1940 to extend from 90 days to one year the period following release from active duty during which a member of the Armed Forces shall be protected from mortgage foreclosure. | | Also tagged in: Accreditation (Education), Alaska, Armed forces, Asian American ethnic groups, Black colleges, Broadband, Budgets, Business, Closed caption television, College costs, College teachers, Colleges, Communications, Community and school, Community colleges, Compensatory education Latest Action: 02/25/2008 - Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Bill TextTo amend and extend the Higher Education Act of 1965, and for other purposes. 2/7/2008--Passed House amended. (There are 2 other summaries) College Opportunity and Affordability Act of 2008 - Amends the Higher Education Act of 1965 (HEA) to revise and reauthorize HEA programs. Title I: Title I Amendments - (Sec. 101) Revises the general definition of an institution of higher education (IHE) to include schools that: (1) admit students whose secondary education was conducted in a home school setting; (2) award degrees (not necessarily bachelor's degrees) that are acceptable for admission to a graduate or professional degree program; and (3) enroll students who will be dually or concurrently enrolled in a secondary school. Revises the definition of an IHE for purposes of title IV student assistance programs. Requires graduate medical schools located outside the country, that qualified as IHEs owing to their having a state-approved [...] show full description | | Also tagged in: Consumer credit, Consumer education, Consumers, Counseling, Finance, Government information, Government paperwork, Home ownership, Housing, Mortgages, Social services Latest Action: 10/18/2007 - Referred to the House Committee on Financial Services.
Bill TextTo amend the Truth in Lending Act to establish requirements for providing negatively amortizing mortgage loans to first-time borrowers, and for other purposes. 10/18/2007--Introduced. Negative Amortization Mortgage Loan Transparency Act - Amends the Truth in Lending Act to require a lender to make specified prior disclosures to a first-time borrower in connection with a consumer credit transaction secured by residential real property with a dwelling, other than a reverse mortgage, where the payment plan may result in negative amortization over the term of the loan. Requires the consumer debtor to provide the creditor with documentation that the consumer received home ownership counseling from organizations or counselors certified by the Secretary of Housing and Urban Development. | | Also tagged in: Bank accounts, Budgets, Conflict of interests, Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumers, Disaster insurance, Emergency management, Federally-guaranteed loans, Fees, Finance, Floods, Foreclosure Latest Action: 11/07/2007 - Committee Consideration and Mark-up Session Held.
Bill TextTo require escrows for certain mortgage loans, to improve mortgage servicing, to promote sustainable homeownership opportunities, to enhance appraisal quality and standards, to better appraisal oversight, to mitigate appraiser pressure, and for other purposes. 10/16/2007--Introduced. Escrow, Appraisal, and Mortgage Servicing Improvements Act - Amends the Truth in Lending Act to require a creditor, in a consumer credit transaction secured by the consumer's principal dwelling, to establish an escrow or impound account to pay taxes and hazard insurance, and, if applicable, flood insurance, mortgage insurance, ground rents, and any other required periodic payments or premiums. Requires written disclosures by the creditor to the consumer regarding: (1) such escrow or impound account; and (2) consumers who opt out of escrow services. Amends the Real Estate Settlement Procedures Act of 1974 to proscribe specified practices by the servicer of a federally related mortgage,[...] show full description | | Also tagged in: Bankruptcy, Bankruptcy courts, Congress, Congressional investigations, Congressional reporting requirements, Counseling, Finance, Foreclosure, Housing, Law, Mortgage interest rates, Mortgages, Real estate appraisal, Social services Latest Action: 11/02/2007 - Referred to the Subcommittee on Commercial and Administrative Law.
Bill TextTo authorize bankruptcy courts to take certain actions with respect to mortgage loans in bankruptcy, and for other purposes. 10/9/2007--Introduced. Home Owners Mortgage and Equity Savings Act, or the HOMES Act - Amends federal bankruptcy law governing mortgage loans to authorize modification of a (mortgage) claim secured by an interest in real property initiated before September 26, 2007, that is the debtor's principal residence. Allows the principal amount of such a mortgage loan to be lowered to the fair market value, if less than such amount, of the real property securing the loan at the time of the submission of the debtor's plan for the payment of debts. Permits waiver of otherwise applicable early repayment or prepayment penalties. Permits, also, prohibition of, delay in, or voiding of any adjustments to the rate of interest in the case of an adjustable rate mortgage.Permits the bankruptcy court, in the case of a chapter 13 debtor (individual with regular [...] show full description | | Also tagged in: Accreditation (Education), Adoption, Alaska, Alcoholism, Americans in foreign countries, Animals, Armed forces, Arts, Athletes, Authorization, Budgets, Building construction, Business, Business education, Children, Civil liberties Latest Action: 10/04/2007 - Referred to the House Committee on Education and Labor.
Bill TextTo amend and extend the Higher Education Act of 1965. 10/4/2007--Introduced. College Access and Opportunity Act of 2007 - Amends the Higher Education Act of 1965 (HEA) to revise and reauthorize appropriations for HEA programs. Establishes a single definition of institutions of higher education (IHEs) for purposes of their participation in all HEA programs, including title IV student aid programs. Allows IHEs to enroll students who are also enrolled in secondary school. Revises higher education consumer information and public accountability requirements. Imposes educational loan disclosure requirements on lenders and IHEs. Replaces the Teacher Quality Enhancement Grants for States and Partnerships program under title II with a new Teacher Quality Partnership grant program for partnerships of high-need local educational agencies (LEAs), high-need schools, IHEs, and public or private educational organizations. Repeals part B (Preparing Tomorrow's [...] show full description | | Also tagged in: Bankruptcy, Bankruptcy courts, Congress, Congressional investigations, Congressional reporting requirements, Counseling, Finance, Foreclosure, Housing, Law, Mortgage interest rates, Mortgages, Real estate appraisal, Social services Latest Action: 04/03/2008 - Committee on the Judiciary. Date of scheduled consideration. SD-226. 10:00 a.m.
Bill TextA bill to authorize bankruptcy courts to take certain actions with respect to mortgage loans in bankruptcy, and for other purposes. 10/3/2007--Introduced. Home Owners' Mortgage and Equity Savings Act, or the HOMES Act - Amends federal bankruptcy law governing mortgage loans to authorize modification of a mortgage agreed to in writing by a debtor meeting specified requirements and the holder of a claim secured by an interest in real property initiated before September 26, 2007, that is the debtor's principal residence. Allows the principal amount of such a mortgage loan to be lowered to the fair market value, if less than such amount, of the real property securing the loan at the time of the submission of the debtor's plan for the payment of debts. Permits waiver of otherwise applicable early repayment or prepayment penalties. Permits, also, prohibition of, delay in, or voiding of any adjustments to the rate of interest in the case of an adjustable rate mortgage. [...] show full description | | Also tagged in: Actions and defenses, Bankruptcy, Bankruptcy courts, Consumer credit, Consumers, Counseling, Damages, Finance, Foreclosure, Housing, Law, Mortgage interest rates, Mortgages, Parties to actions, Social services, Trusts and trustees Latest Action: 04/03/2008 - Committee on the Judiciary. Ordered to be reported with an amendment favorably.
Bill TextA bill to address the treatment of primary mortgages in bankruptcy, and for other purposes. 10/3/2007--Introduced. Helping Families Save Their Homes in Bankruptcy Act of 2007 - Amends federal bankruptcy law to permit a bankruptcy plan to: (1) modify a loan secured by the principal residence (mortgage) of a chapter 13 debtor (individual with regular income); and (2) provide for payment of such loan at a fixed annual percentage rate of interest, over a 30-year period. Exempts a chapter 13 debtor from the requirement for credit counseling if the court receives certification that debtor's principal residence has been scheduled for a foreclosure sale. Conditions any fees, costs, or charges that may be added to the mortgage debt during pendency of the bankruptcy case upon notice to the court within a specified deadline. Requires the court to waive such additional fees, costs, or charges if the court has not been notified on time. Permits a bankruptcy [...] show full description | | Also tagged in: Administrative procedure, Consumer education, Consumers, Department of Housing and Urban Development, Executive departments, Fees, Finance, Government information, Government paperwork, Housing, Housing finance, Law, Mortgage banks, Mortgage interest rates, Mortgages, Settlement costs Latest Action: 10/02/2007 - Referred to the House Committee on Financial Services.
Bill TextTo amend the Real Estate Settlement Procedures Act of 1974 to require the submission to each borrower under a federally related mortgage loan of a one-page description of the essential terms of the loan. 10/2/2007--Introduced. Mortgage Disclosure Simplification Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to instruct the Secretary of Housing and Urban Development to develop and prescribe standard written forms stating the essential terms of a federally related mortgage loan, which lenders or mortgage brokers shall provide to prospective mortgagors. Requires such disclosures to include: (1) a statement of terms regarding a federally related mortgage loan; and (2) a statement of basic easy-to-understand definitions or explanations of such terms. | | Latest Action: 12/10/2007 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Bill TextTo amend the Truth in Lending Act to require notice to consumers of an upcoming adjustment or reset date with respect to hybrid adjustable rate mortgages, and for other purposes. 9/27/2007--Introduced. Fair Disclosure for Homeowners Act of 2007 - Amends the Truth in Lending Act to require the creditor or servicer of a loan to disclose specified financial information in writing to a consumer concerning the interest rate in effect during the introductory period of a hybrid adjustable rate mortgage which adjusts or resets to a variable interest rate. Requires such disclosure to include: (1) any index or formula used in making adjustments to or resetting the interest rate and a source of information about the index or formula; (2) an explanation of how the new interest rate and payment would be determined; (3) the best estimate of the creditor or servicer of the amount of the monthly payment that will apply after the date of the adjustment or reset, and the assumptions [...] show full description | | Also tagged in: Congress, Congressional reporting requirements, Economic impact statements, Economic policy, Executive departments, Federal advisory bodies, Federal-state relations, Finance, Foreclosure, Home ownership, Housing, Housing finance, Legislation, Mortgage banks, Mortgages, State and local government Latest Action: 09/25/2007 - Referred to the House Committee on Financial Services.
Bill TextTo establish a bipartisan commission to perform a comprehensive examination of the current foreclosure and mortgage lending crisis and to make recommendations for legislative and regulatory changes to address such problems. 9/25/2007--Introduced. Foreclosure Prevention and Homeownership Protection Act - Establishes the Commission to Preserve the American Dream (Commission) to study and report to Congress and the President on: (1) the adequacy of the existing legal and regulatory framework to address the current foreclosure and mortgage lending crisis and to prevent similar crises from happening in the future; (2) the role of the states versus the role of the federal government in ensuring homeowners are protected against unscrupulous lending practices; and (3) the effects of this crisis on the domestic and world economies. Requires the Commission to make recommendations regarding: (1) ways to assist homeowners currently in danger of losing their homes; (2) ways to encourage [...] show full description | | Also tagged in: Bankruptcy, Bankruptcy courts, Claims, Collection of accounts, Counseling, Fees, Finance, Foreclosure, Government information, Government paperwork, Housing, Law, Liens, Mortgages, Social services, Trusts and trustees Latest Action: 12/12/2007 - Committee Consideration and Mark-up Session Held.
Bill TextTo amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes. 9/20/2007--Introduced. Emergency Home Ownership and Mortgage Equity Protection Act of 2007 - Amends federal bankruptcy law governing a chapter 13 debtor (adjustment of debts of an individual with regular income) to prohibit the holder of a claim in bankruptcy which is secured by debtor's principal residence from adding fees, costs, or charges while the case is pending, unless such claimholder gives timely notice to both debtor and the bankruptcy trustee. Revises requirements for the discretionary features of a chapter 13 debtor's plan. Removes the prohibition against modification of the rights of a holder of a claim secured only by an interest in real property that is the debtor's principal residence. (Thus allows a plan to modify such rights.) Authorizes a chapter 13 bankruptcy plan to provide for payment of allowed claims [...] show full description | | Also tagged in: Bank accounts, Consumer credit, Consumer education, Consumer protection, Consumers, Finance, Housing, Housing finance, Insurance premiums, Mortgage banks, Mortgages, Property insurance, Property tax, Real estate appraisal, Taxation Latest Action: 09/14/2007 - Referred to the House Committee on Financial Services.
Bill TextTo amend the Truth in Lending Act to require escrow accounts for the payment of property taxes and insurance for all subprime loans, and to expand the coverage of the appraisal requirements under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and for other purposes. 9/14/2007--Introduced. Homebuyer's Protection Act of 2007 - Amends the Truth in Lending Act to require a creditor to establish, in an insured depository institution, an escrow or impound account for payment of taxes and hazard insurance at the time of the consummation of a subprime mortgage transaction. Requires such account to remain in existence for as long as the subprime mortgage is outstanding. Requires creditors, before consummating a consumer credit transaction involving an impound, trust, or escrow account, to provide the following written disclosures: (1) that an escrow or impound account will be established; (2) the amount required to fund such account; (3) the [...] show full description | | Latest Action: 09/05/2007 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Bill TextTo amend the Truth in Lending Act to prohibit universal defaults on credit card accounts and to require minimum payment disclosures for accounts under an open end consumer credit plan, and for other purposes. 8/3/2007--Introduced. Credit Protection Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from using adverse information concerning any consumer, including information in any consumer report or any change in the consumer's credit score, as the basis for increasing the annual percentage rate of interest (APR) or introductory APR applicable to a credit card account under an open end consumer credit plan for reasons other than actions or omissions of the consumer that are directly related to such account. Requires conspicuous payment disclosures on a creditor's billing cycle statement, including: (1) the minimum monthly payment on the outstanding balance; (2) the number of months that it would take to pay the entire amount of the outstanding balance [...] show full description | | Also tagged in: Actions and defenses, Armed forces, Armed forces abroad, Business, Contracts, Criminal justice, Damages, Defense policy, Families, Finance, Fines (Penalties), Government information, Government paperwork, Injunctions, Interest, Interest rates Latest Action: 08/20/2007 - Referred to the Subcommittee on Economic Opportunity.
Bill TextTo amend the Servicemembers Civil Relief Act to allow individuals called to military service to terminate or suspend certain service contracts entered into before the individual receives notice of a permanent change of station or deployment orders and to provide penalties for violations of interest rate limitations. 8/1/2007--Introduced. 21st Century Servicemembers Protection Act - Amends the Servicemembers Civil Relief Act to allow individuals called to military service to terminate or suspend a service contract, after the date of entry into service or the date of the military orders, if: (1) the service contract (such as phone, cable, Internet, or utilities) is executed before the individual is called to service for a period of at least 90 days; or (2) the person enters into the contract while in military service and thereafter receives orders for a change of permanent station to a location outside the United States, or to deploy with a military unit for a period of at least [...] show full description | | Also tagged in: Actions and defenses, Administrative procedure, Budgets, Collection of accounts, Consumer education, Consumers, Education, Executive departments, Federal reserve system, Federally-guaranteed loans, Fees, Finance, Finance charges, Government lending, Higher education, Interest Latest Action: 07/19/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextA bill to amend the Truth in Lending Act, to improve disclosures for private student loans, and for other purposes. 7/19/2007--Introduced. Private Student Loan Disclosure Enhancement Act of 2007 - Amends the Truth in Lending Act to subject private education loans to its consumer credit disclosure requirements. Sets forth the private student loan terms and conditions which lenders must clearly and conspicuously disclose to borrowers in any application or solicitation for such a loan and contemporaneously with the approval of a private student loan application. Gives private student loan borrowers 30 days after the loan is approved and the required loan disclosure information is received to accept and consummate the loan transaction. Subjects lenders to civil liability for violating such requirements. Requires civil actions to be brought within one year after the first monthly payment on the loan becomes due after the borrower leaves school, unless full repayment [...] show full description | | Also tagged in: Consumer credit, Consumer protection, Consumers, Counseling, Finance, Finance charges, Housing, Housing finance, Insurance premiums, Mortgage banks, Mortgage guaranty insurance, Mortgage interest rates, Mortgages, Property insurance, Property tax, Taxation Latest Action: 07/18/2007 - Referred to the House Committee on Financial Services.
Bill TextTo amend the Truth in Lending Act to protect consumers from certain practices in connection with the origination of consumer credit transactions secured by the consumer's principal dwelling, and for other purposes. 7/18/2007--Introduced. Fairness for Homeowners Act of 2007 - Amends the Truth in Lending Act to prohibit any creditor or mortgage broker from making, providing, or arranging for any consumer credit transaction secured by a consumer's principal dwelling without verifying the consumer's reasonable ability to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums. Prescribes criteria for determining the reasonable ability to make such payments. Prohibits steering (arranging for a lower investment grade credit transaction if the consumer qualifies for a higher investment grade transaction) and prepayment penalties for adjustable rate mortgages [...] show full description | | Also tagged in: Administrative procedure, Bank accounts, Bank examination, Budgets, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumer protection, Consumers, Counseling, Criminal investigation, Criminal justice, Department of Housing and Urban Development, Department of the Treasury, Executive departments Latest Action: 07/12/2007 - Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committ
Bill TextTo amend the Truth in Lending Act to provide for the establishment of fair mortgage practices, generally, and for subprime mortgages in particular, to provide for a national system for licensing or registering residential mortgage loan originators, and for other purposes. 7/12/2007--Introduced. Fair Mortgage Practices Act of 2007 - Prohibits any person, with certain exceptions, from engaging in the business of loan origination without first obtaining and maintaining a registration or a state license as a loan originator. Imposes on the federal banking agencies the sole responsibility for developing a system of registration for loan originators. Directs the Secretary of Housing and Urban Development (HUD) to establish a system for: (1) licensed loan originators; and (2) state-licensed mortgage originators. Amends the Truth in Lending Act to set forth: (1) disclosure requirements for consumer credit plans secured by the consumer's principal dwelling; and [...] show full description | | Also tagged in: Armed forces, Auctions, Authorization, Budgets, Collection of accounts, College costs, Compensatory education, Criminal justice, Curricula, Debt, Defense policy, Drug abuse, Economic policy, Education, Education of the disadvantaged, Education savings accounts Latest Action: 07/10/2007 - Committee on Health, Education, Labor, and Pensions. Original measure reported to Senate by Senator Kennedy. Without written report.
Bill TextAn original bill to provide for reconciliation pursuant to section 602 of the concurrent resolution on the budget for fiscal year 2008 (S. Con. Res. 21). 7/10/2007--Reported to Senate without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Higher Education Access Act of 2007 - Title I: Grants to Students in Attendance at Institutions of Higher Education - (Sec. 101) Amends the Higher Education Act of 1965 (HEA) to repeal the formula for calculating an individual Pell grant which includes, in part, the sum of the student's tuition. (Thus eliminates the "tuition sensitivity provision" which currently prohibits maximum Pell grant awards to students attending low-tuition institutions of higher education (IHEs) even if their income is low enough otherwise to qualify for the maximum award.) Authorizes and [...] show full description | | Also tagged in: Administrative procedure, Business, Congress, Consumer education, Consumer protection, Consumers, Counseling, Executive departments, Fees, Finance, Fines (Penalties), Foreclosure, Fraud, Government regulation, Housing, Law Latest Action: 07/11/2007 - Considered as unfinished business. (consideration: CR H7505)
Bill TextSupporting home ownership and responsible lending. 7/11/2007--Passed House without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)Declares the sense of the House that specified government action should be taken that protects buyers from unscrupulous mortgage brokers and lenders. Declares that such action should: (1) enforce rules to eliminate unfair and deceptive practices in sub-prime mortgage lending; (2) encourage lenders to evaluate a borrower's ability to reasonably repay any mortgage loan; (3) establish clear minimum standards for mortgage originators; (4) require that disclosures clearly and effectively communicate necessary information about any mortgage loan to the potential borrower; (5) reduce or eliminate abuses in prepayment penalties; (6) address appraisal and other mortgage fraud; (7) raise public [...] show full description | | Also tagged in: Armed forces, Budgets, Collection of accounts, College costs, Defense policy, Education, Federally-guaranteed loans, Finance, Government lending, Higher education, Interest rates, Iraq compilation, Military personnel, Student loan funds, Students' rights, Veterans Latest Action: 07/03/2007 - Referred to the Subcommittee on Economic Opportunity.
Bill TextTo amend the Servicemembers Civil Relief Act to provide for reimbursement to members of the Armed Forces of tuition for programs of education delayed by military service, for deferment of students loans and reduced interest rates for members of the Armed Forces during periods of military service, and for other purposes. 6/28/2007--Introduced. Veterans Education Tuition Support Act of 2007 or VETS Act of 2007 - Amends the Servicemembers Civil Relief Act to require an institution of higher education, whenever a servicemember is called, activated, or ordered to military service and therefore withdraws or takes a leave of absence from such institution, to: (1) refund to the servicemember tuition and other fees paid for the portion of the program of education for which the servicemember did not receive academic credit after such withdrawal or leave; and (2) provide the servicemember an opportunity to reenroll at the institution with the same educational and academic status that [...] show full description | | Also tagged in: Armed forces, Budgets, Collection of accounts, College costs, Defense policy, Education, Federally-guaranteed loans, Finance, Government lending, Higher education, Interest rates, Iraq compilation, Military personnel, Student loan funds, Students' rights, Veterans Latest Action: 06/27/2007 - Read twice and referred to the Committee on Veterans' Affairs.
Bill TextA bill to amend the Servicemembers Civil Relief Act to provide for reimbursement to servicemembers of tuition for programs of education interrupted by military service, for deferment of students loans and reduced interest rates for servicemembers during periods of military service, and for other purposes. 6/27/2007--Introduced. Veterans Education Tuition Support Act or VETS Act - Amends the Servicemembers Civil Relief Act to require an institution of higher education, in the case of a servicemember who because of military service discontinues a program of education at an institution that administers a federal financial aid program, to: (1) refund to the servicemember tuition and other fees paid for the portion of the program of education for which the servicemember did not receive academic credit because of such military service; and (2) provide the servicemember an opportunity to reenroll at the institution with the same educational and academic status that the servicemember [...] show full description | | Also tagged in: Access to health care, Administrative procedure, Administrative remedies, Adult day care, Afghanistan, Armed forces, Brain, Business, Caregivers, Case management, Congress, Congressional oversight, Consumer credit, Consumers, Counterterrorism, Credit bureaus Latest Action: 07/25/2007 - Referred to the Subcommittee on Military Personnel.
Bill TextTo provide for transitional emergency assistance to certain members of the Armed Forces and veterans who are severely injured while serving on active duty, to expand and improve programs for caregiver services for those members and veterans, to require improved screening and care for traumatic brain injury for returning servicemembers and veterans, and for other purposes. 6/25/2007--Introduced. Wounded Heroes' Bill of Rights Act - Directs the Secretary of Defense to provide prompt emergency cash assistance to a member of the Armed Forces or veteran who, on or after September 11, 2001, was or is severely injured while serving on active duty (to be known as a Wounded Hero) and, due to such injury, is undergoing significant financial difficulty. Amends the Internal Revenue Code to provide a business tax credit for employers hiring Wounded Heroes. Amends the Servicemembers Civil Relief Act to provide increased protections under such Act for Wounded Heroes and persons [...] show full description | | Also tagged in: Academic freedom, Academic performance, Accreditation (Education), Actions and defenses, Administrative procedure, Agricultural labor, Agriculture, Alaska, Alcohol and youth, Alcoholism, Americans in foreign countries, Animals, Apprenticeship, Archives, Area studies, Arizona Latest Action: 11/15/2007 - By Senator Kennedy from Committee on Health, Education, Labor, and Pensions filed written report. Report No. 110-231.
Bill TextA bill to extend the authorization of programs under the Higher Education Act of 1965, and for other purposes. 7/24/2007--Passed Senate amended. (There are 2 other summaries) Higher Education Amendments of 2007 - Amends the Higher Education Act of 1965 (HEA) to revise HEA programs and to extend the authorization of appropriations for them through FY2013. Title I: General Provisions - (Sec. 101) Adds definitions of a critical foreign language, distance education, and poverty line. Provides that critical foreign languages are those contained on the list designated by the Secretary of Education in the Federal Register on August 5, 1985, but allows the Secretary to set language priorities according to the purposes of a specific program and national security, economic competitiveness, and educational needs. States that poverty line refers to the poverty line applicable to a family of the size involved. (Sec. 102) Revises [...] show full description | | Also tagged in: Administrative fees, Aid to dependent children, Alaska, Armed forces, Armed forces reserves, Asian American ethnic groups, Auctions, Authorization, Black colleges, Budgets, Business, Capital punishment, Cash welfare block grants, Charities, Child welfare, Children Latest Action: 09/27/2007 - Signed by President.
Bill TextTo provide for reconciliation pursuant to section 601 of the concurrent resolution on the budget for fiscal year 2008. 9/27/2007--Public Law. (There are 5 other summaries) (This measure has not been amended since the Conference Report was filed in the House on September 6, 2007. The summary of that version is repeated here.) College Cost Reduction and Access Act - Title I: Grants to Students in Attendance at Institutions of Higher Education - (Sec. 101) Amends the Higher Education Act of 1965 (HEA) to repeal the formula for calculating an individual Pell grant which includes, in part, the sum of the student's tuition. (Thus eliminates the "tuition sensitivity provision" which currently prohibits maximum Pell grant awards to students attending low-tuition institutions of higher education (IHEs) even if their income is low enough otherwise to qualify for the maximum award.) Authorizes and appropriates $11 million for FY2008 [...] show full description | | Also tagged in: Administrative procedure, Child labor, Child pornography, Child sexual abuse, Children, Civil liberties, Civil rights, Congress, Congressional investigations, Congressional reorganization, Corruption in politics, Criminal justice, Ethnic relations, Executive departments, Families, Finance Latest Action: 06/25/2007 - Referred to the Subcommittee on Immigration, Citizenship, Refugees, Border Security, and International Law.
Bill TextTo establish a congressional Commission on the Abolition of Modern-Day Slavery. 5/24/2007--Introduced. Congressional Commission on the Abolition of Modern-Day Slavery Act - Defines "modern-day slavery." Establishes a congressional Commission on the Abolition of Modern-day Slavery which shall: (1) study matters relating to modern-day slavery; (2) review programs of relevant governmental agencies; (3) examine efforts by foreign countries and multilateral organizations to combat modern-day slavery; and (4) convene additional experts from nongovernmental organizations as part of the Commission's review. States that the Commission shall: (1) advise Congress on how the United States could support efforts to eradicate modern-day slavery; (2) evaluate comparative strategies to prevent modern-day slavery, rescue and rehabilitate its victims, and prosecute traffickers and increase accountability within countries; (3) examine the economic impact on communities [...] show full description | | Also tagged in: Administrative procedure, Agriculture, Bank holding companies, Bank loans, Bank management, Bank records, Banks and banking, Bonds, Business, Civil liberties, Community development banking, Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education Latest Action: 05/16/2007 - Read twice and referred to the Committee on Finance.
Bill TextA bill to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. 5/16/2007--Introduced. Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal [...] show full description | | Latest Action: 05/15/2007 - Sponsor introductory remarks on measure. (CR S6131)
Bill TextA bill to amend the Internal Revenue Code of 1986, to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations. 5/15/2007--Introduced. Mortgage Cancellation Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to the discharge of certain residential mortgage obligations. | | Also tagged in: Budgets, Collection of accounts, Consumer education, Consumers, Data banks, Education, Education of the disadvantaged, Educational counseling, Federally-guaranteed loans, Finance, Government information, Government lending, Government paperwork, Higher education, Interest, Loan defaults Latest Action: 05/15/2007 - Sponsor introductory remarks on measure. (CR S6139)
Bill TextA bill to amend the Higher Education Act of 1965 to improve the information and repayment options to student borrowers, and for other purposes. 5/15/2007--Introduced. Student Information Means a Positive Loan Experience Act of 2007 - Amends the Higher Education Act of 1965 to give borrowers under the Federal Family Education Loan (FFEL) and Direct Loan (DL) programs the option to delay the repayment of principal on such loans for the first two years that they are in repayment, regardless of their repayment plan. Requires FFEL lenders to offer extended repayment plans to borrowers with $20,000 (currently, $30,000) of FFEL debt. Revises the definition of economic hardship to include individuals whose earnings do not exceed 150% of the poverty line applicable to their family size. Requires lenders that grant FFEL loan deferment or forbearance to inform borrowers of the impact such deferment or forbearance has on the ultimate cost of the loan. Directs [...] show full description | | Also tagged in: Budgets, Business, Civil liberties, Congressional reporting requirements, Consumer education, Consumers, Data banks, Education, Educational counseling, Federally-guaranteed loans, Finance, Government information, Government lending, Government paperwork, Governmental investigations, Higher education Latest Action: 05/15/2007 - Sponsor introductory remarks on measure. (CR S6140-6141)
Bill TextA bill to improve the National Student Loan Data System. 5/15/2007--Introduced. Student Financial Aid Data Privacy Protection Act - Amends the Higher Education Act of 1965 to direct the Secretary of Education to take actions necessary to maintain confidence in the National Student Loan Data System, at a minimum: (1) ensuring that guaranty agencies, lenders, and schools primarily access it for legitimate program operations; (2) prohibiting nongovernmental researchers or policy analysts from accessing personally identifiable information; (3) creating a disclosure form for actual and potential students describing the contents of, and access to, the system; (4) requiring guaranty agencies, lenders, and schools to inform borrowers of Federal Family Education Loans, Direct Loans, and Perkins Loans that such a loan will be submitted to the system and accessible to such entities; (5) regularly review the system to delete inactive users, monitor use, and ensure that data is not used [...] show full description | | Also tagged in: Bank accounts, Bank deposits, Banks and banking, Consumer protection, Consumers, Credit unions, Electronic data interchange, Finance, Financial statements, Fines (Penalties), Law, Saving and investment, Technology, Telecommunication Latest Action: 05/01/2007 - Sponsor introductory remarks on measure. (CR E898-899)
Bill TextTo sunset Federal laws and regulations which treat the American people like children by denying them the opportunity to make their own decision regarding control of their bank accounts and what type of information they wish to receive from their banks, and for other purposes. 5/1/2007--Introduced. Freedom to Bank Act - Terminates any provision of federal law (other than the Internal Revenue Code) that subjects a consumer to a penalty for withdrawing or transferring funds from any transaction account or any savings or time deposit. Declares that no creditor, depository institution, or credit union shall be required to provide periodic statements of account to a customer unless the customer has notified it of an election to receive such statements. Requires such entities to establish a procedure for notifying customers of their right to elect to receive statements of account and the method for implementing such election. | | Also tagged in: Administrative procedure, Budgets, Business, Civil rights, Collection of accounts, Commercial arbitration, Community development, Consumer complaints, Consumer credit, Consumer education, Consumer protection, Consumers, Contractors, Department of Housing and Urban Development, Discrimination in consumer credit, Employee training Latest Action: 09/18/2007 - Sponsor introductory remarks on measure. (CR H10456)
Bill TextTo protect home buyers from predatory lending practices. 4/26/2007--Introduced. Predatory Mortgage Lending Practices Reduction Act - Amends the Real Estate Settlement Procedures Act of 1974 to prohibit any person, in connection with a subprime federally related mortgage loan, from providing mortgage lending services or mortgage brokerage services unless such person is certified by the Secretary of Housing and Urban Development as having been adequately trained with regard to subprime lending. Amends the Truth in Lending Act to require lenders to establish a best practices plan, meeting certain criteria, to ensure compliance with such Act for high cost mortgages. Proscribes unfair or deceptive acts or practices in providing: (1) mortgage lending services for either a subprime federally related mortgage loan; (2) mortgage brokerage services for such a loan; and (3) appraisal of a property offered as security for repayment of the loan.Sets forth civil penalties [...] show full description | | Also tagged in: Administrative procedure, Business, Congress, Consumer education, Consumer protection, Consumers, Counseling, Executive departments, Fees, Finance, Fines (Penalties), Foreclosure, Fraud, Government regulation, Housing, Law Latest Action: 04/24/2007 - Referred to the House Committee on Financial Services.
Bill TextSupporting home ownership and responsible lending. 4/24/2007--Introduced. Expresses the sense of Congress that legislation should be enacted that protects buyers who have been victims of unscrupulous mortgage brokers and lenders. Urges that such legislation: (1) include an anti-predatory lending provision that bans unfair and deceptive practices; (2) require lenders to evaluate a borrower's ability to pay over the life of the loan (at the fully indexed rate for the fully amortized amount); (3) establish federal regulations regarding licensing, education, and experience requirements for mortgage brokers and loan officers in non-bank companies; (4) require that disclosures be written in plain language and prominently displayed in a manner that is visually clear and effectively communicates the intended information to the potential borrower; (5) reduce or eliminate prepayment penalties; (6) notify potential home buyers of lenders or brokers with high foreclosure rates;[...] show full description | | Also tagged in: Budgets, Collection of accounts, College administration, College costs, Conflict of interests, Consumer credit, Consumer education, Consumers, Contracts, Education, Federal aid to education, Federally-guaranteed loans, Fees, Finance, Fines (Penalties), Gifts Latest Action: 07/09/2007 - Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
Bill TextTo provide more transparency in the financial aid process and to ensure that students are receiving the best information about financial aid opportunities. 4/23/2007--Introduced. Financial Aid Accountability and Transparency Act of 2007 - Amends the Higher Education Act of 1965 to prohibit an institution of higher education (IHE) from recommending student loan providers unless it has a formal written recommendation policy, publicizes such policy, and recommends a minimum of three unaffiliated lenders. Requires IHEs to disclose to students: (1) that they cannot limit students to recommended lenders and must process the loan documents of any eligible lender; (2) the maximum federal grant and loan aid available; and (3) the cost of attendance. Directs the Secretary of Education to develop and prescribe an easy-to-read model disclosure form for use by IHEs and lenders in providing relevant and specified minimum information to students concerning the terms of federal and [...] show full description | | Also tagged in: Administrative procedure, Consumer education, Consumers, Counseling, Credit cards, Debt, Executive departments, Federal reserve system, Federal Trade Commission, Finance, Financial services, Independent regulatory commissions, Interest, Interest rates, Law, Nonprofit organizations Latest Action: 04/20/2007 - Sponsor introductory remarks on measure. (CR S4811-4812)
Bill TextA bill to require enhanced disclosure to consumers regarding the consequences of making only minimum required payments in the repayment of credit card debt, and for other purposes. 4/20/2007--Introduced. Credit Card Minimum Payment Warning Act of 2007 - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: Making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" (2) the number of years and months it would take the consumer to pay the entire amount of the balance if the consumer pays only the required minimum monthly payments; (3) the total cost to the consumer, as well as a breakdown in principal and interest payments, of paying that balance in full if the consumer pays only the required minimum monthly payments, and if no further advances are made; (4) the monthly [...] show full description | | Also tagged in: Bank accounts, Business, Collection of accounts, Commercial arbitration, Congress, Congressional reporting requirements, Earned income tax credit, Electronic benefits transfers, Electronic data interchange, Finance, Garnishment, Government information, Government publicity, Income tax, Law, Loans Latest Action: 04/17/2007 - Sponsor introductory remarks on measure. (CR S4612-4613)
Bill TextA bill to provide additional protections for recipients of the earned income tax credit. 4/17/2007--Introduced. Taxpayer Abuse Prevention Act - Amends the Internal Revenue Code to provide that advance payments of the earned income tax credit are not transferable or assignable or subject to the claims of any creditors, except outstanding claims of the federal government.Prohibits: (1) the collection of a debt from a debtor's federal tax refund by means of a refund anticipation loan; and (2) mandatory arbitration as a condition of providing a refund anticipation loan.Terminates the Department of the Treasury Debt Indicator Program. Excludes tax returns that have been filed subject to a refund anticipation loan from any determination of whether goals for electronic filing of tax returns have been met.Allows earned income tax credit benefits to be paid through electronic transfer accounts. Directs the Secretary of the Treasury to: (1) develop [...] show full description | | Also tagged in: Administrative procedure, Agriculture, Bank holding companies, Bank loans, Bank management, Bank records, Banks and banking, Bonds, Business, Civil liberties, Community development banking, Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education Latest Action: 04/17/2007 - Referred to House Ways and Means
Bill TextTo enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. 4/17/2007--Introduced. Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal shareholders;[...] show full description | | Latest Action: 04/17/2007 - Referred to the House Committee on Ways and Means.
Bill TextTo amend the Internal Revenue Code of 1986 to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations. 4/17/2007--Introduced. Mortgage Cancellation Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to the discharge of certain residential mortgage obligations. | | Also tagged in: Administrative procedure, Affordable housing, Aged, Apartment houses, Budgets, Children, Condominium (Housing), Congress, Congressional investigations, Congressional reporting requirements, Consumer education, Consumers, Cooperative housing, Correspondent banks, Counseling, Credit bureaus Latest Action: 09/19/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextTo modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes. 9/18/2007--Passed House amended. (There are 2 other summaries) Expanding American Homeownership Act of 2007 - (Sec. 3) Amends the National Housing Act (Act) to: (1) modify requirements governing the maximum principal loan obligation, changing it to 125% of the median one-family house price in the area; and (2) extend the mortgage term from 35 to 40 years. (Sec. 5) Revises eligibility criteria for cash down payment for mortgage insurance. Alters the formula for determining the principal obligation to set the loan-to-value (LTV) for a Federal Housing Administration (FHA) single family home at 97.75 % of the appraised value of the property (plus the amount of the mortgage insurance premium paid at the time the mortgage is insured, as under current law). [...] show full description | | Also tagged in: Administrative procedure, Consumer education, Consumers, Counseling, Credit cards, Debt, Executive departments, Federal reserve system, Federal Trade Commission, Finance, Financial services, Independent regulatory commissions, Interest, Interest rates, Law, Nonprofit organizations Latest Action: 03/13/2007 - Referred to the House Committee on Financial Services.
Bill TextTo require enhanced disclosure to consumers regarding the consequences of making only minimum required payments in the repayment of credit card debt, and for other purposes. 3/13/2007--Introduced. Credit Card Repayment Act of 2007 - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" (2) the number of years and months it would take the consumer to pay the entire amount of the balance if the consumer pays only the required minimum monthly payments; (3) the total cost to the consumer, as well as a breakdown in principal and interest payments, of paying that balance in full if the consumer pays only the required minimum monthly payments, and if no further advances are made; (4) the monthly payment amount that [...] show full description | | Also tagged in: Administrative procedure, Cemeteries and funerals, Collection of accounts, Department of Labor, Disability evaluation, Disabled, Evidence (Law), Executive departments, Families, Finance, Fraud, Guardian and ward, Hearing disorders, Insurance premiums, Labor, Law Latest Action: 03/19/2007 - Star Print ordered on the bill.
Bill TextA bill to amend the Longshore and Harbor Workers' Compensation Act to improve the compensation system, and for other purposes. 3/12/2007--Introduced. Longshore and Harbor Workers' Compensation Act Amendments of 2007 - Amends the Longshore and Harbor Workers' Compensation Act to declare that it is the intent of Congress that: (1) in a claim brought under such Act, the facts are not to be given a broad liberal construction in favor of the employee or of the employer; (2) the laws pertaining to the claim are to be construed in accordance with the basic principles of statutory construction and not liberally in favor of either the employee or employer; and (3) the system established under the Act shall be efficient and self-executing, but not an economic or administrative burden. Makes compensation under the Act payable regardless of fault as a cause of an injury (no-fault). Specifies requirements for proportional payment of compensation, the last employer doctrine,[...] show full description | | Also tagged in: Administrative remedies, Bankruptcy, Collection of accounts, Consumer credit, Consumers, Counseling, Credit bureaus, Earnings, Education, Employment, Fees, Finance, Government information, Government publicity, Governmental investigations, Higher education Latest Action: 02/07/2007 - Sponsor introductory remarks on measure. (CR S1711)
Bill TextA bill to provide student borrowers with basic rights, including the right to timely information about their loans and the right to make fair and reasonable loan payments, and for other purposes. 2/7/2007--Introduced. Student Borrower Bill of Rights Act of 2007 - Urges the Department of Education to enforce vigorously rules requiring lenders to complete lender verification certificates in a timely manner for borrowers seeking to consolidate loans. Amends the Higher Education Act of 1965 to require specified loan participants under the Federal Family Education Loan (FFEL) and Federal Perkins Loan programs to disclose to each national credit bureau organization any on-time payments made for such loans and their status as student loans. Requires FFEL consolidation loan borrowers or lenders to pay the Department 1% of the balance owed on the sum of such loans to obtain a subsequent FFEL consolidation loan. Allows borrowers to refinance Federal Direct Consolidation [...] show full description | |
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