Also tagged in: Actions and defenses, Administrative procedure, Business, Civil rights, Collection of accounts, Consumer credit, Consumer education, Consumer protection, Consumers, Contracts, Credit bureaus, Credit insurance, Criminal justice, Damages, Deceptive advertising, Executive departments, Federal preemption, Federal reserve system, Fees, Finance, Finance charges, Fraud, Government information, Government paperwork, Instalment plan, Insurance premiums, Interest, Interest rates, Law, Lease and rental services, Legal fees, Liability (Law), Restrictive trade practices, Sales promotion, State and local government, State laws, Trade regulation, Warranties
Latest Action: 05/25/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to amend the Consumer Credit Protection Act, to protect consumers from inadequate disclosures and certain abusive practices in rent-to-own transactions, and for other purposes. 5/25/2007--Introduced. Rent-To-Own Reform Act of 2007 - Amends the Consumer Credit Protection Act to prohibit a seller in a rent-to-own transaction from receiving or assessing any interest, finance charge, or other fee for the transaction that exceeds the interest, fees, or finance charges permissible under the laws of the state in which the seller is located which establish: (1) a maximum rate or amount of interest, finance charge, or time-price differential that may be charged in connection with a credit sale or retail installment sale for the same or a similar item; (2) the types of fees and the maximum amount of fees that a seller may so charge; or (3) the types of credit insurance and the maximum amount of premiums that can be charged for credit insurance in such a connection. Permits [...] show full description
Also tagged in: Budgets, Civil rights, Collection of accounts, College administration, College costs, Colleges, Conflict of interests, Congressional reporting requirements, Consultants, Consumer education, Consumers, Education, Educational technology, Equipment and supplies, Ethics, Federal aid to education, Fees, Finance, Fines (Penalties), Gifts, Government information, Government paperwork, Governmental investigations, Higher education, Information technology, Interest rates, Law, Loan defaults, School personnel, Securities, Stocks, Student aid, Student loan funds, Students' rights, Technology, Telecommunication, Transportation, Travel costs, Trusts and trustees, Web sites
Latest Action: 05/02/2007 - Sponsor introductory remarks on measure. (CR S5499-5500) Bill TextA bill to protect students receiving student loans, and for other purposes. 5/2/2007--Introduced. Student Loan Accountability and Disclosure Reform Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (the Act) to expand prohibitions on guaranty agencies operating under the Federal Family Education Loan (FFEL) program by prohibiting their offering specified inducements to institutions of higher education (IHE) or lenders to secure business or providing certain services for such institutions without appropriate compensation. Requires lenders to provide student loan applicants with certain written information regarding: (1) loan conditions; (2) their possible qualification for title IV assistance; (3) the method for determining the applicable interest rate; and (4) whether the loans provided exceed a student's attendance costs. Directs the Secretary of Education and the Secretary of the Treasury to review the private educational loan [...] show full description
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, Debtor and creditor, Department of Housing and Urban Development, Employee training, Employment tests, Executive departments, Federal reserve system, Federal Trade Commission, Federally-assisted loans, Federally-guaranteed loans, Fees, Finance, Financial services, Fines (Penalties), Fraud, Government information, Government lending, Government publicity, Grants-in-aid, Housing, Independent regulatory commissions, Infrastructure, Job training, Labeling, Labor, Law, Licenses, Mortgage banks, Mortgage guaranty insurance, Mortgage interest rates, Mortgages, Real estate appraisal, Restrictive trade practices, Subcontractors, Urban affairs, Welfare
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, Affiliated corporations, Automobile insurance, Bank accounts, Bank examination, Bank holding companies, Bank loans, Bank mergers, Bank records, Banks and banking, Brokers, Business, Business insurance, Business records, Casualty insurance, Civil rights, Community development banking, Consent decrees, Consumer credit, Consumers, Data banks, Department of Housing and Urban Development, Department of the Treasury, Depressed areas, Economic policy, Executive departments, Fair housing, Federal Deposit Insurance Corporation, Federal reserve system, Finance, Financial institutions, Financial services, Fines (Penalties), Government corporations, Government information, Government paperwork, Government publicity, Housing, Information disclosure (Securities law), Injunctions, Insurance, Insurance agents, Insurance companies, Insurance premiums, Investment advisers, Investments, Law, Liability (Law), Minorities, Mortgage banks, Mortgage guaranty insurance, Mortgages, Mutual funds, Nonbank banks, Property insurance, Public meetings, Racial discrimination, Rural affairs, Securities industry, Securities regulation, Small business, Technology, Usury
Latest Action: 03/01/2007 - Referred to the House Committee on Financial Services. Bill TextTo enhance the availability of capital and credit for all citizens and communities, to ensure that community reinvestment keeps pace as banks, securities firms, and other financial service providers become affiliates as a result of the enactment of the Gramm-Leach-Bliley Act, and for other purposes. 3/1/2007--Introduced. Community Reinvestment Modernization Act of 2007 - Repeals specified revisions to regulations governing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision. Reinstates banking agency regulations in effect before the publication of such revisions. Amends the Bank Holding Company Act of 1956 (BHCA) to subject to the Community Reinvestment Act of 1977 (CRA) nonbank affiliates of bank holding companies that engage in lending or offering banking products or services. Amends the CRA to require a rating reduction [...] show full description
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