Sec. 918. No wait for lower mortgage rates
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/bill/114/s/2132/pcs/section-918A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 129(b) of the Truth in Lending Act ( 15 U.S.C. 1639(b) ) is amended— by redesignating paragraph
(3)as paragraph (4); and by inserting after paragraph
(2)the following: If a creditor extends to a consumer a second offer of credit with a lower annual percentage rate, the transaction may be consummated without regard to the period specified in paragraph (1). . Section 1032(f) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5532(f) ) is amended— by striking Not later than and inserting the following: Not later than ; and by adding at the end the following: Notwithstanding any other provision of law, during the period described in subparagraph (B), an entity that provides the disclosures required under the Truth in Lending Act ( 15 U.S.C. 1601 et seq. ) and sections 4 and 5 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603 and 2604), as in effect on July 31, 2015, shall not be subject to any civil, criminal, or administrative action or penalty for failure to fully comply with any requirement under this subsection. Subparagraph
(A)shall apply to an entity during the period beginning on the date of enactment of this paragraph and ending on the date that is 30 days after the date on which a certification by the Director that the model disclosures required under paragraph
(1)are accurate and in compliance with all State laws is published in the Federal Register. .
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