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Code · BILL · 115th Congress · H.R. 10 (Introduced in House) — To create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and Too Big to Fail, ho... · Sec. 502

Sec. 502. High-Cost mortgage definition

290 words·~1 min read·/bill/115/hr/10/ih/section-502

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Section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ), as amended by section 501, is further amended— by redesignating subsection
(aa)(relating to disclosure of greater amount or percentage), as so designated by section 1100A of the Consumer Financial Protection Act of 2010, as subsection (bb); by redesignating subsection
(bb)(relating to high cost mortgages), as so designated by section 1100A of the Consumer Financial Protection Act of 2010, as subsection (aa), and moving such subsection to immediately follow subsection (z); and in subsection (aa)(1)(A), as so redesignated— in clause (i)(I), by striking (8.5 percentage points, if the dwelling is personal property and the transaction is for less than $50,000) and inserting (10 percentage points if the dwelling is personal property or is a transaction that does not include the purchase of real property on which a dwelling is to be placed, and the transaction is for less than $75,000 (as such amount is adjusted by the Consumer Law Enforcement Agency to reflect the change in the Consumer Price Index)) ; and in clause (ii)— in subclause (I), by striking or at the end; and by adding at the end the following: in the case of a transaction for less than $75,000 (as such amount is adjusted by the Consumer Law Enforcement Agency to reflect the change in the Consumer Price Index) in which the dwelling is personal property (or is a consumer credit transaction that does not include the purchase of real property on which a dwelling is to be placed) the greater of 5 percent of the total transaction amount or $3,000 (as such amount is adjusted by the Consumer Law Enforcement Agency to reflect the change in the Consumer Price Index); or .
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Sec. 502
High-Cost mortgage definition
U.S.C.§ 1602
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