Sec. 2. Community financial institution mortgage relief
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/bill/115/hr/3971/eh/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 129D of the Truth in Lending Act ( 15 U.S.C. 1639d ) is amended— by adding at the end the following: A creditor shall not be in violation of subsection
(a)with respect to a loan if— the creditor has consolidated assets of $10,000,000,000 or less; and the creditor holds the loan on the balance sheet of the creditor for the 3-year period beginning on the date of the origination of the loan. In the case of a creditor that transfers a loan to another person by reason of the bankruptcy or failure of the creditor, the purchase of the creditor, or a supervisory act or recommendation from a State or Federal regulator, the creditor shall be deemed to have complied with the requirement under paragraph (1)(B). ; and by striking the term Board each place such term appears and inserting Bureau . Section 6 of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2605 ) is amended by adding at the end the following: The Bureau shall, by regulation, provide exemptions to, or adjustments for, the provisions of this section for a servicer that annually services 20,000 or fewer mortgage loans, in order to reduce regulatory burdens while appropriately balancing consumer protections. .
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