Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Truth in Lending (Regulation Z); Consumer Protections for Home Sales Financed Under Contracts for Deed".
Consumer Protections for Land Contracts
This bill is currently in the early stages of the legislative process and is being reviewed by the House Committee on Financial Services. It was recently introduced and has not yet been scheduled for a vote. The bill is not currently moving forward.
Legislative Progress
This type of resolution is a tool used to overturn agency actions and usually requires a majority in both chambers and a signature from the president to succeed.
Key Points
- This resolution aims to block a decision by the Bureau of Consumer Financial Protection that removed safety rules for home buyers using land contracts. These deals, also known as contracts for deed, are a type of seller financing where the buyer does not officially own the home until the very last payment is made.
- The agency recently withdrew a rule that required these sellers to follow federal lending laws. This resolution would cancel that withdrawal and keep the consumer protections in place to ensure buyers are treated fairly.
- If this passes, sellers would still have to clearly explain interest rates and fees to buyers before they sign. It would also require sellers to check if a buyer can actually afford the monthly payments, which helps prevent people from losing their homes.
- This policy is important because land contracts are often used in low-income communities where people have trouble getting bank loans. Without these rules, buyers are at a much higher risk of being targeted by predatory lending practices.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Truth in Lending (Regulation Z); Consumer Protections for Home Sales Financed Under Contracts for Deed".
Data Sources
Sponsor
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