A joint resolution 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".
Sen. Schumer Introduces Resolution to Restore Protections for Home Buyers Using Land Contracts
This bill is currently in the early stages of the legislative process. It has been sent to the Senate Committee on Banking, Housing, and Urban Affairs for review. No further actions are scheduled at this time.
Legislative Progress
As the Senate Majority Leader, Schumer has the power to bring this to a vote, but it may face opposition from those who prefer less regulation on private home sales.
Key Points
Impact Analysis
Personal Impact
Sellers who finance home sales through contracts for deed, including some small-scale property investors and sellers, would face new compliance requirements under Truth in Lending rules. They would need to provide detailed cost disclosures and verify buyer ability to repay, adding costs and administrative burden to these transactions.
Milestones
Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2267)
The Senate is voting on whether to even start debating this bill. This vote can be used to block bills before discussion begins.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 396.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
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
A joint resolution 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
Analysis generated by AI. Always verify with official sources.