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".

Key Points

• This resolution uses the Congressional Review Act to block the CFPB's decision to withdraw consumer protections for home sales financed through contracts for deed (also called land contracts). If passed, the original protections from 2024 would be restored.
• Contracts for deed are home purchase agreements where the seller keeps the legal title until the buyer finishes paying off the full price. Buyers in these deals often lack the protections that come with traditional mortgages, such as clear cost disclosures and ability-to-repay checks.
• The resolution was introduced by Sen. Schumer and referred to the Senate Committee on Banking, Housing, and Urban Affairs. As a Congressional Review Act resolution, it follows a special fast-track process if it gains enough support.
• If enacted, sellers financing home sales through contracts for deed would need to follow Truth in Lending Act rules, including disclosing the full cost of the deal and verifying that buyers can afford the payments before finalizing the agreement.