,i #aacth ,,congress #ast ,session ,h4 ,r4 #hci ,,in ,,the ,,house ,,of ,,representatives ,february #bf1 #bjac ,mr4 ,rooney 7for himself and ,mr4 ,andrews7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to require the lender or servicer of a home mortgage1 upon a request by the homeowner for a short sale1 to make a prompt decision whether to allow the sale4 #a4 ,short title ,this ,act may be cited as the ,prompt ,notification of ,short ,sales ,act4 #b4 ,definitions ,for purposes of this ,act1 the following definitions shall apply3 7a7 ,residential mortgage loan ,the term residential mortgage loan means any consumer credit transaction that is secured by a mortgage1 deed of trust1 or other equivalent consensual security interest on a dwelling or on residential real property that includes a dwelling1 other than a consumer credit transaction under an open end credit plan or an extension of credit relating to a plan described in section #aja7ec;,d7 of title #aa1 ,united ,states ,code4 7b7 ,securitization vehicle ,the term securitization vehicle means a trust1 special purpose entity1 or other legal structure that is used to facilitate the issuing of securities1 participation certificates1 or similar instruments backed by or referring to a pool of assets that includes residential mortgage loans 7or instruments that are related to residential mortgage loans1 such as credit-linked notes74 7c7 ,servicer ,the term servicer has the same meaning as in section #abi;,a of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;a71 except that such term includes a person who makes or holds a residential mortgage loan 7including a pool of residential mortgage loans71 if such person also services the loan4 7d7 ,short sale ,the term short sale means the sale of the dwelling or residential real property that is subject to the mortgage1 deed or trust1 or other security interest that secures a residential mortgage loan that-- 7#a7 will result in proceeds in an amount that is less than the remaining amount due under the mortgage loan2 and 7#b7 requires authorization by the securitization vehicle or other investment vehicle or holder of the mortgage loan1 or the servicer acting on behalf of such a vehicle or holder4 #c4 ,prompt notifications and decision regarding short sale 7a7 ,requirement for prompt notifications1 decisions 7#a7 ,notifications 7,a7 ,in general ,each servicer shall provide in writing to a mortgagor of a residential mortgage loan-- 7i7 an acknowledgment of receipt of a written request of the mortgagor1 not later than #c days after the date of such receipt2 7ii7 a notice of any missing or incomplete information required with respect to such request1 not later than #e days after the date of such receipt2 and 7iii7 a definitive response to such request approving or denying such request1 not later than #cj days after the date of such receipt4 7,b7 ,exceptional circumstances ,in any case in which a servicer is unable to provide a decision with respect to a written request of a mortgagor of a residential mortgage loan during the #cj-;day period required by subparagraph 7,a71 such period may be extended to not later than #fj days after the date of receipt of a completed application1 except that the servicer shall1 verbally or in writing-- 7i7 notify the mortgagor during the initial #cj-;day period that the application is still under review2 and 7ii7 each week thereafter provide to the mortgagor a status update indicating the reasons why a decision is pending beyond the required #cj-;day period4 7,c7 ,applicability ,subparagraph 7,a7 shall apply1 except as provided in subsection 7b71 and notwithstanding any other provision of law or of any contract1 including a contract between a servicer of a residential mortgage loan and a securitization vehicle or other investment vehicle4 7,d7 ,content ,a written response by a servicer under subparagraph 7,a7 shall specify a decision on whether such request has been denied1 approved1 or that such request has been approved subject to specified changes4 7#b7 ,mortgagor submission ,paragraph 7#a7 shall apply in any case in which the mortgagor under a residential mortgage loan submits to the servicer thereof-- 7,a7 a written offer for a short sale of the dwelling or residential real property that is subject to the mortgage1 deed of trust1 or other security interest that secures the mortgage loan2 and 7,b7 all information required by the servicer in connection with such a request 7including a copy of an executed contract between the owner of the dwelling or property and the prospective buyer that is subject to approval by the servicer74 7#c7 ,civil actions authorized ,an aggrieved individual may bring an action in a court of competent jurisdiction1 asserting a violation of this ,act4 ,aggrieved individuals may be awarded all appropriate relief1 including equitable relief1 and a monetary award of #a1jjj per violation1 plus reasonable attorneys' fees1 or such higher amount as may be appropriate in the case of an established pattern or practice of such failures4 7b7 ,inapplicability to certain existing mortgages ,subsection 7a7 shall not apply with respect to any residential mortgage with respect to which the mortgagor and the mortgagee or servicer have entered into a written agreement before the date of enactment of this ,act explicitly providing a procedure or terms for approval of a short sale4 7c7 ,treatment of other time limits ,this section may not be construed to preempt1 annul1 or otherwise affect any other provision of law or of any contract or program that provides a shorter period than is provided under subsection 7a7 for a decision by the servicer of a residential mortgage loan regarding a short sale of the dwelling or residential real property that is subject to the mortgage1 deed or trust1 or other security interest that secures the mortgage loan4