H.R. 685 — Reported in House

IB Union Calendar No. 35 114th CONGRESS 1st Session H. R. 685 [Report No. 114–54] IN THE HOUSE OF REPRESENTATIVES February 3, 2015 Mr. Huizenga of Michigan (for himself, Mr. Meeks, Mr. Royce, Mr. David Scott of Georgia, Mr. Joyce, Mr. Stivers, Mr. Michael F. Doyle of Pennsylvania, Mr. Murphy of Florida, Ms. McCollum, and Mr. Fincher) introduced the following bill; which was referred to the Committee on Financial Services April 6, 2015 Additional sponsors: Mr. Paulsen, Mr. Rothfus, Mr. Duffy, Mr. Visclosky, Mr. Walberg, Mr. Kline, Mr. Forbes, Mr. Pittenger, Mr. Blum, Mr. Benishek, Mr. Guthrie, Mr. Ross, Mr. Mulvaney, Mr. Schock, Mrs. Wagner, Mr. King of New York, Mr. Byrne, Mr. Williams, Mr. Hanna, Mr. McHenry, Mr. Sensenbrenner, Mr. Tipton, Mr. Brooks of Alabama, Mr. Carter of Georgia, Mr. Cleaver, Mr. Trott, Mr. Fitzpatrick, and Mr. Costello of Pennsylvania April 6, 2015 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction. 1. Short title This Act may be cited as the Mortgage Choice Act of 2015. 2. Definition of points and fees (a) Amendment to section 103 of TILA Section 103(bb)(4) of the Truth in Lending Act (15 U.S.C. 1602(bb)(4)) is amended— (1) by striking paragraph (1)(B) and inserting paragraph (1)(A) and section 129C; (2) in subparagraph (C)— (A) by inserting and insurance after taxes; (B) in clause (ii), by inserting , except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement (as defined in section 2(7) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602(7)) after compensation; and (C) by striking clause (iii) and inserting the following: (iii) the charge is— (I) a bona fide third-party charge not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator; or (II) a charge set forth in section 106(e)(1); ; and (3) in subparagraph (D)— (A) by striking accident,; and (B) by striking or any payments and inserting and any payments. (b) Amendment to section 129C of TILA Section 129C of the Truth in Lending Act (15 U.S.C. 1639c) is amended— (1) in subsection (a)(5)(C), by striking 103 and all that follows through or mortgage originator and inserting 103(bb)(4); and (2) in subsection (b)(2)(C)(i), by striking 103 and all that follows through or mortgage originator) and inserting 103(bb)(4). 3. Rulemaking Not later than the end of the 90-day period beginning on the date of the enactment of this Act, the Bureau of Consumer Financial Protection shall issue final regulations to carry out the amendments made by this Act, and such regulations shall be effective upon issuance. April 6, 2015 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed