,,ii  #aad? ,,congress  #b;d ,session   
,s4 #cadf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #g1 #bjaf ,mr4   
,m55dez 7= himself1 ,mr4 ,book]1 & ,mr4 
,m]kley7 introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require s]vic]s to provide  
c]ta9 notices relat+ to =eclosure       
proce$+s1 & = o!r purposes4  #a4 ,%ort  
title  ,?is ,act may be cit$ z !        
,prev5t+ ,ab&on$ ,=eclosures & ,pres]v+ 
,communities ,act ( #bjaf4  #b4         
,notification requirem5ts = s]vic]s t   
initiate =eclosure proce$+s ,! ,real    
,e/ate ,settlem5t ,proc$ures ,act (     
#aigd 7#ab ,u4,s4,c4 #bfja et seq47 is  
am5d$-- 7#a7 9 section #c 7#ab ,u4,s4,c4
 #bfjb7--  7,a7 9 p>agraph 7#h71 by     
/rik+ & at ! end2  7,b7 9 p>agraph 7#i71
 by /rik+ ! p]iod at ! end & ins]t+ 2 &2
 &  7,c7 by add+ at ! end ! foll[+3     
7#aj7 ! t]m ent]prise has ! mean+ giv5 !
 t]m 9 section #acjc ( ! ,f$]al ,h\s+   
,ent]prises ,f9ancial ,safety &         

,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#dejb74  2 &  7#b7 9 section #f 7#ab    
,u4,s4,c4 #bfje71 by add+ at ! end !    
foll[+3  7n7 ,notices relat+ to         
=eclosure  7#a7 ,def9ition ,9 ?is       
subsection1 ! t]m cov]$ loan means--    
7,a7 a f$]ally relat$ mortgage loan2 or 
7,b7 a non-p]=m+ loan pur*as$ f a ,f$]al
 ag5cy or an ent]prise4  7#b7 ,initial  
notice requirem5t  7,a7 ,9 g5]al ,a     
s]vic] ( a cov]$ loan t makes ! fir/    
notice or fil+ requir$ by applicable    
,/ate law = a judicial or non-judicial  
=eclosure process aga9/ a borr[] & any  
o!r record own]s %all notify ! borr[] & 
any o!r record own]s 9 writ+ t1 until ! 
date on :i* ! de$ & title = ! prop]ty = 
:i* ! cov]$ loan 0 made are transf]r$ to
 ano!r p]son1 ! borr[] & any o!r record 
own]s--  7i7 may rema9 9 ! prop]ty until
 su* "t z ! borr[] & any o!r record     
own]s are requir$ to vacate ! prop]ty "u
 ,/ate law2 &  7ii7 %all1 to ! ext5t    
requir$ "u ,/ate law1 be responsible = !
 paym5t ( any taxes1 assessm5ts1 & o!r  

fees associat$ ) ! prop]ty4  7,b7 ,/ate 
law requirem5ts ,a s]vic] ( a cov]$ loan
 is n requir$ to provide ! writt5 notice
 describ$ 9 subp>agraph 7,a7 if ! s]vic]
 provides notice to ! borr[] & any o!r  
record own]s1 "u applicable ,/ate law1 (
 ! in=mation describ$ 9 subp>agraph     
7,a74  7#c7 ,notice ( *>ge-(f & release 
( li5  7,a7 ,9 g5]al ,if a s]vic] ( a   
cov]$ loan makes ! fir/ notice or fil+  
requir$ by applicable ,/ate law = a     
judicial or non-judicial =eclosure      
process aga9/ a borr[] & any o!r record 
own]s & subsequ5tly *>ges (f ! cov]$    
loan & releases ! li5 on ! prop]ty = :i*
 ! cov]$ loan 0 made1 ! s]vic] %all     
provide prompt notice1 9 writ+1 ( !     
*>ge-(f & release to--  7i7 ! borr[] &  
any o!r record own]s1 :i* %all include a
 /atem5t t-- 7,i7 ! title to ! prop]ty  
is no long] encumb]$ by ! li52  7,,ii7 !
 cov]$ loan has be5 dis*>g$2  7,,iii7 ! 
borr[] & any o!r record own]s may face  
income tax consequ5ces relat$ to !      
dis*>g$ cov]$ loan2 &  7,,iv7 ! borr[] &

 any o!r record own]s may want to       
consult a tax advisor2 &  7ii7 ! tax+   
di/rict 9 :i* ! prop]ty is locat$4  7,b7
 ,requir$ attempts ,a s]vic] t is       
requir$ to provide notice to a borr[] & 
any o!r record own]s "u subp>agraph     
7,a77i7--  7i7 %all make n less ?an #c  
attempts to provide ! notice1 :]e !     
s]vic] makes-- 7,i7 n less ?an #b       
attempts to provide ! notice by         
telephone2 &  7,,ii7 n less ?an #a      
attempt to provide ! notice 9 writ+2 &  
7ii7 %all attempt to locate ! borr[] &  
any o!r record own]s & provide ! notice 
if ! s]vic] has in=mation t ! borr[] &  
any o!r record own]s no long] reside at 
! prop]ty4  7,c7 ,language ,a s]vic]    
%all provide ! notice "u subp>agraph    
7,a77i7 9 ! pref]r$ language ( ! borr[] 
if ! s]vic] has in=mation t ! borr[] has
 indicat$ a pref]r$ language o!r ?an    
,engli%4  7#d7 ,/&>d notification =ms ,!
 ,bureau may develop & issue /&>d =ms1  
:i* may be submitt$ 9 pap] or electronic
 =mat1 = ! provision ( ! notices requir$

 "u p>agraphs 7#b7 & 7#c74  7#e7        
,database ( ab&on$ =eclosures  7,a7     
,def9ition ,9 ?is p>agraph1 ! t]m ab&on$
 =eclosure means a cov]$ loan-- 7i7 t is
 secur$ by a prop]ty t 0 ! pr9cipal     
resid5ce ( ! borr[]--  7,i7 at ! "t ( ! 
orig9ation ( ! cov]$ loan2 or  7,,ii7 :5
 ! s]vic] ( ! cov]$ loan made ! fir/    
notice or fil+ requir$ by applicable    
,/ate law = a judicial or non-judicial  
=eclosure process2  7ii7 t is n an      
op5-end cr$it or rev]se mortgage loan2 &
  7iii7 :]e ! s]vic] ( ! cov]$ loan--   
7,i7 has made ! fir/ notice or fil+     
requir$ by applicable ,/ate law = a     
judicial or non-judicial =eclosure      
process2 &  7,,ii7 has-- 7aa7 ceas$ to  
pursue additional action 9 ! =eclosure  
process2 or  7bb7 *>g$ (f ! cov]$ loan &
 releas$ ! li5 on ! prop]ty = :i* !     
cov]$ loan 0 made4  7,b7 ,database ,n   
lat] ?an #c ye>s aft] ! date ( enactm5t 
( ?is subsection1 ! ,bureau %all        
e/abli%1 ma9ta91 & p]iodically update a 
database ( ab&on$ =eclosures4  7,c7     

,cont5ts ,! database e/abli%$ "u        
subp>agraph 7,b7 %all include1 = ea*    
ab&on$ =eclosure-- 7i7 ! address        
in=mation = ! prop]ty2  7ii7 ! /atus ( !
 de$ or title to ! prop]ty2  7iii7 !    
numb] ( days ! borr[] 0 del9qu5t be=e ! 
s]vic] initiat$ ! =eclosure2  7iv7 !    
out/&+ am\nt ( ! cov]$ loan at ! "t !   
s]vic] initiat$ ! =eclosure2  7v7 ! date
 on :i* ! s]vic] initiat$ ! =eclosure2  
7vi7 ! date on :i* ! s]vic] *>g$ (f !   
cov]$ loan & releas$ ! li52 &  7vii7 !  
am\nt ( ! cov]$ loan *>g$ (f by !       
s]vic]4  7,d7 ,accessibility ,! ,bureau 
may1 at ! discretion ( ! ,director ( !  
,bureau1 provide access to ! database   
e/abli%$ "u subp>agraph 7,b7 to tax+    
di/ricts4  7,e7 ,protection ( in=mation 
,! ,bureau %all take appropriate &      
necess>y /eps to ensure ! protection (  
p]sonally id5tifiable in=mation 9 !     
database e/abli%$ "u subp>agraph 7,b74  
7#f7 ,rule ( con/ruction ,no?+ 9 ?is    
section %all be con/ru$ to preempt or   
prohibit any provision ( ,/ate law )    

respect to notice provid$ to borr[]s    
relat+ to a =eclosure1 except to ! ext5t
 t ! requirem5ts ( ?is section provide  
great] notice to su* a borr[]4  4  #c4  
,sell] & s]vic] eligibility  7a7        
,ent]prises  7#a7 ,9 g5]al ,n lat] ?an  
#ij days aft] ! date ( enactm5t ( ?is   
,act1 ! ,f$]al ,h\s+ ,f9ance ,ag5cy %all
 promulgate a rule t provides t a sell] 
or s]vic] ( a mortgage loan held by !   
,f$]al ,national ,mortgage ,association 
or ! ,f$]al ,home ,loan ,mortgage       
,corporation 7or an affiliate !re(7--   
7,a7 may n1 ) respect to ! mortgage     
loan--  7i7 make ! fir/ notice or fil+  
requir$ by applicable ,/ate law = a     
judicial or non-judicial =eclosure      
process2 &  7ii7 foll[+ ! notice or     
fil+1 cease to pursue additional action 
9 ! =eclosure process or *>ge (f !      
mortgage loan unless ! sell] or s]vic]  
contemporane\sly records a release ( !  
mortgage loan 9 ! regi/ry ( de$s 9 :i* !
 mortgage is record$1 :i* release %all  
include a dis*>ge ( ! debt secur$ by !  

mortgage loan2 &  7,b7 ) respect to !   
s]vic] ( ! mortgage loan1 is requir$ to 
comply ) ! notice requirem5ts "u        
p>agraphs 7#a7 & 7#b7 ( section #f7n7 ( 
! ,real ,e/ate ,settlem5t ,proc$ures    
,act ( #aigd1 z add$ by section #b ( ?is
 ,act4  7#b7 ,rule ( con/ruction ,no?+ 9
 p>agraph 7#a7 %all be con/ru$ to       
inhibit or preclude a sell] or s]vic] ( 
a mortgage loan describ$ 9 p>agraph 7#a7
 f cont9u+ or initiat+ loss mitigation  
dur+ ! =eclosure process1 includ+       
p>ticipat+ 9 any available m$iation     
program or process "u ,/ate law4  7b7   
,f$]al ,h\s+ ,adm9i/ration ,section #bjc
 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4
 #agji7 is am5d$ by add+ at ! end !     
foll[+3  7y7 ,prohibition on ab&on$     
=eclosures  7#a7 ,9 g5]al ,to be        
eligible to s]vice a mortgage insur$ "u 
?is section1 a s]vic] may n1 ) respect  
to ! mortgage--  7,a7 make ! fir/ notice
 or fil+ requir$ by applicable ,/ate law
 = a judicial or non-judicial =eclosure 
process2 &  7,b7 foll[+ ! notice or     

fil+1 cease to pursue additional action 
9 ! =eclosure process or *>ge (f !      
mortgage unless ! s]vic]                
contemporane\sly records a release ( !  
mortgage 9 ! regi/ry ( de$s 9 :i* !     
mortgage is record$1 :i* release %all   
include a dis*>ge ( ! debt secur$ by !  
mortgage4  7#b7 ,requir$ notice ,a      
s]vic] ( a mortgage insur$ "u ?is       
section %all comply ) ! notice          
requirem5ts "u p>agraphs 7#b7 & 7#c7 (  
section #f7n7 ( ! ,real ,e/ate          
,settlem5t ,proc$ures ,act ( #aigd4     
7#c7 ,rule ( con/ruction ,no?+ 9        
p>agraph 7#a7 %all be con/ru$ to inhibit
 or preclude a s]vic] ( a mortgage f    
cont9u+ or initiat+ loss mitigation dur+
 ! =eclosure process1 includ+ p>ticipat+
 9 any available m$iation program or    
process "u ,/ate law4  4  #d4 ,,gao /udy
 on ab&on$ =eclosures  7a7 ,def9itions  
,9 ?is section3 7#a7 ,ab&on$ =eclosure  
,! t]m ab&on$ =eclosure means a cov]$   
loan--  7,a7 t is secur$ by a prop]ty t 
0 ! pr9cipal resid5ce ( ! borr[]-- 7i7  

at ! "t ( ! orig9ation ( ! cov]$ loan2  
or  7ii7 :5 ! s]vic] ( ! cov]$ loan made
 ! fir/ notice or fil+ requir$ by       
applicable ,/ate law = a judicial or    
non-judicial =eclosure process2  7,b7 t 
is n an op5-end cr$it or rev]se mortgage
 loan2 &  7,c7 :]e ! s]vic] ( ! cov]$   
loan--  7i7 has made ! fir/ notice or   
fil+ requir$ by applicable ,/ate law = a
 judicial or non-judicial =eclosure     
process2 &  7ii7 has-- 7,i7 ceas$ to    
pursue additional action 9 ! =eclosure  
process2 or  7,,ii7 *>g$ (f ! cov]$ loan
 & releas$ ! li5 on ! prop]ty = :i* !   
cov]$ loan 0 made4  7#b7 ,cov]$ loan ,! 
t]m cov]$ loan means-- 7,a7 a f$]ally   
relat$ mortgage loan2 or  7,b7 a        
non-p]=m+ loan pur*as$ f a ,f$]al ag5cy 
or an ent]prise4  7#c7 ,ent]prise ,! t]m
 ent]prise has ! mean+ giv5 ! t]m 9     
section #acjc ( ! ,f$]al ,h\s+          
,ent]prises ,f9ancial ,safety &         
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#dejb74  7#d7 ,f$]ally relat$ mortgage  
loan ,! t]m f$]ally relat$ mortgage loan

 has ! mean+ giv5 ! t]m 9 section #c ( !
 ,real ,e/ate ,settlem5t ,proc$ures ,act
 ( #aigd 7#ab ,u4,s4,c4 #bfjb74  7b7    
,/udy ,n lat] ?an #a ye> aft] ! date (  
enactm5t ( ?is ,act1 ! ,comptroll]      
,g5]al ( ! ,unit$ ,/ates %all submit to 
,congress1 ! ,committee on ,bank+1      
,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & !
 ,committee on ,f9ancial ,s]vices ( !   
,h\se ( ,repres5tatives a report on--   
7#a7 ! incid5ce & conc5tration ( ab&on$ 
=eclosures2  7#b7 ! impact ( ab&on$     
=eclosures on neighborhood & community  
prop]ty values1 includ+ ! prop5sity (   
ab&on$ =eclosures to lead to =eclosures 
on neighbor+ prop]ties2 &  7#c7 ! be/   
available me?ods to collect in=mation on
 ab&on$ =eclosures1 tak+ into acc\nt !  
co/ ( collect+ t in=mation4  7c7        
,recomm5dations ,! report submitt$ "u   
subsection 7b7 may include              
recomm5dations = additional requirem5ts 
or conditions = s]vic]s ) respect to    
*>g+ (f cov]$ loans or releas+ li5s on  
ab&on$ =eclosures4  #e4 ,rule (         

con/ruction ,no?+ 9 ?is ,act or !       
am5dm5ts made by ?is ,act %all be       
con/ru$ to limit ! rights ( a t5ant to  
rema9 9 a prop]ty dur+ a =eclosure      
process t are 9 effect "u ,f$]al or     
,/ate law z ( ! date ( enactm5t ( ?is   
,act4