,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #cech  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bh1 #bjag,mr4 
,rush introduced the following bill2    
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
amend the ,truth in ,lending ,act to    
create additional requirements for      
original and new creditors of mortgage  
loans in the case of a sale1 transfer1  
or assignment of a mortgage loan1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,mortgage
 ,sale ,transparency ,act of #bjag4  #b4
 ,additional requirements for original  
and new creditors of mortgage loans in  
the case of a sale1 transfer1 or        
assignment of a mortgage loan ,section  
#aca7;g7 of the ,truth in ,lending ,act 
7#ae ,u4,s4,c4 #afda7;g77 is amended--  
7#a7 by redesignating paragraph 7#b7 as 
paragraph 7#c72 and  7#b7 by inserting  
after paragraph 7#a7 the following new  
paragraph3  7#b7 ,additional            
requirements  7,a7 ,notice from original

 creditor ,in addition to other         
disclosures required by this subchapter1
 not later than #ij days before the date
 on which a creditor sells1 transfers1  
or assigns a mortgage loan to another   
creditor1 the original creditor shall   
notify the borrower in writing of such  
sale1 transfer1 or assignment4  7,b7 ,no
 borrower liability in case of error in 
transfer ,with respect to a mortgage    
loan described in paragraph 7#a71 the   
borrower of such mortgage loan may not  
be subject to a financial penalty from  
the original creditor or the creditor   
that is the new owner or assignee of    
such mortgage loan if either creditor   
makes an error1 as determined by the    
,bureau1 in the sale1 transfer1 or      
assignment of such mortgage loan4  7,c7 
,misdirected mortgage loan payments     
,during the #ij-;day period beginning on
 the date on which a mortgage loan is   
sold1 transferred1 or assigned to       
another creditor1 a borrower of the     
mortgage loan that submits a payment on 

such mortgage loan to the original      
creditor on or before the due date for  
such payment may not be subject to a    
financial penalty for a late payment    
from the creditor that is the new owner 
or assignee of the mortgage loan4  4