,i #aae? ,,congress #a/ ,session ,h4 ,r4 #ddci ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,novemb] #af1 #bjag,mr4 ,holl+swor? 7= himself1 ,mr4 ,ha/+s1 ,mr4 ,mc,henry1 ,mr4 ,luetkemey]1 & ,mr4 ,cuell>7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,revis$ ,/atutes1 ! ,bank ,s]vice ,company ,act1 ! ,f$]al ,deposit ,insurance ,act1 & ! ,home ,own]s' ,loan ,act to cl>ify t ! role ( ! insur$ depository in/itution z l5d] & ! location ( an insur$ depository in/itution "u applicable law are n affect$ by any contract betwe5 ! in/itution & a ?ird-p>ty s]vice provid]1 & to cl>ify t ,f$]al preemption ( ,/ate usury laws applies to any loan to :i* an insur$ depository in/itution is ! p>ty to :i* ! debt is initially ow$ accord+ to its t]ms1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,mod]niz+ ,cr$it ,opportunities ,act4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,insur$ depository in/itutions h f\nd effici5cies 9 _! l5d+ op]ations ?r\gh a v>iety ( diff]5t relation%ips ) nondepository in/itutions t p]=m diff]5t l5d+-relat$ functions4 7#b7 ,! ,f$]al bank+ regulators h recogniz$ t insur$ depository in/itutions may ent] into relation%ips ) ?ird p>ties to orig9ate loans1 h recogniz$ ! b5efits ( ^! arrangem5ts = in/itutions & borr[]s alike1 & h issu$ guidance to ensure ! safety & s\ndness ( su* relation%ips & to protect borr[]s4 7#c7 ,insur$ depository in/itutions r\t9ely engage 9 ?ird-p>ty l5d+ arrangem5ts & regulators h long recogniz$ t ?ird-p>ty l5d+ arrangem5ts provide in/itutions ) ! ability to supplem5t1 enhance or exp$ite l5d+ s]vices = _! cu/om]s1 & t engag+ 9 ?ird-p>ty l5d+ arrangem5ts also enables in/itutions to r$uce ! co/ ( deliv]+ cr$it products1 to exp& access to cr$it1 & to a*ieve /rategic goals4 7#d7 ,litigation conc]n+ loans made by an insur$ depository in/itution t involve arrangem5ts ) ?ird p>ties t p]=m l5d+-relat$ functions h requir$ ! c\rts to det]m9e ! id5tity & location ( ! l5d] b h rea*$ inconsi/5t results4 7#e7 ,inconsi/5cies 9 ! det]m9ations ( ! id5tity & location ( ! l5d] "u judicially craft$ multi-factor balanc+ te/s less5 ! effici5cy ( ! l5d+ process1 r$uce ! transp>5cy ( ! l5d+ process = bo? l5d]s & borr[]s1 & jeop>dize ! sub/antial b5efits ( ?ird-p>ty l5d+ arrangem5ts = borr[]s & ! economy4 7#f7 ,9 ord] to maximize effici5cy & transp>5cy1 x is necess>y to cl>ify & re9=ce exi/+ law by codify+ cle> & /raight=w>d /&>ds t e/abli% t an insur$ depository in/itution is ! l5d] on any loan or disc\nt made1 or ^u any note1 bill ( ex*ange or o!r evid5ce ( debt :]e x is ! p>ty to :i* ! debt is initially ow$ accord+ to its t]ms & t any relation%ip ) a ?ird p>ty t p]=ms l5d+-relat$ functions does n affect ! det]m9ation ( su* in/itution's role z ! l5d] or its location4 #c4 ,location ( insur$ depository in/itution 7a7 ,am5dm5t to ! ,bank ,s]vice ,company ,act ,section #g ( ! ,bank ,s]vice ,company ,act 7#ab ,u4,s4,c4 #ahfg7 is am5d$-- 7#a7 by r$esignat+ subsection 7d7 z subsection 7e72 & 7#b7 by ins]t+ aft] subsection 7c7 ! foll[+3 7d7 ,location ( insur$ depository in/itution ,! geographic location )9 ! ,unit$ ,/ates ( a p]son p]=m+ s]vices = an insur$ depository in/itution "u subsection 7c7 or ! exi/5ce ( an economic relation%ip betwe5 an insur$ depository in/itution & ano!r p]son %all n affect ! det]m9ation ( ! location ( su* in/itution "u o!r applicable law4 4 7b7 ,am5dm5t to ! ,home ,own]s' ,loan ,act ,section #e7;d77#g7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfd7;d77#g77 is am5d$-- 7#a7 by r$esignat+ subp>agraph 7,e7 z subp>agraph 7,f72 & 7#b7 by ins]t+ aft] subp>agraph 7,d7 ! foll[+3 7,e7 ,location ( sav+s association ,! geographic location )9 ! ,unit$ ,/ates ( a p]son p]=m+ s]vices = a sav+s association "u subp>agraph 7,d7 or ! exi/5ce ( an economic relation%ip betwe5 a sav+s association & ano!r p]son %all n affect ! det]m9ation ( ! location ( ! sav+s association "u o!r applicable law4 4 #d4 ,t]ms & conditions 7a7 ,am5dm5t to ! ,revis$ ,/atutes ,section #eaig ( ! ,revis$ ,/atutes 7#ab ,u4,s4,c4 #he7 is am5d$ by ins]t+ ! foll[+ aft] ! fir/ s5t5ce3 ,a loan1 disc\nt1 note1 bill ( ex*ange1 or o!r debt is made by an association1 & subject to ! prec$+ s5t5ce1 :]e ! association is ! p>ty to :i* ! debt is ow$ accord+ to ! t]ms ( ! loan1 disc\nt1 note1 bill ( ex*ange1 or o!r debt1 reg>dless ( any lat] assignm5t4 ,! exi/5ce ( a s]vice or economic relation%ip betwe5 an association & ano!r p]son %all n affect ! application ( ?is section to ! rate ( int]e/ ^u ! loan or disc\nt made1 or ! note1 bill1 or o!r evid5ce ( debt or ! id5tity ( ! association z ! l5d] "u ! agreem5t44 7b7 ,am5dm5t to ! ,f$]al ,deposit ,insurance ,act ,subsection 7a7 ( section #bg ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;d7a77 is am5d$ by add+ at ! end ! foll[+3 ,a loan1 disc\nt1 note1 bill ( ex*ange1 or o!r debt is made by a ,/ate bank or an insur$ bran* ( a =eign bank1 & subject to ! prec$+ s5t5ce1 :]e a ,/ate bank or an insur$ bran* ( a =eign bank is ! p>ty to :i* ! debt is ow$ accord+ to ! t]ms ( ! loan1 disc\nt1 note1 bill ( ex*ange or o!r debt1 reg>dless ( any lat] assignm5t4 ,! exi/5ce ( a s]vice or economic relation%ip betwe5 a ,/ate bank or insur$ bran* ( a =eign bank & ano!r p]son %all n affect ! application ( ?is subsection to ! int]e/ rate ^u ! loan or disc\nt made1 or ^u ! note1 bill ( ex*ange1 or o!r evid5ce ( debt or ! id5tity ( ! ,/ate bank or insur$ bran* ( a =eign bank z ! l5d] "u ! agreem5t44 7c7 ,am5dm5t to ! ,home ,own]s' ,loan ,act ,section #d7;g77#a7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfc7;g77#a77 is am5d$ by add+ at ! end ! foll[+3 ,an ext5sion ( cr$it is made by a sav+s association1 & subject to ! prec$+ s5t5ce1 :]e a sav+s association is ! p>ty to :i* ! debt is ow$ accord+ to ! t]ms ( ! debt1 reg>dless ( any lat] assignm5t4 ,! exi/5ce ( a s]vice or economic relation%ip betwe5 a sav+s association & ano!r p]son %all n affect ! application ( ?is subsection to ! int]e/ rate ^u ! ext5sion ( cr$it or ! id5tity ( ! sav+s association z ! l5d] "u ! agreem5t44