,i #aai? ,,congress #a/ ,session ,h4 ,r4 #cbad ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #f1 #bjbe,mr4 ,hors=d 7= himself1 ,ms4 ,titus1 ,ms4 ,lee ( ,nevada1 ,ms4 ,norton1 ,ms4 ,ans>i1 ,ms4 ,kelly ( ,ill9ois1 ,ms4 ,s*olt51 ,ms4 ,/ansbury1 ,mr4 ,vasquez1 & ,mr4 ,johnson ( ,georgia7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committee on ! ,judici>y1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to protect consum]s f price g\g+ ( resid5tial r5tal & sale prices1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,h\s+ ,ov]sight & ,mitigat+ ,exploitation ,act ( #bjbe or ! ,,home ,act ( #bjbe4 #b4 ,def9itions ,9 ?is ,act3 7#a7 ,af=dable h\s+ crisis p]iod ,! t]m af=dable h\s+ crisis p]iod means ! p]iod dur+ :i* ! prohibition "u section #c7;a77#a7 applies 9 ! ,unit$ ,/ates4 7#b7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7#c7 ,s+le-family h\s+ ,! t]m s+le-family h\s+ means a resid5ce consi/+ ( #a to #d dwell+ units1 b does n include a dwell+ unit 9 a condom9ium or coop]ative h\s+ project4 7#d7 ,unit$ ,/ates ,! t]m ,unit$ ,/ates includes ea* ( ! #ej ,/ates1 ! ,di/rict ( ,columbia1 & any t]ritory or possession ( ! ,unit$ ,/ates4 #c4 ,unconscionable pric+ ( resid5tial r5tal & sale prices dur+ af=dable h\s+ crises 7a7 ,unconscionable pric+ 7#a7 ,prohibition ,if ! ,secret>y publi%es 9 ! ,f$]al ,regi/] a det]m9ation t ! ,unit$ ,/ates is exp]i5c+ an af=dable h\s+ crisis1 x %all be unlawful1 dur+ ! af=dable h\s+ crisis p]iod1 = any p]son to r5t a dwell+ unit or sell any s+le-family h\s+ 9 ! ,unit$ ,/ates at a price t-- 7,a7 is unconscionably excessive2 & 7,b7 indicates ! lessor or sell] is exploit+ ! circum/ances relat$ to an af=dable h\s+ crisis to increase prices unreasonably4 7#b7 ,consid]ations = af=dable h\s+ crisis det]m9ation ,= purposes ( det]m9+ :e!r ! ,unit$ ,/ates is exp]i5c+ an af=dable h\s+ crisis1 ! ,secret>y %all consid]-- 7,a7 ! int]e/ rates applicable to mortgage loans2 7,b7 ! effective ,f$]al funds rate2 7,c7 ! ref9ance rates applicable to mortgage loans1 includ+ = fix$-fix$ loans1 fix$-v>iable loans1 & v>iable-fix$ loans2 7,d7 ! m$ian r5tal home price 9 ! ,unit$ ,/ates2 7,e7 ! m$ian home sale price 9 ! ,unit$ ,/ates2 7,f7 ! m$ian h\sehold income 9 ! ,unit$ ,/ates2 & 7,g7 ! decl>ation ( a major disa/] or em]g5cy "u ! section #dja or #eja1 respectively1 ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #eagj1 #eaia74 7#c7 ,duration ,! prohibition describ$ 9 p>agraph 7#a7-- 7,a7 may n apply = a p]iod ( m ?an #cj consecutive days1 b may be r5ew$ = su* consecutive p]iods1 ea* n to exce$ #cj days1 z ! ,secret>y det]m9es appropriate2 & 7,b7 may apply = a p]iod ( "t n to exce$ #a week be=e a reasonably =eseeable af=dable h\s+ crisis p]iod4 7#d7 ,factors consid]$ 7,a7 ,9 g5]al ,9 det]m9+ :e!r a p]son has violat$ p>agraph 7#a71 !re %all be tak5 into acc\nt1 among o!r factors1 ! aggravat+ factors describ$ 9 subp>agraph 7,b7 & ! mitigat+ factor describ$ 9 subp>agraph 7,c74 7,b7 ,aggravat+ factors ,! aggravat+ factors describ$ 9 ?is subp>agraph are ! foll[+3 7i7 ,:e!r ! am\nt *>g$ by su* p]son grossly exce$s ! av]age price at :i* ! h\s+ unit 0 (f]$ = r5tal or sale by su* p]son dur+-- 7,i7 ! #cj-;day p]iod be=e ! date on :i* ! det]m9ation t ! area is exp]i5c+ an af=dable h\s+ crisis 0 made "u p>agraph 7#a72 or 7,,ii7 ano!r appropriate b5*m>k p]iod1 z det]m9$ by ! ,secret>y4 7ii7 ,:e!r ! am\nt *>g$ by su* p]son grossly exce$s ! price at :i* ! same or a simil> h\s+ unit 0 readily obta9able = r5tal or pur*ase 9 ! same area f o!r sell]s dur+ ! af=dable h\s+ crisis p]iod4 7,c7 ,mitigat+ factor ,! mitigat+ factor describ$ 9 ?is subp>agraph is :e!r ! quantity ( any h\s+ dwell+ units su* p]son made available = r5tal or sale 9 an area cov]$ by ! af=dable h\s+ crisis p]iod dur+ ! #cj-;day p]iod foll[+ ! date on :i* ! af=dable h\s+ crisis p]iod 0 det]m9$ increas$ ov] ! quantity su* p]son made available = r5tal or sale dur+ ! #cj-;day p]iod be=e ! date on :i* ! af=dable h\s+ crisis p]iod 0 det]m9$1 tak+ into acc\nt any usual seasonal dem& v>iation4 7#e7 ,advance notice ,! ,secret>y %all provide advance notice prior to ! publication ( ! det]m9ation "u p>agraph 7#a7 = p]sons to comply ) ! prohibition describ$ 9 p>agraph 7#a74 7b7 ,affirmative def5se ,x %all be an affirmative def5se 9 any civil action or adm9i/rative action to en=ce subsection 7a71 ) respect to ! r5t+ out or sale ( h\s+ by a p]son1 t ! increase 9 ! r5tal or sale price ( su* h\s+ reasonably reflects additional co/s t 7 paid1 incurr$1 or reasonably anticipat$ by su* p]son1 or reasonably reflects additional risks tak5 by su* p]son1 to r5t or sell su* h\s+ unit "u ! circum/ances4 7c7 ,rule ( con/ruction ,?is section may n be con/ru$ to cov] a transaction on a futures m>ket4 7d7 ,en=cem5t 7#a7 ,,hud ,! ,secret>y %all en=ce violations ( subsection 7a7 ( ?is section-- 7,a7 9 ! same mann]1 by ! same means1 & ) ! same jurisdiction1 p[]s1 & duties z ! ,f$]al ,trade ,commission has "u ! ,f$]al ,trade ,commission ,act 7#ae ,u4,s4,c4 #da et seq47 ) respect to violations ( a rule def9+ an unfair or deceptive act or practice prescrib$ "u section #ah7;a77#a77;,b7 ( su* ,act 7#ae ,u4,s4,c4 #eg;a7a77#a77;,b772 & 7,b7 z ?\gh all applicable t]ms & provisions ( ! ,f$]al ,trade ,commission ,act 7#ae ,u4,s4,c4 #da et seq47 7 incorporat$ into & made a "p ( ?is section1 except t any ref]5ce 9 su* t]ms & provisions to ! ,commission %all be treat$ z ref]r+ to ! ,secret>y4 7#b7 ,en=cem5t at retail level by ,/ate ,attorneys ,g5]al 7,a7 ,9 g5]al ,if ! *ief law en=cem5t (fic] ( a ,/ate1 or an (ficial or ag5cy designat$ by a ,/ate1 has reason to believe t any p]son has violat$ or is violat+ subsection 7a71 ! *ief law en=cem5t (fic]1 (ficial1 or ag5cy ( ! ,/ate1 9 addition to any au?ority x may h to br+ an action 9 ,/ate c\rt "u its laws1 may br+ a civil action 9 any appropriate ,unit$ ,/ates di/rict c\rt or 9 any o!r c\rt ( compet5t jurisdiction to-- 7i7 enjo9 fur!r su* violation by su* p]son2 7ii7 en=ce compliance ) su* subsection2 7iii7 obta9 civil p5alties2 & 7iv7 obta9 damages1 re/itution1 or o!r comp5sation on behalf ( resid5ts ( ! ,/ate4 7,b7 ,notice ,! ,/ate %all s]ve writt5 notice to ! ,secret>y ( any civil action "u subp>agraph 7,a7 be=e initiat+ su* civil action4 ,! notice %all include a copy ( ! compla9t to be fil$ to initiate su* civil action1 except t if x is n feasible = ! ,/ate to provide su* prior notice1 ! ,/ate %all provide su* notice imm$iately ^u in/itut+ su* civil action4 7,c7 ,au?ority to int]v5e ,^u receipt ( ! notice requir$ by subp>agraph 7,b71 ! ,secret>y may int]v5e 9 su* civil action & ^u int]v5+-- 7i7 be he>d on all matt]s aris+ 9 su* civil action2 & 7ii7 file petitions = appeal ( a decision 9 su* civil action4 7,d7 ,con/ruction ,= purposes ( br++ any civil action "u subp>agraph 7,a71 no?+ 9 ?is p>agraph %all prev5t ! *ief law en=cem5t (fic] ( a ,/ate f ex]cis+ ! p[]s conf]r$ on ! *ief law en=cem5t (fic] by ! laws ( su* ,/ate to conduct inve/igations or to adm9i/] oa?s or affirmations or to compel ! att5dance ( witnesses or ! production ( docum5t>y & o!r evid5ce4 7,e7 ,limitation on /ate action :ile ,f$]al action is p5d+ ,if ! ,secret>y has in/itut$ a civil action or an adm9i/rative action = violation ( subsection 7a71 a *ief law en=cem5t (fic]1 (ficial1 or ag5cy ( a ,/ate may n br+ an action "u ?is p>agraph dur+ ! p5d5cy ( t action aga9/ any def5dant nam$ 9 ! compla9t ( ! ,secret>y or ano!r ag5cy = any violation ( ?is ,act alleg$ 9 ! compla9t4 7,f7 ,rule ( con/ruction ,?is p>agraph may n be con/ru$ to prohibit an au?oriz$ ,/ate (ficial f proce$+ 9 ,/ate c\rt to en=ce a civil or crim9al /atute ( su* ,/ate4 7e7 ,l[-,income h\s+ assi/ance 7#a7 ,deposit ( funds ,am\nts collect$ 9 any p5alty "u subsection 7d77#a7 %all be deposit$ 9 ! ,h\s+ ,tru/ ,fund e/abli%$ "u section #acch ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defh74 7#b7 ,use ( funds ,to ! ext5t provid$ = 9 advance 9 appropriations ,acts1 ! am\nts deposit$ 9 ! ,fund %all be us$ to increase & pres]ve ! supply ( r5tal h\s+ af=dable to extremely l[- & v l[-income families1 includ+ homeless families1 9 accordance ) section #acch ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defh74 7f7 ,effect on o!r laws 7#a7 ,o!r au?ority ( ,f$]al h\s+ adm9i/ration ,no?+ 9 ?is section may be con/ru$ to limit ! au?ority ( ! ,secret>y "u any o!r provision ( law4 7#b7 ,/ate law ,no?+ 9 ?is section preempts any ,/ate law4 #d4 ,,hud inve/igation & report on h\s+ prices 7a7 ,inve/igation 7#a7 ,9 g5]al ,! ,secret>y %all conduct an inve/igation to det]m9e if ! prices = r5tal h\s+ units or sale ( s+le-family h\s+ are be+ manipulat$ by r$uc+ h\s+ capacity or by any o!r =m ( m>ket manipulation or artificially increas$ by price g\g+ practices4 7#b7 ,consid]ation ,9 conduct+ ! inve/igation "u p>agraph 7#a71 ! ,secret>y may consid] ! impact ( m]g]s & acquisitions 9 ! real e/ate indu/ry1 includ+ m]g]s & acquisitions involv+ develop]s1 manag]s1 own]s1 & inve/ors4 7b7 ,report 7#a7 ,9 g5]al ,n lat] ?an #bgj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all submit to ! ,congress a report on ! inve/igation conduct$ "u subsection 7a74 7#b7 ,cont5ts ,! report %all include-- 7,a7 a long-t]m /rategy = ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t & ! ,congress to address manipulation ( r5tal h\s+ m>kets & m>kets = sale ( s+le-family h\s+1 & 9 prep>+ ! /rategy ! ,secret>y %all utilize data on race1 g5d]1 & socioeconomic /atus2 & 7,b7 a description & analysis ( h[ non-occupant inve/ors 9 s+le-family h\s+ impact und]s]v$ communities4 7c7 ,exemption f ,pap]work ,r$uction ,act ,*apt] #ce ( title #dd1 ,unit$ ,/ates ,code1 %all n apply to ! collection ( in=mation "u subsection 7a74 7d7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,secret>y to c>ry out ?is section #a1jjj1jjj = fiscal ye> #bjbe4 #e4 ,h\s+ co/ monitor+ & en=cem5t )9 ,,hud 7a7 ,e/abli%m5t ( ! h\s+ monitor+ & en=cem5t unit 7#a7 ,9 g5]al ,! ,secret>y %all e/abli% )9 ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t ! ,h\s+ ,monitor+ & ,en=cem5t ,unit 79 ?is section ref]r$ to z ! ,unit74 7#b7 ,duties ( ! unit 7,a7 ,prim>y responsibility ,! prim>y responsibility ( ! ,unit %all be to assi/ ! ,secret>y 9 protect+ ! public int]e/ by cont9u\sly & compreh5sively collect+1 monitor+1 & analyz+ r5tal h\s+ m>ket data1 data = m>kets = sale ( s+le-family h\s+1 & data on inve/or-own$1 non-own] occupi$ h\s+ units1 9 ord] to-- 7i7 support transp>5t & competitive m>ket practices2 7ii7 id5tify any m>ket manipulation1 includ+ by collect+ & analyz+ data on race1 g5d]1 & socioeconomic /atus1 any report+ ( false in=mation1 any use ( m>ket p[] to disadvantage consum]s1 or any o!r unfair me?od ( competition2 & 7iii7 facilitate en=cem5t ( p5alties aga9/ p]sons 9 violation ( relevant /atutory prohibitions4 7,b7 ,specific duties ,9 ord] to c>ry out ! responsibility "u subp>agraph 7,a71 ! ,unit %all assi/ ! ,secret>y 9 c>ry+ out ! foll[+ duties3 7i7 ,receiv+1 compil+1 & analyz+ relevant buy+ & sell+ activity 9 ord] to id5tify & inve/igate anomal\s m>ket tr5ds & suspici\s behavior4 7ii7 ,det]m9+ :e!r excessive conc5tration or exclusive control ( h\s+-relat$ infra/ructure may all[ or result 9 anti-competitive behaviors4 7iii7 ,obta9+ a data-%>+ agreem5t ) ,/ate & local jurisdictions1 h\s+ ag5cies1 & relevant public & private data s\rces to receive & ar*ive in=mation on h\s+ pur*ases by in/itutional inve/ors )9 a giv5 area4 #f4 ,inve/igations ( excessive h\s+ pur*ases ,! ,secret>y %all monitor pur*ases ( s+le-family h\s+ 9 ea* h\s+ m>ket area 9 ! ,unit$ ,/ates1 z det]m9$ by ! ,secret>y1 to det]m9e :e!r any s+le pur*as] ( su* h\s+1 includ+ any pur*as] t is an in/itutional inve/or1 is pur*as+ an excessive am\nt ( su* h\s+ made available = sale 9 any su* m>ket area4 ,if ! ,secret>y det]m9es t any s+le pur*as] has pur*as$ m ?an #e p]c5t ( ! s+le-family h\s+ made available = sale 9 any m>ket area ov] a #c-ye> p]iod1 or if1 9 aggregate1 l>ge in/itutional inve/ors h pur*as$ m ?an #be p]c5t ( ! s+le-family h\s+ made available = sale 9 any m>ket area ov] a #a-ye> p]iod1 ! ,secret>y %all conduct an inve/igation to det]m9e ! purposes ( & circum/ances involv$ 9 su* pur*ases1 includ+ price g\g+1 m>ket manipulation1 & unfair inve/m5t practices t drive home[n]s out ( ! m>ket4 #g4 ,id5tification ( unfair scre5+ practices ,! ,secret>y1 ! ,f$]al ,trade ,commission1 & ! ,bureau ( ,consum] ,f9ancial ,protection %all jo9tly-- 7#a7 c>ry out a program to collect in=mation to id5tify practices t unfairly prev5t applicants & t5ants ( r5tal h\s+ f access+ or /ay+ 9 h\s+1 includ+ ! e/abli%m5t & use ( t5ant or applicant backgr\nd *ecks1 ! use ( algori?ms 9 t5ant scre5+s1 ! provision ( adv]se action notices by l&lords & prop]ty managem5t companies1 & ! use ( in=mation reg>d+ t5ant income s\rces2 & 7#b7 submit a report to ! ,congress annually describ+ ! in=mation collect$ "u ! program c>ri$ out pursuant to p>agraph 7#a74 #h4 ,limitation on ,fannie ,mae & ,fr$die ,mac inve/m5ts ,subp>t ,a ( "p #b ( subtitle ,a ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deda et seq47 is am5d$ by add+ at ! end ! foll[+ new section3 #acbi4 ,limitation on ent]prise inve/m5ts ,! ,director %all1 by regulations issu$ aft] notice & opportunity = int]e/$ p>ties to comm5t at a public he>+1 e/abli% /&>ds & crit]ia = ! pur*ase by ! ent]prises ( mortgages on multifamily r5tal h\s+ z ! ,director consid]s necess>y to ensure basic r5t] protections & prev5t egregi\s r5t increases = t5ants 9 su* h\s+4 4 #i4 ,review ( anti-competitive behaviors ,! ,attorney ,g5]al & ! ,f$]al ,trade ,commission %all jo9tly conduct a review to id5tify any anti-competitive behaviors 9 ! s+le-family h\s+ & resid5tial r5tal m>kets1 includ+ anti-competitive in=mation %>+1 & n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act %all submit a report to ! ,congress sett+ =? ! f9d+s ( su* review4