H.R. 5461 — what changed
Insurance Capital Standards Clarification Act of 2014
From Introduced in House to Engrossed in House. 2 sections amended between Introduced in House and Engrossed in House.
Sec. 302 Definition of points and fees
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—
by striking “paragraph (1)(B)” and inserting “paragraph (1)(A) and section 129C”;
in subparagraph (C)—
by inserting “and insurance” after “taxes”;
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
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);”
in subparagraph (D)—
by striking “accident,”; and
by striking “or any payments” and inserting “and any payments”.
Amendment to section 129C of TILA— Section 129C of the Truth in Lending Act (15 U.S.C. 1639c) is amended—
changed
in subsection (a)(5)(C), by striking “103” and all that follows through “or mortgage originator” originator)” and inserting “103(bb)(4)”; and
in subsection (b)(2)(C)(i), by striking “103” and all that follows through “or mortgage originator)” and inserting “103(bb)(4)”.
Sec. 401 Short title
changed
This title may be cited as the “Business Risk Mitigation and Price Stabilization Act of 2013”.2014”.