S. 2697 (Introduced in Senate) — To amend the Truth in Lending Act to clarify the application of the qualified mortgage rule to rural lenders, and for other purposes.

Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 1639c(b)(2)) is amended—

(1)

in subparagraph (E)(vi)(II), by striking “a limit set by the Board” and inserting “1,000 per year”; and

(2)

by inserting after subparagraph (E) the following:

“(F) Rural—The term “rural” means any area other than—

“(i) a city or town that has a population of greater than 50,000 inhabitants; and

“(ii) any urbanized area contiguous and adjacent to a city or town described in clause (i).”

To amend the Truth in Lending Act to clarify the application of the qualified mortgage rule to rural lenders, and for other purposes.