Title II — Qualified mortgages for rural lenders

S. 2698 · 113th Congress · Jul 30, 2014 · Lineage

II Qualified mortgages for rural lenders

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).”