US Codex
Bill
Notes

H.R. 2255 — what changed

Housing Opportunities Made Easier Act

From Reported in House to Engrossed in House. 5 added and 2 removed between Reported in House and Engrossed in House.

Section 1 Short title

removed

removed This Act may be cited as the “Housing Opportunities Made Easier Act” or the “HOME Act”.

Sec. 2 Exemption from Truth in Lending Act

removed

removed Section 129E(i) of the Truth in Lending Act (15 U.S.C. 1639e(i)) is amended by adding at the end the following:

removed “(4) Rule of construction related to appraisal donations—For purposes of paragraph (1), if a fee appraiser voluntarily donates appraisal services to an organization described in section 170(c)(2) of the Internal Revenue Code of 1986, such voluntary donation shall be deemed customary and reasonable.”

Sec. 101 Exemption from Truth in Lending Act

added

added Section 129E(i) of the Truth in Lending Act (15 U.S.C. 1639e(i)) is amended by adding at the end the following:

added “(4) Rule of construction related to appraisal donations—For purposes of paragraph (1), if a fee appraiser voluntarily donates appraisal services to an organization described in section 170(c)(2) of the Internal Revenue Code of 1986, such voluntary donation shall be deemed customary and reasonable.”

Sec. 201 Access to capital for rural-area small businesses

added

added Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended—

(1)
added in subsection (j)(4)(C), by striking “and women-owned small businesses” and inserting “, women-owned, and rural-area small businesses”; and
(2)
added in subsection (j)(6)(B)(iii), by striking “and women-owned small businesses” and inserting “, women-owned, and rural-area small businesses”.

Sec. 301 Immunity

added
(a)
added Definitions— In this title—
(1)
added the term Bank Secrecy Act officer means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31, United States Code (commonly known as the “Bank Secrecy Act”);
(2)
added the term broker-dealer means a broker and a dealer, as those terms are defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
(3)
added the term covered agency means—
(A)
added a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator;
(B)
added each of the entities represented in the membership of the Federal Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3303);
(C)
added the Securities and Exchange Commission;
(D)
added a securities association registered under section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o–3);
(E)
added a law enforcement agency; and
(F)
added a State or local agency responsible for administering adult protective service laws;
(4)
added the term covered financial institution means—
(A)
added a credit union;
(B)
added a depository institution;
(C)
added an investment adviser;
(D)
added a broker-dealer;
(E)
added an insurance company;
(F)
added an insurance agency; and
(G)
added a transfer agent;
(5)
added the term credit union has the meaning given the term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301);
(6)
added the term depository institution has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c));
(7)
added the term exploitation means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or a fiduciary, that—
(A)
added uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or
(B)
added results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings, or assets;
(8)
added the term insurance agency means any business entity that sells, solicits, or negotiates insurance coverage;
(9)
added the term insurance company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2(a));
(10)
added the term insurance producer means an individual who is required under State law to be licensed in order to sell, solicit, or negotiate insurance coverage;
(11)
added the term investment adviser has the meaning given the term in section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a));
(12)
added the term investment adviser representative means an individual who—
(A)
added is employed by or associated with an investment adviser; and
(B)
added does not perform solely clerical or ministerial acts;
(13)
added the term registered representative means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities;
(14)
added the term senior citizen means an individual who is not younger than 65 years of age;
(15)
added the term State means each of the several States, the District of Columbia, and any territory or possession of the United States;
(16)
added the term State insurance regulator has the meaning given the term in section 315 of the Gramm-Leach-Bliley Act (15 U.S.C. 6735);
(17)
added the term State securities or law enforcement authority has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 78x(f)(4)); and
(18)
added the term “transfer agent” has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)).
(b)
added Immunity from suit—
(1)
added Immunity for individuals— An individual who has received the training described in section 302 shall not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure—
(A)
added served as a supervisor or compliance officer (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment adviser representative, or insurance producer, was affiliated or associated with, a covered financial institution; and
(B)
added made the disclosure—
(i)
added in good faith; and
(ii)
added with reasonable care.
(2)
added Immunity for covered financial institutions— A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in paragraph (1) if—
(A)
added the individual was employed by, or, in the case of a registered representative, insurance producer, or investment adviser representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and
(B)
added before the time of the disclosure, each individual described in section 302(a) received the training described in section 302.
(3)
added Rule of construction— Nothing in paragraph (1) or (2) shall be construed to limit the liability of an individual or a covered financial institution in a civil action for any act, omission, or fraud that is not a disclosure described in paragraph (1).

Sec. 302 Training

added
(a)
added In general— A covered financial institution or a third party selected by a covered financial institution may provide the training described in subsection (b)(1) to each officer or employee of, or registered representative, insurance producer, or investment adviser representative affiliated or associated with, the covered financial institution who—
(1)
added is described in section 301(b)(1)(A);
(2)
added may come into contact with a senior citizen as a regular part of the professional duties of the individual; or
(3)
added may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen.
(b)
added Content—
(1)
added In general— The content of the training that a covered financial institution or a third party selected by the covered financial institution may provide under subsection (a) shall—
(A)
added be maintained by the covered financial institution and made available to a covered agency with examination authority over the covered financial institution, upon request, except that a covered financial institution shall not be required to maintain or make available such content with respect to any individual who is no longer employed by or affiliated or associated with the covered financial institution;
(B)
added instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and, as appropriate, to government officials or law enforcement authorities, including common signs that indicate the financial exploitation of a senior citizen;
(C)
added discuss the need to protect the privacy and respect the integrity of each individual customer of the covered financial institution; and
(D)
added be appropriate to the job responsibilities of the individual attending the training.
(2)
added Timing— The training under subsection (a) shall be provided—
(A)
added as soon as reasonably practicable; and
(B)
added with respect to an individual who begins employment with or becomes affiliated or associated with a covered financial institution after the date of enactment of this Act, not later than 1 year after the individual becomes employed by or affiliated or associated with the covered financial institution in a position described in paragraph (1), (2), or (3) of subsection (a).
(3)
added Records— A covered financial institution shall—
(A)
added maintain a record of each individual who—
(i)
added is employed by or affiliated or associated with the covered financial institution in a position described in paragraph (1), (2), or (3) of subsection (a); and
(ii)
added has completed the training under subsection (a), regardless of whether the training was—
(I)
added provided by the covered financial institution or a third party selected by the covered financial institution;
(II)
added completed before the individual was employed by or affiliated or associated with the covered financial institution; and
(III)
added completed before, on, or after the date of enactment of this Act; and
(B)
added upon request, provide a record described in subparagraph (A) to a covered agency with examination authority over the covered financial institution.

Sec. 303 Relationship to State law

added

added Nothing in this title shall be construed to preempt or limit any provision of State law, except only to the extent that section 301 provides a greater level of protection against liability to an individual described in section 301(b)(1) or to a covered financial institution described in section 301(b)(2) than is provided under State law.