US Codex
Bill
Notes

H.R. 2954 — what changed

Home Mortgage Disclosure Adjustment Act

From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.

Sec. 2 Depository institutions subject to maintenance of records and disclosure requirements

(a)
changed Loan volume threshold—In general— Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended—
(1)
changed by redesignating subsection (i) as paragraph (2) (3) and adjusting the margin appropriately; margins accordingly; and
(2)
changed by inserting before such paragraph (2) (3), as so redesignated, the following:

“(i) Exemptions

changed “(1) In general—With Closed-end mortgage loans—With respect to a depository institution, the requirements of subsections (a) paragraphs (5) and (6) of subsection (b) shall not apply—apply with respect to closed-end mortgage loans if the depository institution originated less than 500 closed-end mortgage loans in each of the 2 preceding calendar years.

changed “(A) “(2) Open-end lines of credit—With respect to a depository institution, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to closed-end mortgage loans, open-end lines of credit if such the depository institution originated less than 1,000 closed-end mortgage loans 500 open-end lines of credit in each of the two 2 preceding calendar years; andyears.”

removed “(B) with respect to open-end lines of credit, if such depository institution originated less than 2,000 open-end lines of credit in each of the two preceding calendar years.”

(b)
changed Technical correction— Section 304(i)(2) 304(i)(3) of such Act, the Home Mortgage Disclosure Act of 1975, as so redesignated by subsection (a), (a)(1), is amended by striking “section 303(2)(A)” and inserting “section 303(3)(A)”.
(c)
removed Data points— Section 304(b) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(b)) is amended—
(1)
removed by striking paragraphs (5) and (6);
(2)
removed in paragraph (3), by inserting “and” at the end; and
(3)
removed in paragraph (4), by striking “age.”.