A bill to protect home ownership and equity through enhanced disclosure of the risks associated with certain mortgages, and for other purposes.
Home Ownership and Equity Protection Act of 1993 - Amends the Truth in Lending Act to set forth disclosure requirements for high cost mortgages (consumer credit transactions secured by a consumer's principal dwelling) which meet specified criteria with respect to: (1) the annual percentage rate; (2) the consumer's total monthly debt payments; and (3) points and fees which exceed certain limits.
Prohibits such mortgages from containing: (1) prepayment penalties; (2) certain refinancing charges payable to the same creditor; (3) balloon payments; (4) negative amortization; and (5) prepaid payments.
Imposes a civil penalty for violations of this Act.
Indefinitely postponed by Senate by Unanimous Consent. (consideration: CR S3179)
Introduced in Senate
Sponsor introductory remarks on measure. (CR S5709-5710)
Read twice and referred to the Committee on Banking.
Committee on Banking. Hearings held.
Committee on Banking. Provisions of measure incorporated into measure S. 1275 ordered to be reported.
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