Predatory Lending Consumer Protection Act of 2000

Predatory Lending Consumer Protection Act of 2000 - Amends the Truth in Lending Act guidelines governing certain credit transactions secured by the consumer's principal dwelling (high-cost mortgage), including: (1) the annual percentage rate of interest that shall be taken into account; (2) total points and fees incumbent upon the consumer at closing; and (3) the criteria defining a high-cost mortgage lender as creditor.

(Sec. 3) Requires additional disclosures to the consumer that the consumer is contracting to pay a much higher loan than most people pay. Sets forth additional proscriptions against prepayment penalties. Prohibits all balloon payments (currently restricted to mortgages with a term of less than five years).

Requires a creditor to make a case-by-case assessment of a consumer debtor's ability to pay that is based upon financial resources without taking into account equity in the dwelling which is the security for the credit.

Subjects an assignee or holder of a high-cost mortgage which was made, arranged, or assigned by persons financing consumer home improvements to all the affirmative claims and defenses which the consumer may have against specified parties regarding such mortgage or home improvements.

States that consummation of a high-cost mortgage that is not in compliance with this Act shall be treated as a failure to deliver requisite material disclosures.

(Sec. 4) Prohibits the terms of a high-cost mortgage from including advance collection of a premium on a single premium basis for specified credit insurance products.

Restricts the amount of points and fees which a creditor may finance in connection with a high-cost mortgage. Prohibits certain creditors from financing the prepayment fees or penalties due from the consumer.

Prohibits a high-cost mortgage creditor from: (1) accelerating the debt in its sole discretion; (2) taking actions that encourage debtor's default; (3) charging a fee for mortgage modification or payment deferral unless such actions bestow a material benefit upon the consumer; (4) extending mortgage credit unless specified warnings have been furnished, including the availability of home ownership credit counseling services; and (5) requiring mandatory arbitration or any other nonjudicial procedure as a method for resolving any controversy or claims arising from the transaction.

(Sec. 5) Declares that a consumer's waiver of the right of rescission shall not be effective if the creditor either advised or encouraged such waiver, or required it as a precondition for a transaction.

(Sec. 6) Increases: (1) civil money penalties for creditor violations; and (2) the statute of limitations from one to three years for violations of this Act.

(Sec. 7) Amends the Fair Credit Reporting Act to mandate that each high-cost mortgage creditor (including the successor creditor) report the debtor's complete payment history to certain consumer reporting agencies in accordance with regulations or guidelines established by participants in the secondary mortgage market.

(Sec. 8) Instructs the Board of Governors of the Federal Reserve System to publish implementing regulations.