A bill to amend the Truth in Lending Act to enhance disclosure of the terms of home mortgage loans, and for other purposes.
Mortgage Disclosure Improvement Act of 2007 - Amends the Truth in Lending Act to require a creditor to disclose to a consumer with respect to an extension of credit secured by the consumer's dwelling that the consumer is not required to complete the credit agreement merely because the consumer has received required disclosures or signed a loan application.
Requires such disclosure to be furnished to the borrower not later than seven business days before the consummation of the transaction, as well as at the time of consummation.
Requires additional disclosures in such a circumstance regarding any variable rates or payment schedules.
Increases the actual damages for which a creditor is liable for noncompliance with such Act in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling. Replaces the current range of damages from $200 to $2,000 with a flat damages amount of $5,000, adjusted annually for inflation.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 577.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S12780-12781)
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S12781)
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