A bill to regulate interstate commerce by providing for uniform and full disclosure of certain information with respect to the sale of dwellings for occupancy by not more than four families in order to promote sound and effective price competition and to prohibit unfair and deceptive sales and other anticompetitive practices, and for other purposes.
Truth in Housing Act - Provides that any person who sells or acts as an agent in the sale of or who furnishes mortgage credit for the purchase of a dwelling for occupancy by not more than four families shall be responsible for the written disclosure, in such form as the Federal Trade Commission may require, to the purchaser of the dwelling of any substantial defects which exist as of the date of the disclosure.
States that contracts for the purchase of a dwelling for occupancy by not more than four families, where the written disclosure required by this section has not been made to the purchaser in advance or at the time of his signing, shall be voidable at the option of the purchaser.
Stipulates that if any part of a written disclosure contains an untrue statement of a material fact or fails to state a material fact required to be stated therein, the purchaser acquiring the dwelling covered by such written disclosure (unless he knew of such untruth or omission at the time of closing) may bring an action in any court of competent jurisdiction, against the seller or his agent in the sale, and the person who furnished mortgage credit for the purchase of that dwelling.
States that in any action brought under this Act the plaintiff is entitled to recover actual damages and not more than $1,000 punitive damages, together with court costs and reasonable attorney fees.
Provides that rights and remedies provided by this Act shall be in addition to any other legal or equitable remedy that may be available to a purchaser of a dwelling to which this Act applies.
Sipulates that any person who willfully fails to make written disclosure in violation of this Act or who willfully, in such written disclosure, makes any untrue statement of a material fact or omits to state any material fact required to be stated therein, shall upon conviction be fined not more than $5,000 or imprisoned not more than five years, or both.
Authorizes the district courts of the United States to have jurisdiction over offenses under this Act.
Requires the Commission to establish an Advisory Committee to advise and consult with the Commission in the exercise of its functions under this Act.
Referred to House Committee on Banking and Currency.
Introduced in House
Introduced in House
Referred to House Committee on Banking and Currency.
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