HJRES 162
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Truth in Lending (Regulation Z); Consumer Protections for Home Sales Financed Under Contracts for Deed".
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Bill overview
This joint resolution seeks to overturn a rule issued by the Bureau of Consumer Financial Protection. The rule involved the withdrawal of a regulation concerning ‘Truth in Lending’ (Regulation Z) and consumer protections for home sales financed through contracts for deed. Congress is using the process of congressional disapproval to invalidate this specific rule, ensuring it does not apply.
Key provisions
- Congress disapproves the Bureau of Consumer Financial Protection’s rule.
- The rule regarding ‘Truth in Lending’ and contracts for deed is specifically targeted.
- The rule’s withdrawal is being challenged.
- The disapproved rule will have no legal effect.
Who is affected
- Consumers
- Homebuyers
- Contract for Deed Sellers
- The Bureau of Consumer Financial Protection
- Financial Institutions
Notable changes
- This action attempts to reinstate the previous ‘Truth in Lending’ regulation.
- It aims to preserve consumer protections related to contracts for deed financing.
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119th CONGRESS — 2d Session
H. J. RES. 162
IN THE HOUSE OF REPRESENTATIVES
JOINT RESOLUTION
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to Truth in Lending (Regulation Z); Consumer Protections for Home Sales Financed Under Contracts for Deed
.
That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to Truth in Lending (Regulation Z); Consumer Protections for Home Sales Financed Under Contracts for Deed (89 Fed. Reg. 68086 (August 23, 2024))
(90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.