S 4803
Home Equity Lending Integrity Act
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- Passed Senate
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- Became Law
Bill overview
This bill, the Home Equity Lending Integrity Act, amends the Truth in Lending Act to include home equity investment loans within the definition of a residential mortgage loan. This means that home equity loans, which are secured by a property and involve a consumer exchanging an interest in or obligation based on the value of that property for funds, will be subject to the same consumer protection regulations as traditional mortgages. The bill directs the Consumer Financial Protection Bureau to create regulations specifically addressing violations related to these loans. Congress intends for this change to be a clarification of existing law, not a substantive alteration to the Truth in Lending Act.
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