Real Estate Settlement Procedures Act
Latest action. Measure laid on table in House, S. 3164 passed in lieu.
(LATEST SUMMARY) Real Estate Settlement Procedures Act - Directs the Secretary of Housing and Urban Development to report to the Congress on whether, in view of the provisions of this Act imposing requirements and prohibiting practices in connection with real estate settlements, there is any necessity for further legislation in this area. Sets forth the procedures to be followed should such corrective measures need to be taken. Directs the Secretary, in consultation with the Administrator of Veterans' Affairs, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, to develop and prescribe a standard form for the statement of settlement costs which shall be used as the standard real estate settlement form in all transactions in the United States which involve federally related mortgage loans. Requires such form to conspicuously and clearly itemize the charges imposed upon both the borrower and the seller in connection with the settlement. Directs the Secretary to prepare and distribute special booklets to help persons borrowing money to finance the purchase of residential real estate to better understand the nature and costs of real estate settlement services. Requires lenders to provide the booklet to each person from whom it receives an application to borrow money to finance the purchase of residential real estate. Requires lenders agreeing to make a federally related mortgage loan to provide to the prospective borrower, and to any officer or agency of the Federal Government proposing to insure, guarantee, supplement, or assist such loan, at the time of loan commitment (or, if there is no commitment, at a time prescribed by the Secretary), an itemized disclosure in writing of each charge arising in connection with such settlement. Prohibits any person from giving and accepting any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, involving a federally related mortgage loan. Prescribes limits on the amounts a lender, in connection with a federally related mortgage loan, shall require the borrower or prospective borrower to deposit in any escrow account which may be established in connection with such loan for the purpose of assuring payment of taxes and insurance premiums with respect to the property. Prohibits a lender from making any commitment for a federally related mortgage loan unless it has confirmed that the specified information has been disclosed in writing by the seller or his agent to the buyer. Directs the Secretary to establish and place in operation on a demonstration basis in various areas of the United States, a model system or systems for the recordation of land parcels in a manner and form calculated to facilitate and simplify land transfers and mortgage transactions and reduce the cost thereof. Authorizes and directs the Board of Governors of the Federal Reserve System to conduct a study of escrow accounts maintained by lenders in connection with mortgage loans which require borrowers to make periodic prepayment of taxes, insurance, and other items with respect to residential real property, in order to determine the feasibility of requiring lenders to pay interest on such accounts.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Reported to House with amendment(s)" stage on July 3, 1974. It describes the bill, it is not the legal text.
Measure laid on table in House, S. 3164 passed in lieu.
Civibrief does not map this action to a stage in the process. See the official record.
Where is it in the process, and what happens next?
The latest action on file does not map to a stage Civibrief recognizes, so the page will not name one. The record's own words are the reliable fact here.
The record's latest action, on August 14, 1974: Measure laid on table in House, S. 3164 passed in lieu.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one has no outstanding steps listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
ROBERT STEPHENS (D-GA) introduced it on August 3, 1973, and 14 members have since signed on as cosponsors.
They come from both major parties: 7 Democrats, 7 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on August 3, 1973, 19396 days ago. The most recent recorded action was 19020 days ago, on August 14, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseMeasure laid on table in House, S. 3164 passed in lieu.
- SenateNot stated in the latest action
- PresidentNot stated in the latest action