Predatory Lending Consumer Protection Act of 2003
Latest action. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: continuing resolutionA stopgap law funding the government at existing levels when the annual appropriations bills are not done by October 1.Read the full definition (opens a new tab) S15471-15473)
Predatory Lending Consumer Protection Act of 2003 - Amends the Truth in Lending Act guidelines for certain credit transactions secured by the consumer's principal dwelling (high-cost mortgage). Redefines a high-cost mortgage, lowering the maximum interest rates involved. Specifies additional costs, fees, and penalties included among points and fees. Defines bona fide discount points and benchmark rate. Requires additional disclosures that the consumer is contracting to pay a much higher loan than most people pay. Specifies additional prohibitions against prepayment penalties, except in certain circumstances. Prohibits all balloon payments. Prohibits the terms of a high-cost mortgage from including advance collection of a premium on a single premium basis for specified credit insurance products. Restricts the number of points and amount of fees which a creditor may finance in connection with a high-cost mortgage. Prohibits certain creditors from financing the prepayment fees or penalties due from the consumer. Prohibits a high-cost mortgage creditor from engaging in specified practices, including actions encouraging default and requiring arbitration or any other nonjudicial procedure as a method for resolving any controversy or claims arising from the transaction. Prescribes consumer counseling requirements. Declares a consumer's waiver of the right of rescission ineffective if the creditor either advised, or encouraged such waiver, or required it as a precondition for a transaction. Amends the Fair Credit Reporting Act to require that each high-cost mortgage creditor (including the successor creditor) report the debtor's complete payment history to certain consumer reporting agencies in accordance with specified regulations.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on November 21, 2003. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on November 21, 2003: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S15471-15473)
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
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 108th Congress (2003-04), 498 of the 8,623 bills and joint resolutions introduced became law, about 5.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, 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?
PAUL SARBANES (D-MD) introduced it on November 21, 2003, and 15 members have since signed on as cosponsors.
They are 15 Democrats.
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 November 21, 2003, 8376 days ago. The most recent recorded action was 8376 days ago, on November 21, 2003.
Measures do not carry over. Anything the 108th Congress has not finished by January 3, 2005 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
- SenateIntroduced, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers