Home Equity Lending Integrity Act

This bill would change the federal Truth in Lending Act so that home equity investment loans count as residential mortgage loans under that law. It defines a home equity investment loan as a deal secured by a home or residential property where a consumer gets money in exchange for an interest in the property and an obligation to pay an amount based on the property's value. The Consumer Financial Protection Bureau would be required to write rules applying the Act's civil liability section to violations involving these loans. The bill also states Congress's view that including these loans reflects the law as it already stood and does not change how the Act is administered.

Full text and official record on Congress.gov

Sponsors

• Jeff Merkley Democrat sponsor
• 0 cosponsors