12 U.S.C. § 5115: Reports and recommendations…

Summary

The Director must send Congress a report by 1 year after July 30, 2008, and every year after that, about how well the chapter’s rules are working. The report must include any recommended laws to better protect consumers, improve exams, ease communication among people handling home loans, and set performance-based bonding for mortgage originators or their employers. Within 6 months after July 30, 2008, the Director must give Congress suggestions for changes to the Real Estate Settlement Procedures Act of 1974 to make loan and closing cost disclosures clearer so consumers can shop and compare.

Title 12, §5115

Banks and Banking, Source: USLM XML via OLRC

(a)Annual reports

Not later than 1 year after July 30, 2008, and annually thereafter, the Director shall submit a report to Congress on the effectiveness of the provisions of this chapter, including legislative recommendations, if any, for strengthening consumer protections, enhancing examination standards, streamlining communication between all stakeholders involved in residential mortgage loan origination and processing, and establishing performance based bonding requirements for mortgage originators or institutions that employ such brokers.

(b)Legislative recommendations

Not later than 6 months after July 30, 2008, the Director shall make recommendations to Congress on legislative reforms to the Real Estate Settlement Procedures Act of 1974 [12 U.S.C. 2601 et seq.], that the Director deems appropriate to promote more transparent disclosures, allowing consumers to better shop and compare mortgage loan terms and settlement costs.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Real Estate Settlement Procedures Act of 1974, referred to in subsec. (b), is Pub. L. 93–533, Dec. 22, 1974, 88 Stat. 1724, which is classified principally to chapter 27 (§ 2601 et seq.) of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 2601 of this title and Tables.

Amendments

2010—Pub. L. 111–203 substituted “Director” for “Secretary” wherever appearing.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

§5115 Reports and Recommendations to Congress