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Bill 2 of 250
Real Estate Settlement Fairness Act (Introduced in House)
HR 4627 IH
107th CONGRESS
2d Session
H. R. 4627
To amend the Real Estate Settlement Procedures Act of 1974 to prohibit certain unearned
fees in connection with settlement
services involved in residential mortgage loan transactions.
IN THE HOUSE OF REPRESENTATIVES
MAY 1, 2002
Mr. BARRETT of Wisconsin (for himself, Mr. RUSH, and Ms. SCHAKOWSKY)
introduced the following bill; which was referred to the Committee on Financial
Services
A BILL
To amend the Real Estate Settlement Procedures Act of 1974 to prohibit certain unearned
fees in connection with settlement
services involved in residential mortgage loan transactions.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the
`Real Estate Settlement Fairness Act' .
SEC. 2. PROHIBITION OF CERTAIN UNEARNED FEES.
(a) IN GENERAL- Subsection (b) of section 8 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2607(b)) is
amended--
(1) by inserting `(1)' after `(b)'; and
(2) by adding at the end the following new paragraph:
`(2) PROHIBITION OF CERTAIN UNEARNED FEES-
`(A) IN GENERAL- No person shall, in connection with a transaction
involving a federally related mortgage loan, make or receive a charge for
a real estate settlement service rendered by
another person in an amount that exceeds the amount paid for such service
to the person actually rendering such service.
`(B) NO SPLITTING REQUIREMENT- Charges in excess of the amount
specified in subparagraph (A) shall violate the prohibition under such
subparagraph whether such excess amount is retained by a single person or
split between two or more persons.'.
(b) REGULATIONS- Not later than 90 days after the date of the enactment of
this Act , the Secretary of
Housing and Urban Development shall prescribe final regulations pursuant to
section 19(a) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2617(a)) to
carry out the amendments made by subsection (a) of this section.
(c) EFFECTIVE DATE- The amendments made by subsection (a) shall be made
on, and shall apply to charges made on and after, and the regulations
prescribed pursuant to subsection (b) shall take effect upon, the expiration
of the 270-day period beginning on the date of the enactment of this Act .
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