H.R. 3978 - TRID Improvement Act of 2017

TRID Improvement Act of 2017

H.R. 3978 — 115^th Congress (2017–2018)

Summary

To amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes. (by CRS)

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Title

To amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes.

Other Titles

• TRID Improvement Act of 2017
• TRID Improvement Act of 2017
• TRID Improvement Act of 2017

Sponsor

J. French Hill

Co-Sponsors

• Andy Barr
• Tom Emmer
• Vicente Gonzalez
• Josh Gottheimer
• Trey Hollingsworth
• Ruben J. Kihuen
• Blaine Luetkemeyer
• Luke Messer
• Ralph Norman
• Stevan Pearce
• Dennis A. Ross
• Edward R. Royce
• Brad Sherman
• Kyrsten Sinema
• Steve Stivers
• Claudia Tenney
• Roger Williams
• Lee M. Zeldin

Subjects

• Finance and financial sector
• Accounting and auditing
• Business records
• Civil actions and liability
• Computers and information technology
• Consumer Financial Protection Bureau
• Financial services and investments
• Government information and archives
• Government liability
• Government trust funds
• Housing finance and home ownership
• Intellectual property
• Licensing and registrations
• Real estate business
• Securities
• Securities and Exchange Commission (SEC)
• State and local government operations
• User charges and fees

Related Bills

• H.R. 10 (115^th) : Financial CHOICE Act of 2017
• H.R. 1645 (115^th) : Fostering Innovation Act of 2017
• H.R. 2948 (115^th) : To Amend the S.A.F.E. Mortgage Licensing Act of 2008 to Provide a Temporary License for Loan Originators Transitioning Between Employers, and for Other Purposes.
• H.R. 3948 (115^th) : Protection of Source Code Act
• H.R. 4546 (115^th) : National Securities Exchange Regulatory Parity Act
• S. 1753 (115^th) : SAFE Transitional License Act
• S. 2126 (115^th) : Fostering Innovation Act of 2017
• S. 3733 (115^th) : Protection of Source Code Act
• H.R. 5078 (115^th) : TRID Improvement Act of 2018
• H.Res. 736 (115^th) : Providing for Consideration of the Bill (H.R. 620) to Amend the Americans with Disabilities Act of 1990 to Promote Compliance Through Education, to Clarify the Requirements for Demand Letters, to Provide for a Notice and Cure Period Before the Commencement of a Private Civil Action, and for Other Purposes; Providing for Consideration of the Bill (H.R. 3299) to Amend the Revised Statutes, the Home Owners' Loan Act, the Federal Credit Union Act, and the Federal Deposit Insurance Act to Require the Rate of Interest on Certain Loans Remain Unchanged After Transfer of the Loan, and for Other Purposes; Providing for Consideration of the Bill (H.R. 3978) to Amend the Real Estate Settlement Procedures Act of 1974 to Modify Requirements Related to Mortgage Disclosures, and for Other Purposes; and Providing for Proceedings During the Period from February 16, 2018, Through February 23, 2018.
• S. 2490 (115^th) : TRID Improvement Act of 2018

Major Actions

Introduced	9/07/2017
Amendments (1 proposed)
Passed House	2/14/2018

Bill History

• All Votes
• All Actions
• Amendments

	Chamber/Committee	Motion	Date	Result
currently selected	House	On Motion to Recommit with Instructions: H R 3978 TRID Improvement Act	2/14/2018	This motion DID NOT PASS the House 189 voted YES 228 voted NO 14 voted present/not voting
select this vote	House	On Passage: H R 3978 TRID Improvement Act	2/14/2018	This bill PASSED the House 271 voted YES 145 voted NO 15 voted present/not voting
select this vote	House	On agreeing to the Foster amendment (A002) Agreed to by voice vote.	2/14/2018	by voice vote

	Action	Date	Description
	Introduced	10/05/2017
		9/07/2017	Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.
		10/05/2017	Introduced in House
		10/05/2017	Referred to the House Committee on Financial Services.
		11/15/2017	Committee Consideration and Mark-up Session Held.
	Put on a legislative calendar	11/15/2017	Ordered to be Reported by the Yeas and Nays: 53 - 5.
		1/25/2018	Reported by the Committee on Financial Services. H. Rept. 115-524.
	Put on a legislative calendar	1/25/2018	Placed on the Union Calendar, Calendar No. 389.
		2/13/2018	Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
		2/14/2018
		2/14/2018	House amendment offered
		2/14/2018
		2/14/2018	House amendment offered
		2/14/2018	Rule H. Res. 736 passed House.
		2/14/2018	Considered under the provisions of rule H. Res. 736.
		2/14/2018	Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
		2/14/2018	DEBATE - The House proceeded with one hour of debate on H.R. 3978.
		2/14/2018	DEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.
		2/14/2018	The previous question was ordered on the bill and amendment pursuant to the rule.
		2/14/2018	Mr. Capuano moved to recommit with instructions to the Committee on Financial Services.
		2/14/2018	DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed.
		2/14/2018	The previous question on the motion to recommit with instructions was ordered without objection.
		2/14/2018	Motion to reconsider laid on the table Agreed to without objection.
currently selected	Vote	2/14/2018	On Motion to Recommit with Instructions: H R 3978 TRID Improvement Act
select this vote	House Vote on Passage	2/14/2018	On Passage: H R 3978 TRID Improvement Act
		2/14/2018	Amendment (A002) offered by Mr. Foster.
		2/14/2018	House amendment offered/reported by: Amendment (A002) offered by Mr. Foster.
select this vote	Vote	2/14/2018	On agreeing to the Foster amendment (A002) Agreed to by voice vote.
		2/14/2018	Amendment agreed to by House: On agreeing to the Foster amendment (A002) Agreed to by voice vote.
		2/14/2018	House amendment agreed to: On agreeing to the Foster amendment (A002) Agreed to by voice vote.
		2/15/2018	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

	Number	Sponsor	Date Offered	Status
select this vote	H. Amdt. 518	Foster, Bill [D-IL11]	February 14, 2018	Passed by voice vote on February 14, 2018.
	An amendment numbered 1 printed in Part C of Report 115-559 to clarify that the requirement applies only to proprietary source code related to algorithmic trading, which contains prescriptive information. Show amendment details