This part is about home loans under $100,000. A consumer agency must look at how one federal rule affects them. The rule sets limits on the fees a loan may carry. The look must be done within 270 days.
“In this section, the term ``small-dollar mortgage'' means a mortgage with an original principal obligation of less than $100,000.”
The section defines a small-dollar mortgage, for its own purposes, as a mortgage with an original principal obligation of less than $100,000.
What the document actually says
“In this section, the term ``small-dollar mortgage'' means a mortgage with an original principal obligation of less than $100,000.”
That sentence, in plain words
A small-dollar mortgage is a home loan. It starts at less than one hundred thousand dollars.
What this is about
Principal is the amount borrowed, apart from interest. This test looks at the sum at the start. The figure is a ceiling, not a target.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall”Who acts: Director of the Bureau of Consumer Financial ProtectionHow: statuteSec. 402 in the PDF
What the document says
“Not later than 270 days after the date of enactment of this Act, the Director of the Bureau of Consumer Financial Protection, in consultation with the Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency, shall evaluate the impact of the thresholds under section 1026.43 of title 12, Code of Federal Regulations (as in effect on the date of enactment of this Act), on small-dollar mortgage originations.”
The section requires the Director of the Bureau of Consumer Financial Protection, consulting the Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency, to evaluate within 270 days of enactment how the thresholds in section 1026.43 of title 12 of the Code of Federal Regulations, as in effect on the date of enactment, affect the making of small-dollar mortgages.
What the document actually says
“Not later than 270 days after the date of enactment of this Act, the Director of the Bureau of Consumer Financial Protection, in consultation with the Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency, shall evaluate the impact of the thresholds under section 1026.43 of title 12, Code of Federal Regulations (as in effect on the date of enactment of this Act), on small-dollar mortgage originations.”
That sentence, in plain words
A consumer agency must weigh what one federal rule does. The rule sets limits tied to home loans. The question is how those limits affect small loans. Two other agencies must be asked along the way.
What this is about
The rule named here is about the fees a home loan may carry. Small loans have small balances. A fee cap set as a share can bite harder on them.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The two things the section does: the definition of a small-dollar mortgage for the section, and the evaluation of the effect of the thresholds in section 1026.43 of title 12 of the Code of Federal Regulations.
Nothing the section does is left out.
The section points to section 1026.43 of title 12 of the Code of Federal Regulations as in effect on the date of enactment. That regulation is not indexed here, so nothing is recorded about what its thresholds are.
