To amend the Truth in Lending Act to modernize disclosure requirements, establish materiality standards and safe harbors for mortgage disclosures, simplify waiting period requirements, expand tolerances for annual percentage rate accuracy, and for other purposes.
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Summary
Based on the bill's title, this legislation would amend the Truth in Lending Act to modernize mortgage disclosure requirements for consumers. The bill would establish materiality standards and safe harbors for mortgage disclosures, simplify waiting period requirements between disclosure and closing, and expand tolerances for annual percentage rate (APR) accuracy calculations. The bill has been referred to the House Committee on Financial Services but the full text is not yet available.
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