S.2860 - Fair Value and Independent Appraisal Act

A bill to diminish predatory lending by enhancing appraisal quality and standards, to improve appraisal oversight, to ensure mortgage appraiser independence, to provide for enhanced remedies and enforcement, and for other purposes. view all titles (2)

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All Bill Titles

  • Official: A bill to diminish predatory lending by enhancing appraisal quality and standards, to improve appraisal oversight, to ensure mortgage appraiser independence, to provide for enhanced remedies and enforcement, and for other purposes. as introduced.
  • Short: Fair Value and Independent Appraisal Act as introduced.

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  • Today: 2
  • Past Seven Days: 11
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President
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04/14/08
 
 
 
 
 
 
 

Official Bill Text Comment on about 9 Pages

Official Summary

4/15/2008--Introduced.Fair Value and Independent Appraisal Act - Amends the Truth in Lending Act to prohibit a creditor from extending a mortgage to any consumer without first obtaining a written appraisal of the property to be mortgaged, prepared in accordance with specified requirements.
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Official Summary

4/15/2008--Introduced.
Fair Value and Independent Appraisal Act - Amends the Truth in Lending Act to prohibit a creditor from extending a mortgage to any consumer without first obtaining a written appraisal of the property to be mortgaged, prepared in accordance with specified requirements. Requires a creditor to provide a copy of each such appraisal to the consumer without charge, at least three days prior to the transaction closing date. Declares unfair or deceptive specified property appraisal practices in the provision of:
(1) mortgage lending services for a consumer credit transaction secured by the consumer's principal dwelling; or
(2) any mortgage brokerage services for such a transaction. Establishes civil monetary penalties for such practices. Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to jointly prescribe regulations defining such unfair or deceptive acts or practices.


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Recent Blog Coverage

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12/08/09
S.2860: Preventing Harmful Restraint and Seclusion in Schools Act ...

S.2860 - Preventing Harmful Restraint and Seclusion in Schools Act. A bill to protect students from inappropriate seclusion and physical restraint, and for other purposes. view all titles (2) ..... OpenCongress is a free and open-source project of the Part

Source: opencongress.org
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10/05/08
Appraisal Independence

HR 3837 and its companion S.2860, the Fair Value and Independent Appraisal Act, will add important disclosure requirements, prohibit deceptive practices and improve appraisal standards. The Senate should quickly act on this proposal, ...

Source: Salt Lake City Real Estate Blog
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09/15/08
Congresswoman Biggert promotes Appraisal Independence

HR 3837 and its companion S.2860, the Fair Value and Independent Appraisal Act, will add important disclosure requirements, prohibit deceptive practices and improve appraisal standards. The Senate should quickly act on this proposal, ...

Source: Appraisal Insight
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