U.S. Congress - H.R.2446 RESPA Home Warranty Clarification Act of 2012
H.R.2446 - RESPA Home Warranty Clarification Act of 2012
To clarify the treatment of homeowner warranties under current law, and for other purposes. view all titles (4)
All Bill Titles
- Short: RESPA Home Warranty Clarification Act of 2012 as passed house.
- Short: RESPA Home Warranty Clarification Act of 2012 as reported to house.
- Official: To clarify the treatment of homeowner warranties under current law, and for other purposes. as introduced.
- Short: RESPA Home Warranty Clarification Act of 2011 as introduced.
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Official Summary
8/1/2012--Passed House amended. (This measure has not been amended since it was reported to the House on July 31, 2012. The summary of that version is repeated here.) RESPA Home Warranty Clarification Act of 2012 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to state tOfficial Summary
8/1/2012--Passed House amended. (This measure has not been amended since it was reported to the House on July 31, 2012. The summary of that version is repeated here.) RESPA Home Warranty Clarification Act of 2012 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to state that no prohibited kickback or unearned fee incident to a real estate settlement service involving a federally related mortgage loan shall be deemed to include, or be deemed to have included, homeowner warranties or similar residential service contracts for the repair or replacement of home system components or home appliances. Requires any person that pays another person not employed by the person for selling, advertising, marketing, or processing, or performing an inspection in connection with, a homeowner warranty or similar residential service contract for the repair or replacement of home system components or home appliances, to include a specified statement reflecting this Act in any such warranty or contract incident to a transaction involving the origination of a federally related mortgage loan. Requires any person who has contracted to receive payment from a provider of such services for recommending the purchase of a home warranty or similar residential service contract, and is not an employee of such provider, to give the potential purchaser, upon first recommending such a purchase, a written notice informing the individual that such person has received or will receive compensation from the warranty company for the residential service. Allows the individual to opt out of purchasing such a warranty or service contract, or to purchase it from another provider....Read the Rest
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