H.R.2446 - RESPA Home Warranty Clarification Act of 2011

To clarify the treatment of homeowner warranties under current law, and for other purposes. view all titles (4)

All Bill Titles

  • 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.
  • Short: RESPA Home Warranty Clarification Act of 2012 as reported to house.
  • Short: RESPA Home Warranty Clarification Act of 2012 as passed house.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
07/07/11
 
08/01/12
 
 
 
 
 

Sponsor

Representative

Judy Biggert

R-IL

View Co-Sponsors (40)

Official Summary

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 de

Official Summary

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.

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