The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 1098
SEC. 1098. AMENDMENTS TO THE REAL ESTATE
SETTLEMENT PROCEDURES ACT OF 1974.
The Real Estate
Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) is
amended—
(1) in section 3 (12 U.S.C. 2602)—
(A) in
paragraph (7), by striking ‘‘and’’ at the end;
(B) in
paragraph (8), by striking the period at the end and inserting ‘‘;
and’’; and
(C) by adding at the end the following:
‘‘(9) the term ‘Bureau’ means the Bureau of Consumer Financial
Protection.’’;
(2) in section 4 (12 U.S.C. 2603)—
(A) in subsection (a), by striking the first sentence and
inserting the following: ‘‘The Bureau shall publish a single,
integrated disclosure for mortgage loan transactions (including
real estate settlement cost statements) which includes the
disclosure requirements of this section and section 5, in
conjunction with the disclosure requirements of the Truth in
Lending Act that, taken together, may apply to a transaction that
is subject to both or either provisions of law.
The
purpose of such model disclosure shall be to facilitate compliance
with the disclosure requirements of this title and the Truth in
Lending Act, and to aid the borrower or lessee in understanding
the transaction by utilizing readily understandable language to
simplify the technical nature of the disclosures.’’;
(B) by
striking ‘‘Secretary’’ each place that term appears and inserting
‘‘Bureau’’; and
(C) by striking ‘‘form’’ each place that
term appears and inserting ‘‘forms’’;
(3) in section 5 (12
U.S.C. 2604)—
(A) by striking ‘‘Secretary’’ each place that
term appears and inserting ‘‘Bureau’’; and
(B) in
subsection (a), by striking the first sentence and inserting the
following: ‘‘The Bureau shall prepare and distribute booklets
jointly addressing compliance with the requirements of the Truth
in Lending Act and the provisions of this title, in order to help
persons borrowing money to finance the purchase of residential
real estate better to understand the nature and costs of real
estate settlement services.’’;
(4) in section 6(j)(3) (12
U.S.C. 2605(j)(3))—
(A) by striking ‘‘Secretary’’ and
inserting ‘‘Bureau’’; and
(B) by striking ‘‘, by
regulations that shall take effect not later than April 20,
1991,’’;
(5) in section 7(b) (12 U.S.C. 2606(b)) by
striking ‘‘Secretary’’ and inserting ‘‘Bureau’’;
(6) in
section 8(c)(5) (12 U.S.C. 2607(c)(5)), by striking ‘‘Secretary’’
and inserting ‘‘Bureau’’;
(7) in section 8(d) (12 U.S.C.
2607(d))—
(A) in the subsection heading, by inserting
‘‘BUREAU AND’’ before ‘‘SECRETARY’’; and
(B) by striking
paragraph (4), and inserting the following:
‘‘(4) The
Bureau, the Secretary, or the attorney general or the insurance
commissioner of any State may bring an action to enjoin violations
of this section. Except, to the extent that a person is subject to
the jurisdiction of the Bureau, the Secretary, or the attorney
general or the insurance commissioner of any State, the Bureau
shall have primary authority to enforce or administer this
section, subject to subtitle B of the Consumer Financial
Protection Act of 2010.’’;
(8) in section 10(c) (12 U.S.C.
2609(c) and (d)), by striking ‘‘Secretary’’ and inserting
‘‘Bureau’’;
(9) in section 16 (12 U.S.C. 2614), by
inserting ‘‘the Bureau,’’ before ‘‘the Secretary’’;
(10) in
section 18 (12 U.S.C. 2616), by striking ‘‘Secretary’’ each place
that term appears and inserting ‘‘Bureau’’; and
(11) in
section 19 (12 U.S.C. 2617)—
(A) in the section heading by
striking ‘‘SECRETARY’’ and inserting ‘‘BUREAU’’;
(B) in
subsection (a), by striking ‘‘Secretary’’ each place that term
appears and inserting ‘‘Bureau’’; and
(C) in subsections
(b) and (c), by striking ‘‘the Secretary’’ each place that term
appears and inserting ‘‘the Bureau’’.
Return to Index
Return to the Table of Contents
Visit the
international Association of Risk and Compliance Professionals
(IARCP)
|
