Tim Scott, a senator from South Carolina, sponsored a bill that would “provide for a temporary safe harbor from the enforcement of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, and for other purposes.”
The bill is known as S.1711.
According to Congress.gov, “This bill prohibits until January 1, 2016, enforcement against any person of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974, the Truth in Lending Act, and regulations issued under such Acts.
“No suit may be filed against any person for a violation of such requirements occurring before that date, as long as the person has made a good faith effort to comply with them.”
This is a bipartisan bill that mirrors H.R. 2213 in the House, which is being sponsored by Stevan Pearce from New Mexico.
For anyone working in a real-estate-related field who doesn’t know what the TILA-RESPA Integrated Disclosure rule is, TRID is sweeping legislation that will change the landscape of the lending environment with new disclosures to help consumers better understand their mortgage terms.