Encourage Your Representative to Pass Hold-harmless Bill
August 13, 2015
ALTA continues to encourage Congress to pass legislation that would provide for limited liability for those who in good faith attempt to comply with the new TILA-RESPA Integrated Disclosure (TRID) requirements through 2015.
- Title professionals are encouraged to take action and urge their representative to co-sponsor and vote yes on H.R. 3192.
Originally introduced by Steve Pearce (R-N.M.) and Brad Sherman (D-Calif.), H.R. 2213 would have mandated that the Consumer Financial Protection Bureau (CFPB) observe a hold-harmless period for enforcement of the TRID rule.
On July 9, the House Financial Services Committee passed H.R. 3192, the “Homebuyers Assistance Act.” This legislation would extend the hold-harmless period until Feb. 1, 2016. The bill also says that no lawsuit may be filed against a person for a violation of the TRID rule occurring before such date, so long as the person has made a good faith effort to comply with the rule.
Passed by a vote of 45-13, the bipartisan support in the committee likely signals passage by the full House. In the Senate, an existing bill, S. 1711—which is a companion bill to H.R. 2213—would provide for a TRID rule hold harmless period until Jan. 1, 2016. The bill was introduced on July 7, and referred to the Committee on Banking, Housing and Urban Affairs.
Contact ALTA at 202-296-3671 or [email protected].