HOME MORTGAGE DISCLOSURE ACT OF 1975 EXCERPT FROM PUBLIC LAW 94-200 [Public Law 94-200; 89 Stat. 1125; 12 U.S.C. 2801 et seq.] TITLE III-HOME MORTGAGE DISCLOSURE SHORT TITLE SEC. 301. [12 U.S.C. 2801 note] This title may be cited as th "Home Mortgage Disclosure Act of 1975". FINDINGS AND PURPOSES SEC. 302. [12 U.S.C. 2801] (a) The Congress finds that som depository institutions have sometimes contributed to the decline certain geographic areas by their failure pursuant to their charte ing responsibilities to provide adequate home financing to qualifie applicants on reasonable terms and conditions. (b) The purpose of this title is to provide the citizens and pu lic officials of the United States with sufficient information to e able them to determine whether depository institutions are filli their obligations to serve the housing needs of the communities a neighborhoods in which they are located and to assist public of cials in their determination of the distribution of public sector i vestments in a manner designed to improve the private investme environment. (c) Nothing in this title is intended to, nor shall it be constru to, encourage unsound lending practices or the allocation of cred DEFINITIONS SEC. 303. [12 U.S.C. 2802] For purposes of this title- (A) means (i) any bank (as defined in section 3(a)(1) of t Federal Deposit Insurance Act); (ii) any savings association (as defined in secti 3(b)(1) of the Federal Deposit Insurance Act); and (iii) any credit union, which makes federally related mortgage loans as termined by the Board; and (B) includes any other lending institution (as defin in paragraph (4)) other than any institution described subparagraph (A); (3) the term "completed application" means an applicati in which the creditor has received the information that is reg larly obtained in evaluating applications for the amount and type of credit requested: 14 the term "other lending institutions" means any person engaged for profit in the business of mortgage lending, 5 the term "Board" means the Board of Governors of the Federal Reserve System: and (6) the term "Secretary" means the Secretary of Housing and Urban Development. MAINTENANCE OF RECORDS AND PUBLIC DISCLOSURE SEC. 304. [12 U.S.C. 2803] (a1) Each depository institution which has a home office or branch office located within a primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas, as defined by the Department of Commerce shall compile and make available, in accordance with regulations of the Board, to the public for inspection and copying at the home office, and at least one branch office within each primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas in which the depository institution has an office the number and total dollar amount of mortgage loans which were (A) originated (or for which the institution received completed applications), or (B) purchased by that institution during each fiscal year (beginning with the last full fiscal year of that institution which immediately preceded the effective date of this title). (2) The information required to be maintained and made available under paragraph (1) shall also be itemized in order to clearly and conspicuously disclose the following: (A) The number and dollar amount for each item referred to in paragraph (1), by census tracts for mortgage loans secured by property located within any county with a population of more than 30,000, within that primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas, otherwise, by county, for mortgage loans secured by property located within any other county within that standard metropolitan statistical area. (B) The number and dollar amount for each item referred to in paragraph (1) for all such mortgage loans which are secured by property located outside that primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas. For the purpose of this paragraph, a depository institution which maintains offices in more than one primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas shall be required to make the information required by this paragraph available at any such office only to the extent that such information relates to mortgage loans which were originated or purchased (or for which completed applications were received) by an office of that depository institution located in the primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas in which the office making such information available is located. For purposes of this paragraph, other lending institutions shall be deemed to have a home office or branch office within a primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas if such institutions have originated or purchased or received completed applications for at least 5 mortgage loans in such area in the preceding calendar year. (b) Any item of information relating to mortgage loans required to be maintained under subsection (a) shall be further itemized in order to disclose for each such item (1) the number and dollar amount of mortgage loans which are insured under title II of the National Housing Act or under title V of the Housing Act of 1949 or which are guaranteed under chapter 37 of title 38, United States Code; (2) the number and dollar amount of mortgage loans made to mortgagors who did not, at the time of execution of the mortgage, intend to reside in the property securing the mortgage loan; (3) the number and dollar amount of home improvement loans; and (4) the number and dollar amount of mortgage loans and completed applications involving mortgagors or mortgage applicants grouped according to census tract, income level, racial characteristics, and gender. (c) Any information required to be compiled and made available under this section, other than loan application register information under subsection (j), shall be maintained and made available for a period of five years after the close of the first year during which such information is required to be maintained and made available. (d) Notwithstanding the provisions of subsection (a)(1), data required to be disclosed under this section for 1980 and thereafter shall be disclosed for each calendar year. Any depository institution which is required to make disclosures under this section but which has been making disclosures on some basis other than a calendar year basis shall make available a separate disclosure statement containing data for any period prior to calendar year 1980 which is not covered by the last full year report prior to the 1980 calendar year report. (e) Subject to subsection (h), the Board shall prescribe a standard format for the disclosures required under this section. (f) The Federal Financial Institutions Examination Council, in consultation with the Secretary, shall implement a system to facilitate access to data required to be disclosed under this section. Such system shall include arrangements for a central depository of data in each primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas. Disclosure statements shall be made available to the public for inspection and copying at such central depository of data for all de pository institutions which are required to disclose information under this section (or which are exempted pursuant to section 306(b)) and which have a home office or branch office within such primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas. (g) The requirements of subsections (a) and (b) shall not apply with respect to mortgage loans that are (1) made (or for which completed applications are received) by any mortgage banking subsidiary of a bank holding company or savings and loan holding company or by any savings and loan service corporation that originates or purchases mortgage loans; and (2) approved (or for which completed applications are received) by the Secretary for insurance under title I or II of the National Housing Act. (h) SUBMISSION TO AGENCIES.-The data required to be disclosed under susbsection (b)(4) shall be submitted to the appropriate agency for each institution reporting under this title. Notwithstanding the requirement of section 304(a)(2)(A) for disclosure by census tract, the Board, in cooperation with other appropriate regulators, including (1) the Office of the Comptroller of the Currency for national banks and Federal branches and Federal agencies of foreign banks; (2) the Director of the Office of Thrift Supervision for savings associations; (3) the Federal Deposit Insurance Corporation for banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), mutual savings banks, insured State branches of foreign banks, and any other depository institution described in section 303(2)(A) which is not otherwise referred to in this paragraph; (4) the National Credit Union Administration Board for credit unions; and (5) the Secretary of Housing and Urban Development for other lending institutions not regulated by the agencies referred to in paragraphs (1) through (4), shall develop regulations prescribing the format for such disclosures, the method for submission of the data to the appropriate regulatory agency, and the procedures for disclosing the information to the public. These regulations shall also require the collection of data required to be disclosed under subsection (b)(4) with respect to loans sold by each institution reporting under this title, and, in addition, shall require disclosure of the class of the purchaser of such loans. Any reporting institution may submit in writing to the appropriate agency such additional data or explanations as it deems relevant to the decision to originate or purchase mortgage loans. (i) EXEMPTION FROM CERTAIN DISCLOSURE REQUIREMENTS.The requirements of subsection (b)(4) shall not apply with respect to any depository institution described in section 303(2)(A) which has total assets, as of the most recent full fiscal year of such institution, of $30,000,000 or less. (j) LOAN APPLICATION REGISTER INFORMATION.— (1) IN GENERAL.-In addition to the information required to be disclosed under subsections (a) and (b), any depository institution which is required to make disclosures under this section shall make available to the public, upon request, loan application register information (as defined by the Board by regulation) in the form required under regulations prescribed by the Board. (2) FORMAT OF DISCLOSURE.— (A) UNEDITED FORMAT.-Subject to subparagraph (B), the loan application register information described in paragraph (1) may be disclosed by a depository institution without editing or compilation and in the format in which such information is maintained by the institution. (B) PROTECTION OF APPLICANT'S PRIVACY INTEREST.— The Board shall require, by regulation, such deletions as the Board may determine to be appropriate to protect (i) any privacy interest of any applicant, including the deletion of the applicant's name and identification number, the date of the application, and the date of any determination by the institution with respect to such application; and (ii) a depository institution from liability under any Federal or State privacy law. (C) CENSUS TRACT FORMAT ENCOURAGED.-It is the sense of the Congress that a depository institution should provide loan register information under this section in a format based on the census tract in which the property is located. (3) CHANGE OF FORM NOT REQUIRED.-A depository institution meets the disclosure requirement of paragraph (1) if the institution provides the information required under such graph in the form in which the institution maintains such information. para (4) REASONABLE CHARGE FOR INFORMATION.-Any depository institution which provides information under this subsection may impose a reasonable fee for any cost incurred in reproducing such information. (5) TIME OF DISCLOSURE.—The disclosure of the loan application register information described in paragraph (1) for any year pursuant to a request under paragraph (1) shall be made (A) in the case of a request made on or before March 1 of the succeeding year, before April 1 of the succeeding year; and (B) in the case of a request made after March 1 of the succeeding year, before the end of the 30-day period beginning on the date the request is made. (6) RETENTION OF INFORMATION.-Notwithstanding subsection (c), the loan application register information described in paragraph (1) for any year shall be maintained and made available, upon request, for 3 years after the close of the 1st year during which such information is required to be maintained and made available. |