Cramer: House Passes Legislation Improving Capital, Housing and Mortgage Laws
Press Release
Congressman Kevin Cramer supported a package of bills tonight in the U.S. House of Representatives. The legislation passed with bipartisan support addresses a variety of important topics including small business capital-raising, housing vouchers, and non-profit mortgage disclosures.
They include the BUILD Act, which will impact Habitat for Humanity and its affiliates in North Dakota. This bill corrects an issue for non-profit organizations caused by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. These non-profits were forced to comply with the same traditional mortgage lending disclosures, which posed to be difficult to submit and costly for charitable organizations.
"Small non-profit charitable organizations shouldn't be treated in the same way as mortgage lenders," said Cramer. "I am pleased to see the House respond to another over-step caused by Dodd-Frank by allowing these organizations to use more appropriate mortgage lending options that better align to their missions."
Additional Legislative Highlights:
H.R. 5877, the Main Street Growth Act, provides for the creation and registration of venture exchanges with expanded employment opportunities.
H.R. 6139, the Improving Investment Research for Small and Emerging Issuers Act, directs the Securities and Exchange Commission (SEC) to study and evaluate issues affecting the ability of emerging growth companies and other small issuers in obtaining research coverage, including SEC rules, FINRA rules, state and federal liability concerns, the 2003 Global Research Analyst Settlements, and MiFID II.
H.R. 5793, the Housing Choice Voucher Mobility Demonstration Act, creates a demonstration project in which the administration of housing choice vouchers would be designed to encourage movement to lower-poverty area.
H.R. 5953, the BUILD Act, amends the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) to allow bona-fide non-profit organizations to choose whether to use the truth in lending, good faith estimate, and HUD-1 forms in place of the TILA-RESPA Integrated Disclosure form.
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