Responsible Lending Act
Summary
Provides for continuation of late fee and prepayment provision identification under the Alternative Mortgage Transaction parity Act of 1982.
Amends the Housing and Urban Development Act of 1968 to establish in the Department of Housing and Urban Development the Consumer Mortgage Protection Board, which shall: (1) provide homeownership and rental counseling and related toll-free telephone and web site services; (2) provide grants for housing counseling services; and (3) prepare and update a mortgage information booklet.
Directs the Secretary of Housing and Urban Development to establish Federal mortgage broker requirements. Sets forth uniform State mortgage broker law guidelines, and states that Federal requirements shall apply to those States that have not enacted uniform laws.
