Legis Daily

TRID Improvement Act of 2017

USA115th CongressHR-3978| House 
| Updated: 2/15/2018
J. French Hill

J. French Hill

Republican Representative

Arkansas

Cosponsors (18)
Steve Stivers (Republican)Lee M. Zeldin (Republican)Claudia Tenney (Republican)Edward R. Royce (Republican)Stevan Pearce (Republican)Vicente Gonzalez (Democratic)Luke Messer (Republican)Andy Barr (Republican)Kyrsten Sinema (Independent)Roger Williams (Republican)Trey Hollingsworth (Republican)Brad Sherman (Democratic)Blaine Luetkemeyer (Republican)Ruben J. Kihuen (Democratic)Dennis A. Ross (Republican)Tom Emmer (Republican)Josh Gottheimer (Democratic)Ralph Norman (Republican)

Consumer Protection and Financial Institutions Subcommittee, Financial Services Committee, Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
(Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million. TITLE I--TRID IMPROVEMENT (Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. TITLE II--PROTECTION OF SOURCE CODE (Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena. TITLE III--FOSTERING INNOVATION (Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies. These requirements shall not apply with respect to any audit report prepared for an issuer that: ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities, had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and is not a large accelerated filer. This exemption shall expire at the earliest of: (1) the last day of the fiscal year 10 years after the issuer's first sale of common equity securities, (2) the end of the fiscal year in which the issuer's average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer. TITLE IV--NATIONAL SECURITIES EXCHANGE REGULATORY PARITY (Sec. 401) The bill amends the Securities Act of 1933 to exempt from state registration securities qualified for national trading by the SEC and authorized to be listed on a national securities exchange. Currently, securities listed on exchanges specified by statute or rule are exempt. TITLE V--ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS (Sec. 501) The bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution. (Sec. 502) The bill revises the S.A.F.E. Mortgage Licensing Act's civil liability immunity provisions.

Bill Text Versions

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Timeline
Sep 7, 2017
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.
Oct 5, 2017
Introduced in House
Oct 5, 2017
Referred to the House Committee on Financial Services.
Nov 15, 2017
Committee Consideration and Mark-up Session Held.
Nov 15, 2017
Ordered to be Reported by the Yeas and Nays: 53 - 5.
Jan 25, 2018
Placed on the Union Calendar, Calendar No. 389.
Jan 25, 2018
Reported by the Committee on Financial Services. H. Rept. 115-524.
Feb 14, 2018
Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
Feb 14, 2018
Rule H. Res. 736 passed House.
Feb 14, 2018
Considered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169)
Feb 14, 2018
Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
Feb 14, 2018
DEBATE - The House proceeded with one hour of debate on H.R. 3978.
Feb 14, 2018
DEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.
Feb 14, 2018
The previous question was ordered on the bill and amendment pursuant to the rule.
Feb 14, 2018
Mr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166)
Feb 14, 2018
DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed.
Feb 14, 2018
The previous question on the motion to recommit with instructions was ordered without objection.
Feb 14, 2018
On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76).
View Vote
Feb 14, 2018
On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77). (text: CR H1155-1156)
View Vote
Feb 14, 2018
Motion to reconsider laid on the table Agreed to without objection.
Feb 15, 2018
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • September 7, 2017
    Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.


  • October 5, 2017
    Introduced in House


  • October 5, 2017
    Referred to the House Committee on Financial Services.


  • November 15, 2017
    Committee Consideration and Mark-up Session Held.


  • November 15, 2017
    Ordered to be Reported by the Yeas and Nays: 53 - 5.


  • January 25, 2018
    Placed on the Union Calendar, Calendar No. 389.


  • January 25, 2018
    Reported by the Committee on Financial Services. H. Rept. 115-524.


  • February 14, 2018
    Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.


  • February 14, 2018
    Rule H. Res. 736 passed House.


  • February 14, 2018
    Considered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169)


  • February 14, 2018
    Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.


  • February 14, 2018
    DEBATE - The House proceeded with one hour of debate on H.R. 3978.


  • February 14, 2018
    DEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.


  • February 14, 2018
    The previous question was ordered on the bill and amendment pursuant to the rule.


  • February 14, 2018
    Mr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166)


  • February 14, 2018
    DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed.


  • February 14, 2018
    The previous question on the motion to recommit with instructions was ordered without objection.


  • February 14, 2018
    On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76).
    View Vote


  • February 14, 2018
    On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77). (text: CR H1155-1156)
    View Vote


  • February 14, 2018
    Motion to reconsider laid on the table Agreed to without objection.


  • February 15, 2018
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • HR 115-4546: National Securities Exchange Regulatory Parity Act
  • HR 115-2948: To amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license for loan originators transitioning between employers, and for other purposes.
  • HRES 115-736: Providing for consideration of the bill (H.R. 620) to amend the Americans with Disabilities Act of 1990 to promote compliance through education, to clarify the requirements for demand letters, to provide for a notice and cure period before the commencement of a private civil action, and for other purposes; providing for consideration of the bill (H.R. 3299) to amend the Revised Statutes, the Home Owners' Loan Act, the Federal Credit Union Act, and the Federal Deposit Insurance Act to require the rate of interest on certain loans remain unchanged after transfer of the loan, and for other purposes; providing for consideration of the bill (H.R. 3978) to amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes; and providing for proceedings during the period from February 16, 2018, through February 23, 2018.
  • HR 115-1645: Fostering Innovation Act of 2017
  • S 115-2126: A bill to amend the Sarbanes-Oxley Act of 2002 to provide a temporary exemption for low-revenue issuers from certain auditor attestation requirements.
  • HR 115-5078: TRID Improvement Act of 2018
  • HR 115-3948: Protection of Source Code Act
  • S 115-1753: A bill to amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license for loan originators transitioning between employers, and for other purposes.
  • S 115-3733: A bill to prohibit the Securities and Exchange Commission from compelling a person to produce or furnish algorithmic trading source code or similar intellectual property to the Commission unless the Commission first issues a subpoena, and for other purposes.
  • S 115-2490: A bill to amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures.
Accounting and auditingBusiness recordsCivil actions and liabilityComputers and information technologyConsumer Financial Protection BureauFinancial services and investmentsGovernment information and archivesGovernment liabilityGovernment trust fundsHousing finance and home ownershipIntellectual propertyLicensing and registrationsReal estate businessSecuritiesSecurities and Exchange Commission (SEC)State and local government operationsUser charges and fees

TRID Improvement Act of 2017

USA115th CongressHR-3978| House 
| Updated: 2/15/2018
(Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million. TITLE I--TRID IMPROVEMENT (Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. TITLE II--PROTECTION OF SOURCE CODE (Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena. TITLE III--FOSTERING INNOVATION (Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies. These requirements shall not apply with respect to any audit report prepared for an issuer that: ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities, had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and is not a large accelerated filer. This exemption shall expire at the earliest of: (1) the last day of the fiscal year 10 years after the issuer's first sale of common equity securities, (2) the end of the fiscal year in which the issuer's average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer. TITLE IV--NATIONAL SECURITIES EXCHANGE REGULATORY PARITY (Sec. 401) The bill amends the Securities Act of 1933 to exempt from state registration securities qualified for national trading by the SEC and authorized to be listed on a national securities exchange. Currently, securities listed on exchanges specified by statute or rule are exempt. TITLE V--ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS (Sec. 501) The bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution. (Sec. 502) The bill revises the S.A.F.E. Mortgage Licensing Act's civil liability immunity provisions.

Bill Text Versions

View Text
4 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Sep 7, 2017
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.
Oct 5, 2017
Introduced in House
Oct 5, 2017
Referred to the House Committee on Financial Services.
Nov 15, 2017
Committee Consideration and Mark-up Session Held.
Nov 15, 2017
Ordered to be Reported by the Yeas and Nays: 53 - 5.
Jan 25, 2018
Placed on the Union Calendar, Calendar No. 389.
Jan 25, 2018
Reported by the Committee on Financial Services. H. Rept. 115-524.
Feb 14, 2018
Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
Feb 14, 2018
Rule H. Res. 736 passed House.
Feb 14, 2018
Considered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169)
Feb 14, 2018
Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
Feb 14, 2018
DEBATE - The House proceeded with one hour of debate on H.R. 3978.
Feb 14, 2018
DEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.
Feb 14, 2018
The previous question was ordered on the bill and amendment pursuant to the rule.
Feb 14, 2018
Mr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166)
Feb 14, 2018
DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed.
Feb 14, 2018
The previous question on the motion to recommit with instructions was ordered without objection.
Feb 14, 2018
On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76).
View Vote
Feb 14, 2018
On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77). (text: CR H1155-1156)
View Vote
Feb 14, 2018
Motion to reconsider laid on the table Agreed to without objection.
Feb 15, 2018
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • September 7, 2017
    Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.


  • October 5, 2017
    Introduced in House


  • October 5, 2017
    Referred to the House Committee on Financial Services.


  • November 15, 2017
    Committee Consideration and Mark-up Session Held.


  • November 15, 2017
    Ordered to be Reported by the Yeas and Nays: 53 - 5.


  • January 25, 2018
    Placed on the Union Calendar, Calendar No. 389.


  • January 25, 2018
    Reported by the Committee on Financial Services. H. Rept. 115-524.


  • February 14, 2018
    Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.


  • February 14, 2018
    Rule H. Res. 736 passed House.


  • February 14, 2018
    Considered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169)


  • February 14, 2018
    Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.


  • February 14, 2018
    DEBATE - The House proceeded with one hour of debate on H.R. 3978.


  • February 14, 2018
    DEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.


  • February 14, 2018
    The previous question was ordered on the bill and amendment pursuant to the rule.


  • February 14, 2018
    Mr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166)


  • February 14, 2018
    DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed.


  • February 14, 2018
    The previous question on the motion to recommit with instructions was ordered without objection.


  • February 14, 2018
    On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76).
    View Vote


  • February 14, 2018
    On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77). (text: CR H1155-1156)
    View Vote


  • February 14, 2018
    Motion to reconsider laid on the table Agreed to without objection.


  • February 15, 2018
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
J. French Hill

J. French Hill

Republican Representative

Arkansas

Cosponsors (18)
Steve Stivers (Republican)Lee M. Zeldin (Republican)Claudia Tenney (Republican)Edward R. Royce (Republican)Stevan Pearce (Republican)Vicente Gonzalez (Democratic)Luke Messer (Republican)Andy Barr (Republican)Kyrsten Sinema (Independent)Roger Williams (Republican)Trey Hollingsworth (Republican)Brad Sherman (Democratic)Blaine Luetkemeyer (Republican)Ruben J. Kihuen (Democratic)Dennis A. Ross (Republican)Tom Emmer (Republican)Josh Gottheimer (Democratic)Ralph Norman (Republican)

Consumer Protection and Financial Institutions Subcommittee, Financial Services Committee, Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 115-4546: National Securities Exchange Regulatory Parity Act
  • HR 115-2948: To amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license for loan originators transitioning between employers, and for other purposes.
  • HRES 115-736: Providing for consideration of the bill (H.R. 620) to amend the Americans with Disabilities Act of 1990 to promote compliance through education, to clarify the requirements for demand letters, to provide for a notice and cure period before the commencement of a private civil action, and for other purposes; providing for consideration of the bill (H.R. 3299) to amend the Revised Statutes, the Home Owners' Loan Act, the Federal Credit Union Act, and the Federal Deposit Insurance Act to require the rate of interest on certain loans remain unchanged after transfer of the loan, and for other purposes; providing for consideration of the bill (H.R. 3978) to amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes; and providing for proceedings during the period from February 16, 2018, through February 23, 2018.
  • HR 115-1645: Fostering Innovation Act of 2017
  • S 115-2126: A bill to amend the Sarbanes-Oxley Act of 2002 to provide a temporary exemption for low-revenue issuers from certain auditor attestation requirements.
  • HR 115-5078: TRID Improvement Act of 2018
  • HR 115-3948: Protection of Source Code Act
  • S 115-1753: A bill to amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license for loan originators transitioning between employers, and for other purposes.
  • S 115-3733: A bill to prohibit the Securities and Exchange Commission from compelling a person to produce or furnish algorithmic trading source code or similar intellectual property to the Commission unless the Commission first issues a subpoena, and for other purposes.
  • S 115-2490: A bill to amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Accounting and auditingBusiness recordsCivil actions and liabilityComputers and information technologyConsumer Financial Protection BureauFinancial services and investmentsGovernment information and archivesGovernment liabilityGovernment trust fundsHousing finance and home ownershipIntellectual propertyLicensing and registrationsReal estate businessSecuritiesSecurities and Exchange Commission (SEC)State and local government operationsUser charges and fees