Home Equity Lending Integrity Act

The Home Equity Lending Integrity Act aims to clarify and strengthen consumer protections under the Truth in Lending Act (TILA) by explicitly including home equity investment loans within the definition of a residential mortgage loan. This ensures that these types of transactions are subject to TILA's disclosure and consumer protection requirements, providing greater transparency for consumers. The bill defines a home equity investment loan as a transaction secured by a dwelling where a consumer receives money or other value in exchange for an interest in their property and a contingent obligation based on the property's value. Furthermore, it directs the Bureau of Consumer Financial Protection to issue regulations applying TILA's liability provisions to violations involving these newly defined loans. Congress states this amendment reflects the existing intent of TILA and is not a substantive change to its administration.