Proposal:PARITY Act of 2019

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	HR 1036
Type of Legislation	House Bill
Congress	116
Source	View original on Congress.gov

Geographic Scope

National

Description

Preserving Access to Rural Installment Transactions for Years Act of 2019 or the PARITY Act of 2019

This bill revises the definition of a mortgage originator for the purposes of compliance with registration and compensation requirements.

Among other things, it exempts from mortgage originator requirements those lenders providing financing to five (currently three) or fewer properties in a year, including corporations and partnerships that would otherwise be regulated as mortgage originators. The bill also removes the requirement that such lenders, in order to be exempt from these requirements, must verify the buyer's ability to repay the loan.

Bill Title

PARITY Act of 2019

Linked Goals

• Goal:Promote General Welfare

Steps

• 2019-02-07: Referred to the House Committee on Financial Services.
• 2019-02-07: Introduced in House
• 2019-02-07: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.