Page:United States Statutes at Large Volume 110 Part 4.djvu/561

 PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009 -398 (3) BOARD.— The term "Board" means the Board of Governors of the Federal Reserve System. (4) CORPORATION. —The term "Corporation" means the Federal Deposit Insurance Corporation. (5) COUNCIL.— The term "Council" means the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978. (6) INSURED CREDIT UNION.— The term "insured credit union" has the same meaning as in section 101 of the Federal Credit Union Act. (7) INSURED DEPOSITORY INSTITUTION.—The term "insured depository institution" has the same meaning as in section 3 of the Federal Deposit Insurance Act. Subtitle A—Streamlining the Home Mortgage Lending Process SEC. 2101. SIMPLIFICATION AND UNIFICATION OF DISCLOSURES 12 USC 2601 REQUIRED UNDER RESPA AND TILA FOR MORTGAGE note. TRANSACTIONS. (a) IN GENERAL.— With respect to credit transactions which are subject to the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, the Board of Governors of the Federal Reserve System (hereafter in this section referred to as the "Board") and the Secretary of Housing and Urban Development (hereafter in this section referred to as the "Secretary) shall take such action as may be necessary before the end of the 6-month period beginning on the date of enactment of this Act— (1) to simplify and improve the disclosures applicable to such transactions under such Acts, including the timing of the disclosures; and (2) to provide a single format for such disclosures which will satisfy the requirements of each such Act with respect to such transactions. (b) REGULATIONS.— To the extent that it is necessary to prescribe any regulation in order to effect any changes required to be made under subsection (a), the proposed regulation shall be published in the Federal Register before the end of the 6-month period referred to in subsection (a). (c) RECOMMENDATIONS FOR LEGISLATION.— If the Board and the Secretary find that legislative action may be necessary or appropriate in order to simplify and unify the disclosure requirements under the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, the Board and the Secretary shall submit a report containing recommendations to the Congress concerning such action. SEC. 2102. GENERAL EXEMPTION AUTHORITY FOR LOANS. (a) REGULATORY FLEXIBILITY.— Section 104 of the Truth in Lending Act (15 U.S.C. 1603) is amended— (1) by redesignating paragraphs (5) and (6) as paragraphs (6) and (7), respectively; and (2) by inserting after paragraph (4) the following new paragraph:

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