Page:United States Statutes at Large Volume 124.djvu/2178

 124 STAT. 2152 PUBLIC LAW 111–203—JULY 21, 2010 documentation to demonstrate that the consumer received homeownership counseling from organizations or counselors certified by the Secretary of Housing and Urban Development as competent to provide such counseling.’’. (b) CONFORMING AMENDMENT RELATING TO ENFORCEMENT.— Section 108(a) of the Truth in Lending Act (15 U.S.C. 1607(a)) is amended by inserting after paragraph (6) the following new paragraph: ‘‘(7) sections 21B and 21C of the Securities Exchange Act of 1934, in the case of a broker or dealer, other than a depository institution, by the Securities and Exchange Commission.’’. (c) PROTECTION AGAINST LOSS OF ANTI-DEFICIENCY PROTEC- TION.—Section 129C of the Truth in Lending Act is amended by inserting after subsection (f) (as added by subsection (a)) the fol- lowing new subsection: ‘‘(g) PROTECTION AGAINST LOSS OF ANTI-DEFICIENCY PROTEC- TION.— ‘‘(1) DEFINITION.—For purposes of this subsection, the term ‘anti-deficiency law’ means the law of any State which provides that, in the event of foreclosure on the residential property of a consumer securing a mortgage, the consumer is not liable, in accordance with the terms and limitations of such State law, for any deficiency between the sale price obtained on such property through foreclosure and the outstanding balance of the mortgage. ‘‘(2) NOTICE AT TIME OF CONSUMMATION.—In the case of any residential mortgage loan that is, or upon consummation will be, subject to protection under an anti-deficiency law, the creditor or mortgage originator shall provide a written notice to the consumer describing the protection provided by the anti- deficiency law and the significance for the consumer of the loss of such protection before such loan is consummated. ‘‘(3) NOTICE BEFORE REFINANCING THAT WOULD CAUSE LOSS OF PROTECTION.—In the case of any residential mortgage loan that is subject to protection under an anti-deficiency law, if a creditor or mortgage originator provides an application to a consumer, or receives an application from a consumer, for any type of refinancing for such loan that would cause the loan to lose the protection of such anti-deficiency law, the creditor or mortgage originator shall provide a written notice to the consumer describing the protection provided by the anti- deficiency law and the significance for the consumer of the loss of such protection before any agreement for any such refinancing is consummated.’’. (d) POLICY REGARDING ACCEPTANCE OF PARTIAL PAYMENT.— Section 129C of the Truth in Lending Act is amended by inserting after subsection (g) (as added by subsection (c)) the following new subsection: ‘‘(h) POLICY REGARDING ACCEPTANCE OF PARTIAL PAYMENT.— In the case of any residential mortgage loan, a creditor shall disclose prior to settlement or, in the case of a person becoming a creditor with respect to an existing residential mortgage loan, at the time such person becomes a creditor— ‘‘(1) the creditor’s policy regarding the acceptance of partial payments; and