Page:United States Statutes at Large Volume 124.djvu/2189

 124 STAT. 2163 PUBLIC LAW 111–203—JULY 21, 2010 the Secretary, a State housing finance authority, that the con- sumer has received counseling on the advisability of the mort- gage. Such counselor shall not be employed by the creditor or an affiliate of the creditor or be affiliated with the creditor. ‘‘(2) DISCLOSURES REQUIRED PRIOR TO COUNSELING.—No counselor may certify that a consumer has received counseling on the advisability of the high-cost mortgage unless the coun- selor can verify that the consumer has received each statement required (in connection with such loan) by this section or the Real Estate Settlement Procedures Act of 1974 with respect to the transaction. ‘‘(3) REGULATIONS.—The Board may prescribe such regula- tions as the Board determines to be appropriate to carry out the requirements of paragraph (1).’’. (f) CORRECTIONS AND UNINTENTIONAL VIOLATIONS.—Section 129 of the Truth in Lending Act (15 U.S.C. 1639) is amended by inserting after subsection (u) (as added by subsection (e)) the fol- lowing new subsection: ‘‘(v) CORRECTIONS AND UNINTENTIONAL VIOLATIONS.—A creditor or assignee in a high-cost mortgage who, when acting in good faith, fails to comply with any requirement under this section will not be deemed to have violated such requirement if the creditor or assignee establishes that either— ‘‘(1) within 30 days of the loan closing and prior to the institution of any action, the consumer is notified of or discovers the violation, appropriate restitution is made, and whatever adjustments are necessary are made to the loan to either, at the choice of the consumer— ‘‘(A) make the loan satisfy the requirements of this chapter; or ‘‘(B) in the case of a high-cost mortgage, change the terms of the loan in a manner beneficial to the consumer so that the loan will no longer be a high-cost mortgage; or ‘‘(2) within 60 days of the creditor’s discovery or receipt of notification of an unintentional violation or bona fide error and prior to the institution of any action, the consumer is notified of the compliance failure, appropriate restitution is made, and whatever adjustments are necessary are made to the loan to either, at the choice of the consumer— ‘‘(A) make the loan satisfy the requirements of this chapter; or ‘‘(B) in the case of a high-cost mortgage, change the terms of the loan in a manner beneficial so that the loan will no longer be a high-cost mortgage.’’. Subtitle D—Office of Housing Counseling SEC. 1441. SHORT TITLE. This subtitle may be cited as the ‘‘Expand and Preserve Home Ownership Through Counseling Act’’. SEC. 1442. ESTABLISHMENT OF OFFICE OF HOUSING COUNSELING. Section 4 of the Department of Housing and Urban Develop- ment Act (42 U.S.C. 3533) is amended by adding at the end the following new subsection: 12 USC 1701 note. Expand and Preserve Home Ownership Through Counseling Act. Deadlines. Notifications.