Page:United States Statutes at Large Volume 124.djvu/2210

 124 STAT. 2184 PUBLIC LAW 111–203—JULY 21, 2010 (b) INCREASE IN PENALTY AMOUNTS.—Section 6(f) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605(f)) is amended— (1) in paragraphs (1)(B) and (2)(B), by striking ‘‘$1,000’’ each place such term appears and inserting ‘‘$2,000’’; and (2) in paragraph (2)(B)(i), by striking ‘‘$500,000’’ and inserting ‘‘$1,000,000’’. (c) DECREASE IN RESPONSE TIMES.—Section 6(e) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605(e)) is amended— (1) in paragraph (1)(A), by striking ‘‘20 days’’ and inserting ‘‘5 days’’; (2) in paragraph (2), by striking ‘‘60 days’’ and inserting ‘‘30 days’’; and (3) by adding at the end the following new paragraph: ‘‘(4) LIMITED EXTENSION OF RESPONSE TIME.—The 30-day period described in paragraph (2) may be extended for not more than 15 days if, before the end of such 30-day period, the servicer notifies the borrower of the extension and the reasons for the delay in responding.’’. (d) PROMPT REFUND OF ESCROW ACCOUNTS UPON PAYOFF.— Section 6(g) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605(g)) is amended by adding at the end the following new sentence: ‘‘Any balance in any such account that is within the servicer’s control at the time the loan is paid off shall be promptly returned to the borrower within 20 business days or credited to a similar account for a new mortgage loan to the bor- rower with the same lender.’’. SEC. 1464. TRUTH IN LENDING ACT AMENDMENTS. (a) REQUIREMENTS FOR PROMPT CREDITING OF HOME LOAN PAY- MENTS.—Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after section 129E (as added by section 1472) the following new section: ‘‘§ 129F. Requirements for prompt crediting of home loan payments ‘‘(a) IN GENERAL.—In connection with a consumer credit trans- action secured by a consumer’s principal dwelling, no servicer shall fail to credit a payment to the consumer’s loan account as of the date of receipt, except when a delay in crediting does not result in any charge to the consumer or in the reporting of negative information to a consumer reporting agency, except as required in subsection (b). ‘‘(b) EXCEPTION.—If a servicer specifies in writing requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the servicer shall credit the payment as of 5 days after receipt.’’. (b) REQUESTS FOR PAYOFF AMOUNTS.—Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.), as amended by this title, is amended by inserting after section 129F (as added by subsection (a)) the following new section: ‘‘§ 129G. Requests for payoff amounts of home loan ‘‘A creditor or servicer of a home loan shall send an accurate payoff balance within a reasonable time, but in no case more Deadline. 15 USC 1639g. 15 USC 1639f. Deadline. Deadline. Notification.