In the News

LITTLE ROCK — The U.S. House on Wednesday approved a bill by Rep. French Hill, R-Little Rock, to create a hold-harmless period for entities making a good-faith effort to comply with new disclosure rules for the mortgage process.

The Homebuyers Assistance Act passed 303-121 with bipartisan support and heads to the Senate.

Hill said the bill seeks to provide title companies, bankers and others in the real estate and mortgage industries the confidence and certainty needed to transition to the Consumer Financial Protection Bureau’s Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure rule, also known as the TRID rule, which went into effect Saturday.

Under the bill, the hold-harmless period would last until the end of 2015.

“I am happy members on both sides of the aisle were able to come together and move legislation that will prevent costly market disruptions and delays for American home buyers,” Hill said in a news release. “I strongly urge the Senate to act immediately so we can shelter from punishment those acting in good faith to meet the criteria of this 1,888-page rule.”

Hill serves on the House Committee on Financial Services and is the founder and former chairman and CEO of Delta Trust & Banking Corp.

Supporters of the bill include the American Land Title Association, the Arkansas Realtors Association, the Arkansas Bankers Association and the Arkansas Land Title Association.