Detailed Summary

Responsible Subprime Lending Act - States that certain revisions added as a final rule by the Board of Governors of the Federal Reserve System (Board) to regulation Z relating to Truth in Lending, shall apply as a matter of law to covered loans for which the creditor receives an application after the end of the 30-day period beginning on the enactment of this Act (except for the final rules on advertising, escrows, and loan servicing).

States that certain final rules on escrows shall be effective for covered loans for which the creditor receives an application on or after October 1, 2009, but for such loans [<i>sic</i>] secured by manufactured housing on or after April 1, 2010.

Directs the Board to issue a final rule as soon as possible without regard to statutory notice and comment procedures to make certain revisions in accordance with the effective dates provided under this Act.

Status of the Legislation

Latest Major Action: 1/14/2009: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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