Us Congress 2023-2024 Regular Session

Us Congress House Bill HB8252

Introduced
5/6/24  
Refer
5/6/24  

Caption

Improving Language Access in Mortgage Servicing Act of 2024

Impact

The enactment of HB8252 is expected to have a profound impact on state laws by increasing the regulatory obligations of creditors and servicers in terms of language access. It mandates that lenders make available essential mortgage documents translated into multiple languages commonly spoken by individuals with limited English proficiency. Additionally, the bill creates a standard language preference form that must be included in mortgage applications, enabling consumers to specify their language needs. This reinforces consumer rights and aims to decrease the inequalities faced by non-English speakers in the mortgage loan process.

Summary

House Bill 8252, titled the 'Improving Language Access in Mortgage Servicing Act of 2024,' seeks to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974. The primary objective of this bill is to establish language access requirements for creditors and servicers, ensuring that individuals who have a preferred language other than English can receive important mortgage-related information in their native language. This is particularly significant in the context of promoting fairness and accessibility in the housing market, where language barriers often hinder equitable access to mortgage options and home ownership.

Contention

Notable points of contention surrounding HB8252 include concerns from certain industry stakeholders about the potential administrative burden and costs associated with complying with new language access requirements. Critics argue that these requirements may lead to increased operational complexities for lenders, particularly small and community-based firms. On the other hand, advocates assert that the benefits of ensuring equitable access to mortgage services far outweigh these concerns, emphasizing the importance of addressing historical inequities in housing finance stemming from language barriers.

Companion Bills

US SB4265

Related Improving Language Access in Mortgage Servicing Act of 2024

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