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I
116TH CONGRESS
1ST SESSION H. R. 2445
To provide minimum standards for transactions secured by a dwelling, and
for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 1, 2019
Mr. EMMER (for himself and Mr. FOSTER) introduced the following bill; which
was referred to the Committee on Financial Services
A BILL
To provide minimum standards for transactions secured by
a dwelling, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Self-Employed Mort-
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gage Access Act of 2019’’.
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SEC. 2. ABILITY TO REPAY.
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(a) DEFINITIONS.—In this section—
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(1) the term ‘‘Appendix Q’’ means Appendix Q
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to part 1026 of title 12, Code of Federal Regula-
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tions;
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•HR 2445 IH
(2) the term ‘‘Bureau’’ means the Bureau of
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Consumer Financial Protection;
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(3) the terms ‘‘consumer’’ and ‘‘creditor’’ have
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the meanings given those terms in section 1026.2 of
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title 12, Code of Federal Regulations;
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(4) the term ‘‘enterprise’’ has the meaning
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given the term in section 1303 of the Federal Hous-
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ing Enterprises Financial Safety and Soundness Act
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of 1992 (12 U.S.C. 4502); and
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(5) the term ‘‘Federal Home Loan Bank’’ has
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the meaning given the term in section 2 of the Fed-
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eral Home Loan Bank Act (12 U.S.C. 1422).
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(b)
DETERMINATION
OF
CREDITOR
REQUIRE-
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MENTS.—Not later than 1 year after the date of enact-
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ment of this Act, the Bureau shall amend section 1026.43
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of title 12, Code of Federal Regulations, to provide that,
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with respect to any creditor requirements under clauses
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(v) and (vi) of subsection (e)(2) of that section, the cred-
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itor may, in satisfying those requirements, rely on—
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(1) the standards under Appendix Q; or
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(2) a guide or handbook that—
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(A) provides standards with respect to de-
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termining income and debt; and
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(B) is maintained by—
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•HR 2445 IH
(i) an enterprise or a Federal Home
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Loan Bank, subject to the approval of the
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Federal Housing Finance Agency;
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(ii) the Department of Housing and
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Urban Development with respect to car-
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rying out a program under title II of the
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National Housing Act (12 U.S.C. 1707 et
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seq.);
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(iii) the Department of Veterans Af-
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fairs;
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(iv) the Department of Agriculture
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with respect to carrying out the Doug Be-
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reuter Section 502 Single Family Housing
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Loan Guarantee Act (42 U.S.C. 1472(h));
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or
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(v) the Rural Housing Service.
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Æ
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