Homebuyer Protection Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 5055 To amend the Congressional Budget and Impoundment Control Act of 1974 to prohibit the use of guarantee fees as offsets. IN THE HOUSE OF REPRESENTATIVES NOVEMBER 12, 2019 Mr. SHERMAN (for himself and Mr. ZELDIN) introduced the following bill; which was referred to the Committee on Rules, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall with- in the jurisdiction of the committee concerned A BILL To amend the Congressional Budget and Impoundment Con- trol Act of 1974 to prohibit the use of guarantee fees as offsets. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Homebuyer Protection 4 Act of 2019’’. 5 VerDate Sep 11 2014 04:36 Nov 21, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5055.IH H5055 kjohnson on DSK79L0C42 with BILLS 2 •HR 5055 IH SEC. 2. PROHIBITING THE USE OF GUARANTEE FEES AS 1 OFFSETS. 2 (a) IN GENERAL.—Title III of the Congressional 3 Budget Act of 1974 is amended by adding at the end the 4 following new section: 5 ‘‘PROHIBITING THE USE OF GUARANTEE FEES AS 6 OFFSETS 7 ‘‘SEC. 316. (a) In the Senate or the House of Rep- 8 resentatives, if a bill, resolution, amendment, motion, or 9 conference report includes a provision that increases, or 10 extends the increase of, the guarantee fees of an enter- 11 prise, the chair of the Committee on the Budget of the 12 applicable House shall not count the budgetary effects of 13 such provision for purposes of title III and title IV of the 14 Congressional Budget and Impoundment Act of 1974, the 15 Rules of the House of Representatives, and applicable pro- 16 visions of concurrent resolutions on the budget. 17 ‘‘(b) The evaluation under subsection (a) shall not 18 apply to any legislation that provides for an increase, or 19 extension of an increase, of any guarantee fee of an enter- 20 prise to be used for the purpose of financing reforms to 21 the secondary mortgage market.’’. 22 (b) CONFORMING AMENDMENT.—The table of con- 23 tents set forth in section 1(b) of the Congressional Budget 24 and Impoundment Control Act of 1974 is amended by in- 25 VerDate Sep 11 2014 04:36 Nov 21, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5055.IH H5055 kjohnson on DSK79L0C42 with BILLS 3 •HR 5055 IH serting after the item relating to section 315 the following 1 new item: 2 ‘‘Sec. 316. Prohibiting the use of guarantee fees as offsets.’’. Æ VerDate Sep 11 2014 04:36 Nov 21, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H5055.IH H5055 kjohnson on DSK79L0C42 with BILLS