12 2 STA T . 2 85 5 PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 amountf o r t he‘ ‘ N e ig h b orhoo dR ein v e s tment C or p oration —P a y ment to the Neighborhood Reinvestment Corporation ’ ’ $10 0 , 000,000, to remain avai l able until D e c ember 3 1, 2 00 8 , for foreclosure mitigation activities under the terms and conditions contained in the second undesignated paragraph ( beginning w ith the phrase ‘‘ F or an addi - tional amount’’ ) under the heading ‘‘Neighborhood Reinvestment Corporation—Payment to the Neighborhood Reinvestment Corpora- tion’’ of Public L aw 110 – 1 6 1 .SEC.240 2.C R E DIT C OUN SE L IN G . (a) INGE NE RAL .— E ntities approved by the Neighborhood Reinvestment Corporation or the S ecretary and State housing finance entities receiving funds under this title shall wor k to iden- tify and coordinate with non-profit organi z ations operating national or statewide toll-free foreclosure prevention hotlines, including those that— (1) serve as a consumer referral source and data repository for borrowers e x periencing some form of delin q uency or fore- closure
(2) connect callers with local housing counseling agencies approved by the Neighborhood Reinvestment Corporation or the Secretary to assist with working out a positive resolution to their mortgage delinquency or foreclosure; or (3) facilitate or offer free assistance to help homeowners to understand their options, negotiate solutions, and find the best resolution for their particular circumstances. TI T LEV—MOR T GA GE D I SC LOS U RE IM P ROVEME N T ACT SEC. 2 5 0 1 .S H ORT TITLE. T his title may be cited as the ‘‘ M ortgage Disclosure Improve- ment A ct of 2008’’. SEC. 2502. ENH A NCED M ORTGAGE LOAN DISCLOSURES. (a) TR UTHI N LEN D IN G A C TDI S CL O SURES.—Section 128(b)(2) of the Truth in Lending Act (1 5U .S.C. 1638(b)(2)) is amended— (1) by inserting ‘‘(A)’’ before ‘‘In the’’; (2) by striking ‘‘a residential mortgage transaction, as defined in section 103(w)’’ and inserting ‘‘any extension of credit that is secured by the dwelling of a consumer’’; (3) by striking ‘‘before the credit is extended, or’’ and inserting ‘‘and’’; ( 4 ) by inserting ‘‘, which shall be at least 7 business days before consummation of the transaction’’ after ‘‘written applica- tion’’; (5) by striking ‘‘, whichever is earlier’’; and (6) by striking ‘‘If the’’ and all that follows through the end of the paragraph and inserting the following
‘‘( B ) In the case of an extension of credit that is secured by the dwelling of a consumer, the disclosures provided under subparagraph (A), shall be in addition to the other disclosures required by subsection (a), and shall— ‘‘(i) state in conspicuous type size and format, the following: ‘ Y ou are not required to complete this agreement Credito r s.15US C1 60 1 n ote. M ort ga ge D is cl os u re Imp ro v ement A ct o f2 00 8 .
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