TRUTH IN LENDING ACT AMENDMENTS.

SEC. 1464. TRUTH IN LENDING ACT AMENDMENTS.(a) Requirements for Prompt Crediting of Home Loan Payments.—Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after section 129E (as added by section 1472) the following new section:“§ 129F. Requirements for prompt crediting of home loan payments“(a) In General.—In connection with a consumer credit transaction secured by a consumer’s principal dwelling, no servicer shall fail to credit a payment to the consumer’s loan account as of the date of receipt, except when a delay in crediting does not result in any charge to the consumer or in the reporting of negative information to a consumer reporting agency, except as required in subsection (b).“(b) Exception.—If a servicer specifies in writing requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the servicer shall credit the payment as of 5 days after receipt.” .(b) Requests for Payoff Amounts.—Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.), as amended by this title, is amended by inserting after section 129F (as added by subsection (a)) the following new section:“§ 129G. Requests for payoff amounts of home loan “A creditor or servicer of a home loan shall send an accurate payoff balance within a reasonable time, but in no case more 124 STAT. 2185 than 7 business days, after the receipt of a written request for such balance from or on behalf of the borrower.” .