SIMPLIFICATION AND UNIFICATION OF DISCLOSURES REQUIRED UNDER RESPA AND TILA FOR MORTGAGE TRANSACTIONS.

SEC. 2101. [12 U.S.C. 2601 nt] SIMPLIFICATION AND UNIFICATION OF DISCLOSURES REQUIRED UNDER RESPA AND TILA FOR MORTGAGE TRANSACTIONS. (a) In General.—With respect to credit transactions which are subject to the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, the Board of Governors of the Federal Reserve System (hereafter in this section referred to as the “Board”) and the Secretary of Housing and Urban Development (hereafter in this section referred to as the “Secretary”) shall take such action as may be necessary before the end of the 6-month period beginning on the date of enactment of this Act— (1) to simplify and improve the disclosures applicable to such transactions under such Acts, including the timing of the disclosures; and (2) to provide a single format for such disclosures which will satisfy the requirements of each such Act with respect to such transactions. (b) Regulations.—To the extent that it is necessary to prescribe any regulation in order to effect any changes required to be made under subsection (a), the proposed regulation shall be published in the Federal Register before the end of the 6-month period referred to in subsection (a). (c) Recommendations for Legislation.—If the Board and the Secretary find that legislative action may be necessary or appropriate in order to simplify and unify the disclosure requirements under the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, the Board and the Secretary shall submit a report containing recommendations to the Congress concerning such action. * * * * * * *