Real Estate Settlement Procedures Act of 1974
Public Law 93-533 · S. 3164 · 93rd Congress · began in the Senate
Signed by Gerald Ford (R) on Dec 22, 1974 · Housing and Community Development
Sponsor: Sen. William Brock (R-TN)
Cosponsors: None
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Real Estate Settlement Procedures Act - Directs the Secretary of Housing and Urban Development, in consultation with the Administrator of Veterans' Affairs, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, to develop and prescribe a standard form for the statement of settlement costs which shall be used as the standard real estate settlement form in all transactions in the United States which involve federally related mortgage loans. Requires such form to conspicuously and clearly itemize the charges imposed upon both the borrower and the seller in connection with the settlement.
Directs the Secretary to prepare and distribute special booklets to help persons borrowing money to finance the purchase of residential real estate to better understand the nature and costs of real estate settlement services.
Requires lenders to provide the booklet to each person from whom it receives an application to borrow money to finance the purchase of residential real estate.
Requires lenders agreeing to make a federally related mortgage loan to provide to the prospective borrower, to the prospective seller, and to any officer or agency of the Federal Government proposing to insure, guarantee, supplement, or assist such loan, at the time of loan commitment , but in no event later than 12 days prior to settlement, an itemized disclosure in writing of each charge arising in connection with such settlement.
Prohibits any person from giving and accepting any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, involving a federally related mortgage loan.
Prescribes limits on the amounts a lender, in connection with a federally related mortgage loan, shall require the borrower or prospective borrower to deposit in any escrow account which may be established in connection with such loan for the purpose of assuring payment of taxes and insurance premiums with respect to the property.
Prohibits insured and other banks from making a federally related mortgage loan to any person unless specified information has been disclosed to the bank.
Directs the Secretary to establish and place in operation on a demonstration basis in various areas of the United States, a model system or systems for the recordation of land parcels in a manner and form calculated to facilitate and simplify land transfers and mortgage transactions and reduce the cost thereof.
Requires the Secretary, after consultation with the Administrator of Veterans' Affairs, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, and after such study, investigation, and hearings (at which representatives of consumers groups shall be allowed to testify) as he deems appropriate, to, not less than three years nor more than five years from the effective date of this Act, report to the Congress on whether, in view of the implementation of the provisions of this Act imposing certain requirements and prohibiting practices in connection with real estate settlements, there is any necessity for further legislation in this area.
Directs the Secretary to, on a demonstration basis in selected housing market areas, have prepared and included in the special information booklets required to be furnished under this Act, statements of the range of costs for specific settlement services in such areas. Provides that, not later than June 30, 1976, the Secretary shall transmit to the Congress a full report on the demonstration conducted under this Act.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 16 actions.
- Dec 22, 1974Became lawBecame law · Signed by President.
- PresidentPresident · Public law 93-533.
- Dec 12, 1974PresidentPresident · Measure presented to President.
- Dec 11, 1974Resolving differencesResolving differences · House agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in House: House agreed to conference report.
- Dec 9, 1974Resolving differencesResolving differences · Senate agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in Senate: Senate agreed to conference report.
- Resolving differencesResolving differences · Conference report filed in House, H. Rept. 93-1526.
- Resolving differencesResolving differences · Conference report filed: Conference report filed in House, H. Rept. 93-1526.
- Sep 30, 1974Resolving differencesResolving differences · Conference scheduled in House.
- Sep 18, 1974Resolving differencesResolving differences · Conference scheduled in Senate.
- Aug 14, 1974FloorFloor · Measure passed House, amended, in lieu of H.R. 9989.
- Jul 24, 1974FloorFloor · Measure passed Senate, amended.
- May 22, 1974CommitteeCommittee · Reported by Senate Banking, Housing, and Urban Affairs Committee
- Mar 13, 1974CommitteeCommittee · Referred to Senate Banking, Housing, and Urban Affairs Committee
- IntroducedIntroduced · Introduced in the Senate
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.