Real Estate Settlement Procedures Act Amendments of 1975
Public Law 94-205 · S. 2327 · 94th Congress · began in the Senate
Signed by Gerald Ford (R) on Jan 2, 1976 · Housing and Community Development
Sponsor: Sen. Robert Morgan (D-NC)
Cosponsors (22): Sen. Jake Garn, Sen. Dewey Bartlett,
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 Amendments - Provides, under the Real Estate Settlement Procedures Act, that the definition of "federally related mortgage loan" shall not include any construction loan, second trust, and a mortgage eligible for purchase by, but not intended to be sold do, the Government National Mortgage Association, Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation.
Allows the deletion from the uniform settlement statement, required under such Act, of items inapplicable under local law and custom. Requires such settlement statement to be provided to the borrower by the person conducting the settlement at or before settlement, but permits the Secretary of Housing and Urban Development to exempt specified kinds of settlements from such requirement if such settlements occur in areas where the settlement statement was not customarily provided at or before the date of settlement or if the requirement was impractical. Provides that, upon the request of the borrower to inspect such statement during the business day immediately preceding the day of settlement, the person who conducts the settlement shall permit the borrower to inspect those items which are known to such person during such preceding day.
Requires that the special information booklets designed to explain the nature and costs of real estate settlement services should include good faith estimates of the amount of range of charges for specific settlement services the borrower is likely to incur.
Repeals provisions of such Act which require that the uniform settlement statement itemizing closing costs be given to the borrower at the time of the loan commitment or at least twelve calendar days prior to settlement.
Provides that, in addition to amounts required for the payment of taxes, insurance premiums, and other charges due at settlement, the buyer shall not be required at settlement to place in an escrow account more than one-sixth of the estimated total amount of such taxes, insurance premiums, and other charges payable within the twelve-month period beginning on the date of settlement.
Repeals provisions of the Truth-in-Lending Act which requires a full statement of closing costs in connection with consumer and home mortgage loans.
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. 22 actions.
- Jan 2, 1976Became lawBecame law · Signed by President.
- PresidentPresident · Public law 94-205.
- Dec 22, 1975PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Dec 19, 1975Resolving differencesResolving differences · Senate agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in Senate: Senate agreed to conference report.
- Resolving differencesResolving differences · House agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in House: House agreed to conference report.
- Resolving differencesResolving differences · Conference report filed in House, H. Rept. 94-769.
- Resolving differencesResolving differences · Conference report filed: Conference report filed in House, H. Rept. 94-769.
- Dec 10, 1975Resolving differencesResolving differences · Conference scheduled in Senate.
- Dec 9, 1975Resolving differencesResolving differences · Conference scheduled in House.
- Dec 8, 1975Resolving differencesResolving differences · Senate agreed to House amendments with amendments.
- Nov 17, 1975FloorFloor · Measure passed House, amended, roll call #706 (379-21).House roll call 706
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- Nov 14, 1975CommitteeCommittee · Reported by House Financial Services Committee
- Oct 20, 1975CommitteeCommittee · Referred to House Financial Services Committee
- Oct 9, 1975FloorFloor · Measure passed Senate, amended.
- Oct 6, 1975CommitteeCommittee · Reported by Senate Banking, Housing, and Urban Affairs Committee
- Sep 10, 1975CommitteeCommittee · 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.