HR 3501 · 97th Congress · Housing and Community Development

A bill to amend the Home Owners' Loan Act of 1933 to provide that a Federal savings and loan association may not offer a mortgage with a variable interest rate to any person unless such association also offers such person a mortgage with a fixed interest rate.

Introduced 1981-05-07· Sponsored by Rep. Mottl, Ronald M. [D-OH-23]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.(1981-05-15)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Home Owners' Loan Act of 1933 to require any Federal savings and loan association which offers a person a mortgage with a variable interest rate to offer such person a 25-year mortgage with an interest rate fixed at the initial rate of the variable rate mortgage.…

Summarized by Claude AI · Non-partisan · For informational purposes only