Real Estate Settlement Procedures Act
Passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, 12 U.S.C. §§ 2601–2617, the main objective of the Real Estate Settlement Procedures Act (RESPA) was to protect homeowners by assisting them in becoming better educated while shopping for real estate services, and eliminating kickbacks and referral fees which add unnecessary costs to settlement services. RESPA requires lenders and servicers to provide borrowers with pertinent and timely disclosures regarding the nature and costs of a real estate settlement process. RESPA was also designed to prohibit abusive practices such as kickbacks and referral fees, the practice of dual tracking, and imposes limitations on the use of escrow accounts.
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Real Estate Settlement Procedures Act
Passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, 12 U.S.C. §§ 2601–2617, the main objective of the Real Estate Settlement Procedures Act (RESPA) was to protect homeowners by assisting them in becoming better educated while shopping for real estate services, and eliminating kickbacks and referral fees which add unnecessary costs to settlement services. RESPA requires lenders and servicers to provide borrowers with pertinent and timely disclosures regarding the nature and costs of a real estate settlement process. RESPA was also designed to prohibit abusive practices such as kickbacks and referral fees, the practice of dual tracking, and imposes limitations on the use of escrow accounts.
has abstract
Passed by the United States Co ...... on the use of escrow accounts.
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Wikipage page ID
Wikipage revision ID
740,331,826
amendments
P.L. 94-205, 89 Stat. 1157
cite public law
cite statutes at large
conferencedate
effective date
enacted by
Fullname
Real Estate Settlement Procedures Act of 1974
introducedby
Sen. Bill Brock
introduceddate
1974-03-13
leghisturl
http://thomas.loc.gov/cgi-bin/bdquery/z?d093:SN03164:
name
Real Estate Settlement Procedures Act
passedbody
House of Representatives
passeddate
1974-07-24
1974-08-14
passedvote
unanimous consent
sections created
signeddate
signedpresident
title amended
subject
hypernym
type
comment
Passed by the United States Co ...... on the use of escrow accounts.
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label
Real Estate Settlement Procedures Act
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