12 U.S.C. § 2601
REFERENCES IN TEXTThis chapter, referred to in subsec. (b), was in the original "this Act", meaning Pub. L. 93-533, Dec. 22, 1974, 88 Stat. 1724, known as the Real Estate Settlement Procedures Act of 1974, which is classified principally to this chapter (§2601 et seq.). For complete classification of this Act to the Code, see Short Title note below and Tables.
STATUTORY NOTES AND RELATED SUBSIDIARIES
CHANGE OF NAMEReference to Administrator of Veterans' Affairs deemed to refer to Secretary of Veterans Affairs pursuant to section 10 of Pub. L. 100-527 set out as a Department of Veterans Affairs Act note under section of Title 38, Veterans' Benefits.
EFFECTIVE DATE Pub. L. 93-533, §20, formerly §19, Dec. 22, 1974, 88 Stat. 1731, renumbered §20, Pub. L. 94-205, §10, Jan. 2, 1976, 89 Stat. 1159, provided that: "The provisions of this Act, and the amendments made thereby [see Short Title note below], shall become effective one hundred and eighty days after the date of the enactment of this Act [Dec. 22, 1974]."
SHORT TITLE OF 2021 AMENDMENT Pub. L. 116-342, §1, Jan. 13, 2021, 134 Stat. 5134, provided that: "This Act [amending sectionof this title and section of Title 15, Commerce and Trade, and enacting provisions set out as a note under section of this title] may be cited as the 'Building Up Independent Lives and Dreams Act' or the 'BUILD Act'."
SHORT TITLE OF 1976 AMENDMENTPub. L. 94-205, §1, Jan. 2, 1976, 89 Stat. 1157, provided: "That this Act [enacting sectionof this title, amending sections , , , , and of this title and section of Title 15, Commerce and Trade, repealing sections and of this title, enacting provisions set out as a note under section of this title and amending provisions set out as a note under this section] may be cited as the 'Real Estate Settlement Procedures Act Amendments of 1975'."
SHORT TITLEPub. L. 93-533, §1, Dec. 22, 1974, 88 Stat. 1724, provided that: "This Act [enacting this chapter and sectionsand of this title and provisions set out as notes under this section and section of this title] may be cited as the 'Real Estate Settlement Procedures Act of 1974'."
SIMPLIFICATION AND UNIFICATION OF DISCLOSURES REQUIRED UNDER RESPA AND TILA FOR MORTGAGE TRANSACTIONS Pub. L. 104-208, div. A, title II, §21012101,, 110 Stat. 3009-398, provided that:"(a) IN GENERAL.-With respect to credit transactions which are subject to the Real Estate Settlement Procedures Act of 1974 [ et seq.] and the Truth in Lending Act [ et seq.], 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 [Sept. 30, 1996]-"(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 [ et seq.] and the Truth in Lending Act [ et seq.], the Board and the Secretary shall submit a report containing recommendations to the Congress concerning such action."
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.
- the term "Secretary" means the Secretary of Housing and Urban Development;
- Settlement services
- the term "Settlement services" includes any service provided in connection with a real estate settlement including, but not limited to, the following: title searches, title examinations, the provision of title certificates, title insurance, services rendered by an attorney, the preparation of documents, property surveys, the rendering of credit reports or appraisals, pest and fungus inspections, services rendered by a real estate agent or broker, the origination of a federally related mortgage loan (including, but not limited to, the taking of loan applications, loan processing, and the underwriting and funding of loans), and the handling of the processing, and closing or settlement;