§ 2603. Uniform settlement statement

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1974

   Real Estate Settlement Procedures Act of 1974

   Pub. L. 93–533 § 4 · 88 Stat. 1724

   Enacted · 12 U.S.C. § 2603

   Pub. L. 93–533, § 4, Dec. 22, 1974, 88 Stat. 1725

   Source evidence

   Code source credit
   Pub. L. 93–533, § 4, Dec. 22, 1974, 88 Stat. 1725

   Enacted provision · exact public law section
   Sec. 4. uniform settlement statement The Secretary, in consultation with the Administrator of 12 USC 2603. Veterans’ Affaire, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, shall develop and prescribe a standard form for the statement of settlement costs which shall be used (with such minimum variations as may be necessary to reflect unavoidable differences in legal and administrative requirements or practices in different areas of the country) as the standard real estate settlement form in all transactions in the United States which involve federally related mortgage loans: Such form shall conspicuously and clearly itemize all charges imposed upon the borrower and all charges imposed upon the seller in connection with the settlement and shall indicate whether any title insurance premium included in such charges covers or insures the lender’s interest in the property, the borrower’s interest, or both. Such form shall include all, information and data required to be provided for such transactions under the Truth in Lending Act and 15 USC 1601 note. the regulations issued thereunder by the Federal Reserve Board, and may be used in satisfaction of the disclosure requirements of that Act, and shall also include provision for execution of the waiver allowed by section 6(c).

2. 1976

   Real Estate Settlement Procedures Act Amendments of 1975

   Pub. L. 94–205 § 3(1) · 89 Stat. 1157

   1. Amended · 12 U.S.C. § 2603(a)

      Pub. L. 94–205, § 3(1)–(3), designated existing provisions as subsec. (a)

   2. Struck · 12 U.S.C. § 2603(a)

      Pub. L. 94–205, § 3(1)–(3), struck out “minimum” after “with such” and “unavoidable” after “necessary to reflect” in parenthetical provisions covering allowable regional variations in the uniform settlement statement

   3. Substituted · 12 U.S.C. § 2603(a)

      Pub. L. 94–205, § 3(1)–(3), substituted provisions authorizing the Secretary to permit deletions from the standard form for provisions requiring that the standard form contain all the information and data required under the Truth in Lending Act

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 94–205, § 3(1)–(3), designated existing provisions as subsec. (a), struck out “minimum” after “with such” and “unavoidable” after “necessary to reflect” in parenthetical provisions covering allowable regional variations in the uniform settlement statement, and substituted provisions authorizing the Secretary to permit deletions from the standard form for provisions requiring that the standard form contain all the information and data required under the Truth in Lending Act.

   Enacted provision · exact public law section
   (1) by inserting “(a)” immediately before “The Secretary” in the first sentence;

3. 1976

   Real Estate Settlement Procedures Act Amendments of 1975

   Pub. L. 94–205 § 3(4) · 89 Stat. 1157

   Added · 12 U.S.C. § 2603(b)

   Pub. L. 94–205, § 3(4), added subsec. (b)

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 94–205, § 3(4), added subsec. (b).

   Enacted provision · exact public law section
   (4) by adding at the end thereof the following new subsection: “(b) The form prescribed under this section shall be completed and made available for inspection by the borrower at or before settlement by the person conducting the settlement, except that (1) the Secretary may exempt from the requirements of this section settlements occurring in localities where the final settlement statement is not customarily provided at or before the date of settlement, or settlements where such requirements are impractical and (2) the borrower may, in accordance with regulations of the Secretary, waive his right to have the form made available at such time. Upon the request of the borrower to inspect the form prescribed under this section during the business day immediately preceding the day of settlement, the person who will conduct the settlement shall permit the borrower to inspect those items which are known to such person during such preceding day.”.

4. 1996

   Department of Commerce and Related Agencies Appropriations Act, 1997

   Pub. L. 104–208 div. A title II § 2103(g)(1) · 110 Stat. 3009

   Substituted · 12 U.S.C. § 2603(a)

   Pub. L. 104–208 substituted “Director of the Office of Thrift Supervision” for “Federal Home Loan Bank Board”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 104–208 substituted “Director of the Office of Thrift Supervision” for “Federal Home Loan Bank Board”.

   Enacted provision · exact public law section
   (1) Section 4(a) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603(a)) is amended by striking “Federal Home Loan Bank Board” and inserting “Director of the Office of Thrift Supervision”.

5. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 § 1098(2) · 124 Stat. 1376

   1. Substituted · 12 U.S.C. § 2603(a)

      Pub. L. 111–203, § 1098(2), substituted “The Bureau shall publish a single, integrated disclosure for mortgage loan transactions (including real estate settlement cost statements) which includes the disclosure requirements of this section and section 2604 of this title, in conjunction with the disclosure requirements of the Truth in Lending Act that, taken together, may apply to a transaction that is subject to both or either provisions of law. The purpose of such model disclosure shall be to facilitate compliance with the disclosure requirements of this chapter and the Truth in Lending Act, and to aid the borrower or lessee in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures.” for “The Secretary, in consultation with the Administrator of Veteran’s Affairs, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision, shall develop and prescribe a standard form for the statement of settlement costs which shall be used (with such variations as may be necessary to reflect differences in legal and administrative requirements or practices in different areas of the country) as the standard real estate settlement form in all transactions in the United States which involve federally related mortgage loans.”

   2. Substituted · 12 U.S.C. § 2603(a)

      Pub. L. 111–203, § 1098(2), substituted “Such forms” for “Such form”

   3. Substituted · 12 U.S.C. § 2603(a)

      Pub. L. 111–203, § 1098(2), substituted “Bureau may” for “Secretary may”

   4. Substituted · 12 U.S.C. § 2603(a)

      Pub. L. 111–203, § 1098(2), substituted “the forms” for “the form”

   5. Substituted · 12 U.S.C. § 2603(a)

      Pub. L. 111–203, § 1098(2), substituted “prescribed by the Bureau” for “prescribed by the Secretary”

   6. Substituted · 12 U.S.C. § 2603(a)

      Pub. L. 111–203, § 1098(2), substituted “standard forms” for “standard form” in two places

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 111–203, § 1098(2), substituted “The Bureau shall publish a single, integrated disclosure for mortgage loan transactions (including real estate settlement cost statements) which includes the disclosure requirements of this section and section 2604 of this title, in conjunction with the disclosure requirements of the Truth in Lending Act that, taken together, may apply to a transaction that is subject to both or either provisions of law. The purpose of such model disclosure shall be to facilitate compliance with the disclosure requirements of this chapter and the Truth in Lending Act, and to aid the borrower or lessee in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures.” for “The Secretary, in consultation with the Administrator of Veteran’s Affairs, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision, shall develop and prescribe a standard form for the statement of settlement costs which shall be used (with such variations as may be necessary to reflect differences in legal and administrative requirements or practices in different areas of the country) as the standard real estate settlement form in all transactions in the United States which involve federally related mortgage loans.”, “Such forms” for “Such form”, “Bureau may” for “Secretary may”, “the forms” for “the form”, and “prescribed by the Bureau” for “prescribed by the Secretary” and substituted “standard forms” for “standard form” in two places.

   Enacted provision · exact public law section
   (2) in section 4 (12 U.S.C. 2603)— (A) in Publication. subsection (a), by striking the first sentence and inserting the following: “The Bureau shall publish a single, integrated disclosure for mortgage loan transactions (including real estate settlement cost statements) which includes the disclosure requirements of this section and section 5, in conjunction with the disclosure requirements of the Truth in Lending Act that, taken together, may apply to a transaction that is subject to both or either provisions of law. The purpose of such model disclosure shall be to facilitate compliance with the disclosure requirements of this title and the Truth in Lending Act, and to aid the borrower or lessee in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures.”; (B) by striking “Secretary” each place that term appears and inserting “Bureau”; and (C) by striking “form” each place that term appears and inserting “forms”;

6. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 § 1098(2)(B) · 124 Stat. 1376

   1. Substituted · 12 U.S.C. § 2603(b)

      Pub. L. 111–203, § 1098(2)(B), (C), substituted “forms” for “form” in two places

   2. Substituted · 12 U.S.C. § 2603(b)

      Pub. L. 111–203, § 1098(2)(B), (C), substituted “Bureau” for “Secretary” in two places

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 111–203, § 1098(2)(B), (C), substituted “forms” for “form” wherever appearing and “Bureau” for “Secretary” in two places.

   Enacted provision · exact public law section
   (B) by striking “Secretary” each place that term appears and inserting “Bureau”; and

7. 2010

   Mortgage Reform and Anti-Predatory Lending Act

   Pub. L. 111–203 § 1475 · 124 Stat. 1376

   Added · 12 U.S.C. § 2603(c)

   Pub. L. 111–203, § 1475, added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 111–203, § 1475, added subsec. (c).

   Enacted provision · exact public law section
   SEC. 1475. REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974 AMENDMENT RELATING TO CERTAIN APPRAISAL FEES.   Section 4 of the Real Estate Settlement Procedures Act of 1974 12 USC 2603. is amended by adding at the end the following new subsection: “(c) The standard form described in subsection (a) may include, in the case of an appraisal coordinated by an appraisal management company (as such term is defined in section 1121(11) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350(11))), a clear disclosure of— “(1) the fee paid directly to the appraiser by such company; and “(2) the administration fee charged by such company.” .

8. 2021

   Building Up Independent Lives and Dreams Act

   Pub. L. 116–342 § 2(b) · 134 Stat. 5134

   Added · 12 U.S.C. § 2603(d)

   Pub. L. 116–342 added subsec. (d)

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 116–342 added subsec. (d).

   Enacted provision · exact public law section
   (b) RESPA Amendment.— Section 4 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603) is amended by adding at the end the following: “(d) Disclosure for Charitable Mortgage Loan Transactions.— With respect to a mortgage loan transaction involving a residential mortgage loan offered at 0 percent interest with only bonafide and reasonable fees and that is primarily for charitable purposes, an organization described in section 501(c)(3) of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code may use forms HUD–1 and GFE (as defined under section 1024.2(b) of title 12, Code of Federal Regulations) together with a disclosure substantially in the form of the Loan Model Form H–2 (as depicted in Appendix H to part 1026 of title 12, Code of Federal Regulations), collectively, in lieu of the disclosure published under subsection (a) of this section.” .

   Effective date note
   Pub. L. 116–342, § 2(c), Jan. 13, 2021, 134 Stat. 5135, provided that: “The amendments made by subsections (a) and (b) [amending this section and section 1604 of Title 15, Commerce and Trade] shall take effect on the date of the enactment of this Act [Jan. 13, 2021].”

16 of 16 references resolved to an enrolled provision