Loading chat...
US HB5975
Bill
Status
Introduced
11/7/2025
Primary Sponsor
Ayanna Pressley
Click for details
AI Summary
- Amends the Truth in Lending Act to establish a consumer right to request reconsideration of a home appraisal value before loan closing or within 60 days of credit denial if the consumer believes the appraisal is unsupported, deficient, or reflects discrimination
- Requires creditors to order a subsequent appraisal at their own expense when material deficiencies are identified or discrimination is suspected, and to report problematic appraisals to appropriate licensing agencies or enforcement bodies
- Defines "unacceptable appraisal practices" to include using unsupported subjective terms, inaccurate data, crime statistics references, uninspected comparable properties, or inappropriate adjustments
- Directs the Federal Housing Finance Agency to issue implementing regulations within 1 year and requires creditors to retain all reconsideration-related documentation for 7 years
- Requires the Comptroller General to submit a report to Congress within 240 days assessing the feasibility of creating a publicly available national appraisal database consolidating data from FHFA, HUD, USDA, and VA
Legislative Description
Appraisal Modernization Act
Finance and financial sector
Last Action
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
11/7/2025
Committee Referrals
Financial Services11/7/2025
Full Bill Text
No bill text available