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124 STAT. 2184 PUBLIC LAW 111–203—JULY 21, 2010

(b) INCREASE IN PENALTY AMOUNTS.—Section 6(f) of the Real
Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605(f)) is
amended—
(1) in paragraphs (1)(B) and (2)(B), by striking ‘‘$1,000’’
each place such term appears and inserting ‘‘$2,000’’; and
(2) in paragraph (2)(B)(i), by striking ‘‘$500,000’’ and
inserting ‘‘$1,000,000’’.
(c) DECREASE IN RESPONSE TIMES.—Section 6(e) of the Real
Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605(e)) is
amended—
(1) in paragraph (1)(A), by striking ‘‘20 days’’ and inserting
‘‘5 days’’;
(2) in paragraph (2), by striking ‘‘60 days’’ and inserting
‘‘30 days’’; and
(3) by adding at the end the following new paragraph:
Deadline. ‘‘(4) LIMITED EXTENSION OF RESPONSE TIME.—The 30-day
Notification. period described in paragraph (2) may be extended for not
more than 15 days if, before the end of such 30-day period,
the servicer notifies the borrower of the extension and the
reasons for the delay in responding.’’.
(d) PROMPT REFUND OF ESCROW ACCOUNTS UPON PAYOFF.—
Section 6(g) of the Real Estate Settlement Procedures Act of 1974
(12 U.S.C. 2605(g)) is amended by adding at the end the following
Deadline. new sentence: ‘‘Any balance in any such account that is within
the servicer’s control at the time the loan is paid off shall be
promptly returned to the borrower within 20 business days or
credited to a similar account for a new mortgage loan to the bor-
rower with the same lender.’’.

SEC. 1464. TRUTH IN LENDING ACT AMENDMENTS.
(a) REQUIREMENTS FOR PROMPT CREDITING OF HOME LOAN PAY-
MENTS.—Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631
et seq.) is amended by inserting after section 129E (as added
by section 1472) the following new section:

15 USC 1639f. ‘‘§ 129F. Requirements for prompt crediting of home loan
payments
‘‘(a) IN GENERAL.—In connection with a consumer credit trans-
action secured by a consumer’s principal dwelling, no servicer shall
fail to credit a payment to the consumer’s loan account as of
the date of receipt, except when a delay in crediting does not
result in any charge to the consumer or in the reporting of negative
information to a consumer reporting agency, except as required
in subsection (b).
‘‘(b) EXCEPTION.—If a servicer specifies in writing requirements
for the consumer to follow in making payments, but accepts a
payment that does not conform to the requirements, the servicer
shall credit the payment as of 5 days after receipt.’’.
(b) REQUESTS FOR PAYOFF AMOUNTS.—Chapter 2 of the Truth
in Lending Act (15 U.S.C. 1631 et seq.), as amended by this title,
is amended by inserting after section 129F (as added by subsection
(a)) the following new section:

15 USC 1639g. ‘‘§ 129G. Requests for payoff amounts of home loan

LAWS Deadline. ‘‘A creditor or servicer of a home loan shall send an accurate payoff balance within a reasonable time, but in no case morePUBLIC with on anorris VerDate Nov 24 2008 04:10 Sep 04, 2010 Jkt 089139 PO 00203 Frm 00810 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203