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H.R. 3978: TRID Improvement Act of 2017

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H.R. 3978: TRID Improvement Act of 2017

115th Congress · introduced 2017-10-05 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2017-10-05 · official record
  2. Who proposed it: Rep. Hill, J. French [R-AR-2] · what a sponsor is
  3. What happened next: 2 recorded votes in our records. Latest: House roll call 76 (2018): On Motion to Recommit with Instructions, HR3978 (2018-02-14), Failed. See all
  4. Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

TRID Improvement Act of 2017

Plain summary

(Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million. TITLE I--TRID IMPROVEMENT (Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. TITLE II--PROTECTION OF SOURCE CODE (Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena. TITLE III--FOSTERING INNOVATION (Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies. These requirements shall not apply with respect to any audit report prepared for an issuer that: ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities, had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and is not a large accelerated filer. This exemption shall expire at the earliest of: (1) the last day of the fiscal year 10 years after the issuer's first sale of common equity securities, (2) the end of the fiscal year in which the issuer's average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer. TITLE IV--NATIONAL SECURITIES EXCHANGE REGULATORY PARITY (Sec. 401) The bill amends the Securities Act of 1933 to exempt from state registration securities qualified for national trading by the SEC and authorized to be listed on a national securities exchange. Currently, securities listed on exchanges specified by statute or rule are exempt. TITLE V--ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS (Sec. 501) The bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution. (Sec. 502) The bill revises the S.A.F.E. Mortgage Licensing Act's civil liability immunity provisions.

Congressional Research Service summary (Passed House amended), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

TRID Improvement Act of 2017

Source: Congressional Research Service summary (Passed House amended)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Hill, J. French [R-AR-2] · 18 cosponsors

Cost estimate: CBO cost estimate: H.R. 3978, TRID Improvement Act of 2017 (2018-01-18)

Cosponsors on this site

Andy Barr (R-KY), Tom Emmer (R-MN), Brad Sherman (D-CA), Vicente Gonzalez (D-TX), Roger Williams (R-TX), Claudia Tenney (R-NY), Ralph Norman (R-SC), Josh Gottheimer (D-NJ)

Sponsor's campaign money: Rep. Hill, J. French [R-AR-2] reported raising $5.3 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

Words on this page, explained (7)
Authorization
A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Exemption
A rule that removes certain people, property or activities from a tax or requirement.
Fiscal year
The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities
Financial investments that can be bought and sold, such as stocks and bonds.
Statute
A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong115-hr3978 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115