A bill to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to establish language access requirements for creditors and servicers, and for other purposes.

Bill 118 s 4265, also known as the Language Access for Mortgage Borrowers Act, aims to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974. The main goal of this bill is to establish language access requirements for creditors and servicers in order to ensure that mortgage borrowers with limited English proficiency are able to fully understand the terms and conditions of their loans.

The bill requires creditors and servicers to provide language access services, such as translated documents and interpretation services, to borrowers who have difficulty understanding English. This will help to prevent misunderstandings and ensure that borrowers are able to make informed decisions about their mortgages.

In addition to language access requirements, the bill also includes provisions to improve transparency and accountability in the mortgage lending process. It requires creditors and servicers to provide clear and accurate information to borrowers about their loans, including fees, interest rates, and payment schedules. Overall, the Language Access for Mortgage Borrowers Act aims to protect the rights of borrowers with limited English proficiency and ensure that they are able to navigate the mortgage lending process effectively. By establishing language access requirements and improving transparency, this bill seeks to promote fair and equitable lending practices in the United States.