The document discusses six important laws that every homeowner should be familiar with: 1) The SAFE Act of 2008 enhances consumer protection and requires mortgage licensing on a nationwide basis. 2) The Consumer Protection Act and Dodd-Frank Wall Street Reform of 2010 was intended to protect taxpayers from abusive financial practices. 3) The Community Reinvestment Act (CRA) of 1977 encourages banks to offer services to the communities they serve. 4) The Real Estate Settlement Procedures Act (RESPA) of 1974 increases transparency around settlement services and fees. 5) The Equal Credit Opportunity Act of 1974 prohibits discrimination in granting credit. 6) The Truth in Lending Act (TILA) requires

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The Laws Every Homeowner Should Know
Apart from college, home
ownership can be one of the
priciest ventures people on
American will ever embark on.
Here, we list six laws every
future homeowner must be
familiar with.
The SAFE Act
In 2008, the Secure and Fair
Enforcement for Mortgage
Licensing Act was set up. The
act's purpose includes
enhancing consumer protection, reducing fraud by requiring that states
enact legislation that is compliant with the federal act, as well as mandate
licensing on a nationwide basis. Learn more about it here.
Consumer Protection Act and Dodd-Frank Wall Street Reform
The act was signed into law by Obama on July 21st, 2010, in response to
2008’s economic crisis. The Consumer Protection Act and Dodd-Frank Wall
Street Reform was a reform that had the intention of protecting American
taxpayers from abusive financial service practices. Learn more about it here.
CRA
CRA, also known as the Community Reinvestment Act, was enacted in 1977
then revised in 1995. The Community Reinvestment Act was put into action
to encourage banks to offer banking services to communities they’re
chartered to serve. Learn more about it here.
RESPA
In 1974, The Real Estate Settlement Procedures Act was set up and was
thought to be a consumer protection statute. It’ll allow consumers to have
more knowledge about the prices of settlement services and decreases the
expense by prohibiting any type of undisclosed referral kickbacks and fees.
Learn more about it here.

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Equal Credit Opportunity Act
In 1974, this act was passed and affected any institution which routinely
extends credit, or that are involved with granting credit. The act dictates
that consumers are offered the equal opportunity to receive credit and will
prohibit the discrimination of any person from things like color, race,
national origin, religion, marital status, age, or sex.
TILA
This act, also known as the Truth in Lending Act, will require the disclosure
of all key terms in a lending arrangement and additionally all costs. Before
this act, advertisers just advertised an attractive lease or credit terms,
thereby distorting the actual expenses. Learn more about it here.
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Steely & Smith Insurance
3662 Route 202
Doylestown, PA 18902
(215) 345-9410
http://steelyandsmith.com
robin@steelyandsmith.com