Responsible Subprime Lending Act

Referred to the House Committee on Financial Services.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Jan 14, 2009

Responsible Subprime Lending Act - States that certain revisions added as a final rule by the Board of Governors of the Federal Reserve System (Board) to regulation Z relating to Truth in Lending, shall apply as a matter of law to covered loans for which the creditor receives an application after the end of the 30-day period beginning on the enactment of this Act (except for the final rules on advertising, escrows, and loan servicing).

States that certain final rules on escrows shall be effective for covered loans for which the creditor receives an application on or after October 1, 2009, but for such loans [sic] secured by manufactured housing on or after April 1, 2010.

Directs the Board to issue a final rule as soon as possible without regard to statutory notice and comment procedures to make certain revisions in accordance with the effective dates provided under this Act.

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People & committees

Who introduced it

Rep. Gallegly, Elton [R-CA-24] · R–CA

Committees

Financial Services Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

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Jan 14, 2009
Referred to the House Committee on Financial Services.
Jan 14, 2009
Introduced in House
Jan 14, 2009
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Jan 14, 2009 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.

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Objective

Analyze H.R.514 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.514, 111th Congress: Responsible Subprime Lending Act

Official record: https://www.congress.gov/bill/111th-congress/house-bill/514

Text version to examine: Introduced in House · 2009-01-14.

Official full text: https://www.congress.gov/111/bills/hr514/BILLS-111hr514ih.htm

Imported record last updated by the source: 2025-08-14T16:15:07Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.514 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.514 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss H.R.514, 111th Congress: Responsible Subprime Lending Act

Official record: https://www.congress.gov/bill/111th-congress/house-bill/514

Text version to examine: Introduced in House · 2009-01-14.

Official full text: https://www.congress.gov/111/bills/hr514/BILLS-111hr514ih.htm

Imported record last updated by the source: 2025-08-14T16:15:07Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.514 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Examine H.R.514 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss H.R.514, 111th Congress: Responsible Subprime Lending Act

Official record: https://www.congress.gov/bill/111th-congress/house-bill/514

Text version to examine: Introduced in House · 2009-01-14.

Official full text: https://www.congress.gov/111/bills/hr514/BILLS-111hr514ih.htm

Imported record last updated by the source: 2025-08-14T16:15:07Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.514 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Examine H.R.514 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.514, 111th Congress: Responsible Subprime Lending Act

Official record: https://www.congress.gov/bill/111th-congress/house-bill/514

Text version to examine: Introduced in House · 2009-01-14.

Official full text: https://www.congress.gov/111/bills/hr514/BILLS-111hr514ih.htm

Imported record last updated by the source: 2025-08-14T16:15:07Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.514 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.