108 STAT. 2190 PUBLIC LAW 103-325—SEPT. 23, 1994 Home Ownership and Equity Protection Act of 1994. 15 USC 1601 note. (b) COMMUNITY DEVELOPMENT CREDIT UNION REVOLVING LOAN FUND. —T here are authorized to be appropriated for the purposes of the Community Development Credit Union Revolving Loan Fund— (1) $4,000,000 for fiscal year 1995; (2) $2,000,000 for fiscal year 1996; (3) $2,000,000 for fiscal year 1997; and (4) $2,000,000 for fiscal year 1998. (c) BUDGETARY TREATMENT.— Amounts authorized to be appropriated under this section shall be subject to discretionary spending caps, as provided in section 601 of the Congressional Budget Act of 1974, and therefore shall reduce by an equal amount funds made available for other discretionary spending programs. Subtitle B—Home Ownership and Equity Protection SEC. 151. SHORT TITLE. This subtitle may be cited as the "Home Ownership and Equity Protection Act of 1994". SEC. 152. CONSUMER PROTECTIONS FOR CERTAIN MORTGAGES. (a) MORTGAGE DEFINITION.— Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is amended by adding at the end the following new subsection: "(aa)(l) A mortgage referred to in this subsection means a consumer credit transaction that is secured by the consumer's principal dwelling, other than a residential mortgage trsinsaction, a reverse mortgage transaction, or a transaction under an open end credit plan, if— "(A) the annual percentage rate at consummation of the transaction will exceed by more than 10 percentage points the yield on Treasury securities having comparable periods of maturity on the fifteenth day of the month immediately preceding the month in which the application for the extension of credit is received by the creditor; or "(B) the total points and fees payable by the consumer at or before closing will exceed the greater of— "(i) 8 percent of the total loan amount; or "(ii) $400. "(2)(A) After the 2-year period beginning on the effective date of the regulations promulgated under section 155 of the Riegle Community Development and Regulatory Improvement Act of 1994, and no more frequently than biennially after the first increase or decrease under this subparagraph, the Board may by regulation increase or decrease the number of percentage points specified in paragraph (1)(A), if the Board determines that the increase or decrease is— "(i) consistent with the consumer protections against abusive lending provided by the amendments made by subtitle B of title I of the Riegle Community Development and Regulatory Improvement Act of 1994; and "(ii) warranted by the need for credit. "(B) An increase or decrease under subparagraph (A) may not result in the number of percentage points referred to in subparagraph (A) being—
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