H.R. 8252, titled the "Improving Language Access in Mortgage Servicing Act of 2024," aims 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. The bill requires the creation of a standard...
Simple Explanation
This bill wants to make sure people who speak different languages can understand their home loan papers by providing translations and help from people who speak those languages. It also plans to create a website with resources and requires banks to share language preferences if the loan is transferred to another company.