Home Equity Lending Integrity Act

The Home Equity Lending Integrity Act updates the Truth in Lending Act to explicitly include home equity investment loans within its scope. These loans are defined as transactions where a consumer receives money in exchange for an interest in their home and an obligation to repay based on the property's value. The bill directs the Bureau of Consumer Financial Protection to create regulations ensuring these specific loans are covered under existing rules for consumer protection and penalties. Additionally, the legislation states that this change is intended to clarify the current law rather than alter how it is administered.