118th Congress Finance and Financial Sector
S. 3720: Preserving Pathways to Homeownership Act of 2024
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes requirements regarding land installment contracts (i.e., land contracts or contracts for deed). In a land installment contract, a seller agrees to sell real property to a purchaser through installment payments. The seller retains the title to the property until the payments are completed. In many cases, these agreements are not publicly recorded.
Under the bill, states must enact requirements for land installment contracts. Specifically, a seller must record the contract with the deed recorder or similar office no later than five days after the execution of the contract. States must deter noncompliance with this requirement by
- prohibiting a seller from enforcing any part of such a contract if the contract is not recorded,
- giving the purchaser the right to rescind the contract and to receive a refund,
- establishing civil liability for violations, and
- establishing appropriate enforcement authority.
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The bill also prohibits the use of the remedy of forfeiture, which allows the seller to evict the purchaser and retain all payments if the purchaser defaults. However, under the bill, the seller may liquidate the purchaser’s interest in the property pursuant to the state’s foreclosure laws in the event of default.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Cynthia Lummis R-WYOriginal
Who scored on this bill
- 1Tina Smith SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Tina Smith
- S. 1157: Women and Lung Cancer Research and Preventive Services Act of 2025
- S. 621: To accept the request to revoke the charter of incorporation of the Lower Sioux Indian Community in the State of Minnesota at the request of that Community, and for other purposes
- S. 622: Leech Lake Reservation Restoration Amendments Act of 2025
- S. 638: To amend the Act of June 22, 1948
- S. 5595: To amend the Act of June 22, 1948
- S. 2868: To accept the request to revoke the charter of incorporation of the Lower Sioux Indian Community in the State of Minnesota at the request of that Community, and for other purposes
History
- Introduced in the Senate by Tina Smith.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.