Real Estate Settlement Procedures Act(RESPA)

12 U.S.C. § 2601 et seq.  | (1974)

Legal Definition of Real Estate Settlement Procedures Act

protected consumers buying real estate by requiring disclosure of all closing costs. The Act required lenders to give mortgage applicants a standard form estimating the settlement costs, and it prohibited kickbacks for referrals among settlement service providers (as title insurers). The Act has been amended regularly since enactment, most recently in 2013.

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Real Estate Settlement Procedures Act

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“Real Estate Settlement Procedures Act.” Legal Dictionary, Merriam-Webster, Accessed 28 Sep. 2021.

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