Late yesterday, 11/16/2007, the House passed HR3915, the Anti-Predatory Lending Act of 2007, in a vote of 291-127. You can read a bit about one of the provisions of this bill, which seeks to outlaw YSP, or Yield Spread Premium, in this article on the topic.

The votes were: Democrats 227 Yeas and 0 Nays, Republicans 64 Yeas and 127 Nays. For a brief refresher on U.S. Government, the bill was passed by the House of Representatives, but still must go through some steps before it can become law. First, the Senate has to approve the bill; during the Senate review process, some sections may be added, removed, or changed. If the Senate approves the bill, edited or not, the final version goes to the President for review. The President has the ability to veto just certain items, the whole bill, or he can sign the bill for approval. If the President approves and signs the bill, it then becomes law.

After the bill becomes a law, there is still a grace period of 18 to 24 months before the new law takes effect. If you’d like to contact your Senator to express your stance for or against this bill, you can find information on that at the United States Senate website [opens new window].

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