US HJR51: Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Pro…
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Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Quality Control Standards for Automated Valuation Models".
AI Summary
This bill seeks congressional disapproval of the Bureau of Consumer Financial Protection's rule on quality control standards for automated valuation models.
If you use automated valuation models in real estate, you must comply with new quality control standards or face regulatory scrutiny.
State
United States (Federal)
Bill Number
HJR51
Status
Introduced
Risk Level
Medium
Category
Amendment
Last Action
Feb 12, 2025
Last Verified
Apr 30, 2026
Data Updated
Apr 30, 2026
What do these statuses mean?▼
Introduced— Filed in the legislature; not yet heard in committee
In Committee— Assigned to and being reviewed by a legislative committee
Passed— Approved by one or both chambers; awaiting further action
Signed / Enacted— Signed into law by the governor; may or may not be in effect yet
Dead / Vetoed— Vetoed, failed to pass, or session expired without action
Unknown— Status data not yet available or awaiting classification
Affected Industries
Real EstateFinanceFinancial ServicesConsumer Protection
What This Means
HJR51 aims to disapprove a rule from the Bureau of Consumer Financial Protection concerning quality control standards for automated valuation models.
Key Provisions
Seeks congressional disapproval of the CFPB's rule on quality control standards for AVMs.
Introduced under Chapter 8 of Title 5, U.S. Code.
Does not specify compliance deadlines or penalties.
Latest Legislative Action
Referred to the House Committee on Financial Services.
Bill Sponsors
Name
Role
District
Andrew ClydeR
Sponsor
HD-GA-9
Compliance Checklist
Monitor the status of HJR51 and its implications for AVM standards Who: Businesses using AVMs Penalty: Potential regulatory scrutiny if standards change.
Full Legal Analysis
HJR51 is a joint resolution that seeks to disapprove a specific rule established by the Bureau of Consumer Financial Protection (CFPB) regarding quality control standards for automated valuation models (AVMs). The resolution is introduced under Chapter 8 of Title 5 of the United States Code, which outlines the process for congressional disapproval of agency rules. If passed, this resolution would effectively nullify the CFPB's rule. The bill does not specify compliance deadlines or penalties for non-compliance, as it is primarily focused on disapproving an existing rule rather than imposing new requirements. Businesses that rely on AVMs may need to stay informed about the status of this resolution and any subsequent regulatory changes that may arise from its passage or failure.
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