Real Estate Settlement Procedures Act (RESPA)
Updated 04/29/2024

Congress passed the Real Estate Settlement Procedures Act (RESPA) in 1975 to give comprehensive settlement cost disclosures to purchasers and sellers. RESPA prevents bribes and limits escrow accounts in the real estate settlement process. RESPA is federal legislation presently governed by the Consumer Financial Protection Bureau (CFPB). RESPA, which Congress first approved in 1974, went into effect on June 20, 1975. Several adjustments and amendments to RESPA have occurred throughout the years. Initially, enforcement was the responsibility of the U.S. Department of Housing and Urban Development (HUD). Because of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB took over such responsibilities after 2011.

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