II 

113TH CONGRESS 

1ST SESSION S. 1828 

To amend the Truth in Lending Act to modify the definitions of a mortgage 

originator and a high-cost mortgage. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 16, 2013 

Mr. DONNELLY (for himself and Mr. COBURN) introduced the following bill; 

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To amend the Truth in Lending Act to modify the definitions 

of a mortgage originator and a high-cost mortgage. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Preserving Access to 

5 Manufactured Housing Act of 2013’’. 

6 SEC. 2. MORTGAGE ORIGINATOR DEFINITION. 

7 (a) AMENDMENT TO DEFINITION.—Section 1401 of 

8 the Dodd-Frank Wall Street Reform and Consumer Pro9 tection Act is amended, in paragraph (2)(C)(ii) of the 

10 matter proposed to be added to section 103 of the Truth 

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1 in Lending Act, by striking ‘‘an employee of a retailer of 

2 manufactured homes who is not described in clause (i) or 

3 (iii) of subparagraph (A) and who does not advise a con4 sumer on loan terms (including rates, fees, and other 

5 costs)’’ and inserting ‘‘a retailer of manufactured or mod6 ular homes or its employees unless such retailer or its em7 ployees receive compensation or gain for engaging in ac8 tivities described in subparagraph (A) that is in excess of 

9 any compensation or gain received in a comparable cash 

10 transaction’’. 

11 (b) TECHNICAL AMENDMENTS.—(1) Section 1401 of 

12 the Dodd-Frank Wall Street Reform and Consumer Pro13 tection Act is amended, in the matter proposed to be 

14 added to section 103 of the Truth in Lending Act, by re15 designating subsection (cc) as subsection (dd). 

16 (2) Section 1431(d) of the Dodd-Frank Wall Street 

17 Reform and Consumer Protection Act is amended— 

18 (A) by striking ‘‘subsection (cc)’’ and inserting 

19 ‘‘subsection (dd)’’; and 

20 (B) in the matter proposed to be added to sec21 tion 103 of the Truth in Lending Act by redesig22 nating subsection (dd) as subsection (ee). 

23 (c) EFFECTIVE DATE.—The amendments made by 

24 this section shall take effect as if included in the provisions 

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1 of the Dodd-Frank Wall Street Reform and Consumer 

2 Protection Act to which they relate. 

3 SEC. 3. HIGH-COST MORTGAGE DEFINITION. 

4 Section 103 of the Truth in Lending Act (15 U.S.C. 

5 1602) is amended— 

6 (1) by redesignating subsection (aa) (relating to 

7 disclosure of greater amount or percentage), as so 

8 designated by section 1100A of Public Law 111– 

9 203, as subsection (bb); 

10 (2) by redesignating subsection (bb) (relating to 

11 high cost mortgages), as so designated by section 

12 1100A of Public Law 111–203, as subsection (aa), 

13 and moving such subsection to immediately follow 

14 subsection (z); and 

15 (3) in subsection (aa)(1)(A), as so redesig16 nated— 

17 (A) in clause (i)(I), by striking ‘‘(8.5 per18 centage points, if the dwelling is personal prop19 erty and the transaction is for less than 

20 $50,000)’’ and inserting ‘‘(10 percentage points 

21 if the dwelling is personal property or is a 

22 transaction that does not include the purchase 

23 of real property on which a dwelling is to be 

24 placed, and the transaction is for less than 

25 $75,000 (as such amount is adjusted by the 

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1 Bureau to reflect the change in the Consumer 

2 Price Index))’’; and 

3 (B) in clause (ii)— 

4 (i) in subclause (I), by striking ‘‘or’’ 

5 at the end; and 

6 (ii) by adding at the end the fol7 lowing: 

8 ‘‘(III) in the case of a trans9 action for less than $75,000 (as such 

10 amount is adjusted by the Bureau to 

11 reflect the change in the Consumer 

12 Price Index) in which the dwelling is 

13 considered personal property (or is a 

14 consumer credit transaction that does 

15 not include the purchase of real prop16 erty on which a dwelling is to be 

17 placed) the greater of 5 percent of the 

18 total transaction amount or $3,000 

19 (as such amount is adjusted by the 

20 Bureau to reflect the change in the 

21 Consumer Price Index); or’’. 

Æ 

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