II 

115TH CONGRESS 

1ST SESSION S. 1751 

To modify the definitions of a mortgage originator, a high-cost mortgage, 

and a loan originator. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 3, 2017 

Mr. DONNELLY (for himself, Mr. TOOMEY, Mr. MANCHIN, Mr. COTTON, and 

Mr. PETERS) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To modify the definitions of a mortgage originator, a highcost mortgage, and a loan originator. 

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 2017’’. 

6 SEC. 2. MORTGAGE ORIGINATOR AND HIGH-COST MORT7 GAGE DEFINITIONS. 

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

9 1602) is amended— 

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1 (1) by redesignating subsection (aa) as sub2 section (bb); 

3 (2) by redesignating subsection (bb) as sub4 section (aa), and moving such subsection to imme5 diately follow subsection (z); 

6 (3) in subsection (aa)(1)(A), as so redesig7 nated— 

8 (A) in clause (i)(I), by striking ‘‘(8.5 per9 centage points, if the dwelling is personal prop10 erty and the transaction is for less than 

11 $50,000)’’ and inserting ‘‘(10 percentage points 

12 if the dwelling is personal property or is a 

13 transaction that does not include the purchase 

14 of real property on which a dwelling is to be 

15 placed and the transaction is for less than 

16 $75,000 (as such amount is adjusted by the 

17 Bureau to reflect the change in the Consumer 

18 Price Index))’’; and 

19 (B) in clause (ii)— 

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

21 at the end; and 

22 (ii) by adding at the end the fol23 lowing: 

24 ‘‘(III) in the case of a trans25 action for less than $75,000 (as such 

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1 amount is adjusted by the Bureau to 

2 reflect the change in the Consumer 

3 Price Index) in which the dwelling is 

4 personal property (or is a consumer 

5 credit transaction that does not in6 clude the purchase of real property on 

7 which a dwelling is to be placed), the 

8 greater of 5 percent of the total trans9 action amount or $3,000 (as such 

10 amount is adjusted by the Bureau to 

11 reflect the change in the Consumer 

12 Price Index); or’’; 

13 (4) by redesignating the second subsection (cc) 

14 (relating to definitions relating to mortgage origina15 tion and residential mortgage loans) and subsection 

16 (dd) as subsections (dd) and (ee), respectively; and 

17 (5) in paragraph (2)(C) of subsection (dd), as 

18 so redesignated, by striking ‘‘an employee of a re19 tailer of manufactured homes who is not described 

20 in clause (i) or (iii) of subparagraph (A) and who 

21 does not advise a consumer on loan terms (including 

22 rates, fees, and other costs)’’ and inserting ‘‘a re23 tailer of manufactured or modular homes or the em24 ployees of the retailer unless the retailer or the em25 ployees receive compensation or gain for engaging in 

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1 activities described in subparagraph (A) that is in 

2 excess of any compensation or gain received in a 

3 comparable cash transaction’’. 

4 SEC. 3. LOAN ORIGINATOR DEFINITION. 

5 Section 1503(4)(A) of the Secure and Fair Enforce6 ment for Mortgage Licensing Act of 2008 (12 U.S.C. 

7 5102(4)(A)) is amended— 

8 (1) in clause (iii), by striking ‘‘and’’ at the end; 

9 (2) in clause (iv), by striking the period at the 

10 end and inserting ‘‘; and’’; and 

11 (3) by adding at the end the following: 

12 ‘‘(v) does not include a retailer of 

13 manufactured or modular homes or the 

14 employees of the retailer unless the retailer 

15 or employees receive compensation or gain 

16 for engaging in activities described in 

17 clause (i) that is in excess of any com18 pensation or gain received in a comparable 

19 cash transaction.’’. 

Æ 

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