I 

115TH CONGRESS 

1ST SESSION H. R. 1699 

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

originator and a high-cost mortgage, to amend the Secure and Fair 

Enforcement for Mortgage Licensing Act of 2008 to modify the definition 

of a loan originator, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 23, 2017 

Mr. BARR (for himself, Ms. SINEMA, Ms. SEWELL of Alabama, Mr. POLIQUIN, 

Mr. KUSTOFF of Tennessee, and Miss RICE of New York) introduced the 

following bill; which was referred to the Committee on Financial Services 

A BILL 

To amend the Truth in Lending Act to modify the definitions 

of a mortgage originator and a high-cost mortgage, to 

amend the Secure and Fair Enforcement for Mortgage 

Licensing Act of 2008 to modify the definition of a 

loan originator, and for other purposes. 

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’’. 


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1 SEC. 2. MORTGAGE AND LOAN ORIGINATOR DEFINITIONS. 

2 (a) MORTGAGE ORIGINATOR DEFINITION.—Section 

3 103 of the Truth in Lending Act (15 U.S.C. 1602) is 

4 amended— 

5 (1) by redesignating the second subsection (cc) 

6 and subsection (dd) as subsections (dd) and (ee), re7 spectively; and 

8 (2) in paragraph (2)(C) of subsection (dd), as 

9 so redesignated, by striking ‘‘an employee of a re10 tailer of manufactured homes who is not described 

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

12 does not advise a consumer on loan terms (including 

13 rates, fees, and other costs)’’ and inserting ‘‘a re14 tailer of manufactured or modular homes or its em15 ployees unless such retailer or its employees receive 

16 compensation or gain for engaging in activities de17 scribed in subparagraph (A) that is in excess of any 

18 compensation or gain received in a comparable cash 

19 transaction’’. 

20 (b) LOAN ORIGINATOR DEFINITION.—Section 

21 1503(4)(A) of the Secure and Fair Enforcement for Mort22 gage Licensing Act of 2008 (12 U.S.C. 5102(4)(A)) is 

23 amended— 

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

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

26 end and inserting ‘‘; and’’; and 


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

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

3 manufactured or modular homes or its em4 ployees unless such retailer or its employ5 ees receive compensation or gain for en6 gaging in activities described in clause (i) 

7 that is in excess of any compensation or 

8 gain received in a comparable cash trans9 action.’’. 

10 SEC. 3. HIGH-COST MORTGAGE DEFINITION. 

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

12 1602) is amended— 

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

14 disclosure of greater amount or percentage), as so 

15 designated by section 1100A of the Consumer Fi16 nancial Protection Act of 2010, as subsection (bb); 

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

18 high-cost mortgages), as so designated by section 

19 1100A of the Consumer Financial Protection Act of 

20 2010, as subsection (aa), and moving such sub21 section to immediately follow subsection (z); and 

22 (3) in subsection (aa)(1)(A), as so redesig23 nated— 

24 (A) in clause (i)(I), by striking ‘‘(8.5 per25 centage points, if the dwelling is personal propVerDate Sep 11 2014 23:30 Mar 28, 2017 Jkt 069200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1699.IH H1699

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1 erty and the transaction is for less than 

2 $50,000)’’ and inserting ‘‘(10 percentage points 

3 if the dwelling is personal property or is a 

4 transaction that does not include the purchase 

5 of real property on which a dwelling is to be 

6 placed, and the transaction is for less than 

7 $75,000 (as such amount is adjusted by the 

8 Bureau to reflect the change in the Consumer 

9 Price Index))’’; and 

10 (B) in clause (ii)— 

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

12 at the end; and 

13 (ii) by adding at the end the fol14 lowing: 

15 ‘‘(III) notwithstanding subclauses 

16 (I) and (II), in the case of a trans17 action for less than $75,000 (as such 

18 amount is adjusted by the Bureau to 

19 reflect the change in the Consumer 

20 Price Index) in which the dwelling is 

21 personal property (or is a consumer 

22 credit transaction that does not in23 clude the purchase of real property on 

24 which a dwelling is to be placed) the 

25 greater of 5 percent of the total transVerDate Sep 11 2014 23:30 Mar 28, 2017 Jkt 069200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H1699.IH H1699

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1 action amount or $3,000 (as such 

2 amount is adjusted by the Bureau to 

3 reflect the change in the Consumer 

4 Price Index); or’’. 

Æ 


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