IIB 

115TH CONGRESS 

1ST SESSION H. R. 1699 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 4, 2017 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

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, 


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1 SECTION 1. SHORT TITLE. 

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

3 Manufactured Housing Act of 2017’’. 

4 SEC. 2. MORTGAGE AND LOAN ORIGINATOR DEFINITIONS. 

5 (a) MORTGAGE ORIGINATOR DEFINITION.—Section 

6 103 of the Truth in Lending Act (15 U.S.C. 1602) is 

7 amended— 

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

9 and subsection (dd) as subsections (dd) and (ee), re10 spectively; and 

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

12 so redesignated, by striking ‘‘an employee of a re13 tailer of manufactured homes who is not described 

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

15 does not advise a consumer on loan terms (including 

16 rates, fees, and other costs)’’ and inserting ‘‘a re17 tailer of manufactured or modular homes or its em18 ployees unless such retailer or its employees receive 

19 compensation or gain for engaging in activities de20 scribed in subparagraph (A) that is in excess of any 

21 compensation or gain received in a comparable cash 

22 transaction’’. 

23 (b) LOAN ORIGINATOR DEFINITION.—Section 

24 1503(4)(A) of the Secure and Fair Enforcement for Mort25 gage Licensing Act of 2008 (12 U.S.C. 5102(4)(A)) is 

26 amended— 


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

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

3 end and inserting ‘‘; and’’; and 

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

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

6 manufactured or modular homes or its em7 ployees unless such retailer or its employ8 ees receive compensation or gain for en9 gaging in activities described in clause (i) 

10 that is in excess of any compensation or 

11 gain received in a comparable cash trans12 action.’’. 

13 SEC. 3. HIGH-COST MORTGAGE DEFINITION. 

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

15 1602) is amended— 

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

17 disclosure of greater amount or percentage), as so 

18 designated by section 1100A of the Consumer Fi19 nancial Protection Act of 2010, as subsection (bb); 

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

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

22 1100A of the Consumer Financial Protection Act of 

23 2010, as subsection (aa), and moving such sub24 section to immediately follow subsection (z); and 


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1 (3) in subsection (aa)(1)(A), as so redesig2 nated— 

3 (A) in clause (i)(I), by striking ‘‘(8.5 per4 centage points, if the dwelling is personal prop5 erty and the transaction is for less than 

6 $50,000)’’ and inserting ‘‘(10 percentage points 

7 if the dwelling is personal property or is a 

8 transaction that does not include the purchase 

9 of real property on which a dwelling is to be 

10 placed, and the transaction is for less than 

11 $75,000 (as such amount is adjusted by the 

12 Bureau to reflect the change in the Consumer 

13 Price Index))’’; and 

14 (B) in clause (ii)— 

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

16 at the end; and 

17 (ii) by adding at the end the fol18 lowing: 

19 ‘‘(III) notwithstanding subclauses 

20 (I) and (II), in the case of a trans21 action for less than $75,000 (as such 

22 amount is adjusted by the Bureau to 

23 reflect the change in the Consumer 

24 Price Index) in which the dwelling is 

25 personal property (or is a consumer 


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1 credit transaction that does not in2 clude the purchase of real property on 

3 which a dwelling is to be placed) the 

4 greater of 5 percent of the total trans5 action amount or $3,000 (as such 

6 amount is adjusted by the Bureau to 

7 reflect the change in the Consumer 

8 Price Index); or’’. 

Passed the House of Representatives December 1, 

2017. 

Attest: KAREN L. HAAS, 

Clerk. 


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