IB 

Union Calendar No. 308 

115TH CONGRESS 

1ST SESSION H. R. 1699 

[Report No. 115–416] 

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 

NOVEMBER 21, 2017 

Additional sponsors: Mr. PALAZZO, Mr. HOLLINGSWORTH, Mr. DUNCAN of 

South Carolina, Mr. KELLY of Mississippi, Mr. WILLIAMS, Mr. BYRNE, 

Mr. THOMPSON of Pennsylvania, Mr. HARPER, Mr. MOONEY of West Virginia, Mr. MCKINLEY, Mr. ROTHFUS, Mr. JENKINS of West Virginia, Mr. 

SESSIONS, Mr. ADERHOLT, Mr. ROGERS of Alabama, Mrs. WALORSKI, 

Mrs. ROBY, Mr. DEFAZIO, Mr. BARTON, Mr. FLEISCHMANN, Mr. RUSSELL, Mrs. BLACKBURN, Mr. DUNCAN of Tennessee, Mr. BRIDENSTINE, 

Mr. ROE of Tennessee, Mr. FRANKS of Arizona, Mr. FLORES, Mr. COLE, 

Mr. MULLIN, Mr. O’HALLERAN, Mr. LUCAS, Mr. DESJARLAIS, Mr. 

RATCLIFFE, Mr. GARRETT, Ms. MCSALLY, Mr. WALBERG, Mr. GALLAGHER, Mr. BIGGS, Mr. BUCK, Mr. SCHWEIKERT, Mr. WITTMAN, Mr. 

DESANTIS, Mr. GOODLATTE, Mr. GOSAR, Mr. POE of Texas, Mr. 

KNIGHT, Mr. DENT, Mr. ESTES of Kansas, Mr. SAM JOHNSON of Texas, 

Mr. ROKITA, Mr. PETERS, Mr. MITCHELL, Mr. MESSER, Mr. MASSIE, 

Mrs. BROOKS of Indiana, Mr. GOTTHEIMER, Mr. BANKS of Indiana, Mr. 

BUCSHON, Mr. MOOLENAAR, and Mr. COMER

NOVEMBER 21, 2017 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 


daltland on DSK30NT082PROD with BILLS
2 

•HR 1699 RH

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. 


daltland on DSK30NT082PROD with BILLS
3 

•HR 1699 RH

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 AND LOAN ORIGINATOR DEFINITIONS. 

7 (a) MORTGAGE ORIGINATOR DEFINITION.—Section 

8 103 of the Truth in Lending Act (15 U.S.C. 1602) is 

9 amended— 

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

11 and subsection (dd) as subsections (dd) and (ee), re12 spectively; and 

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

14 so redesignated, by striking ‘‘an employee of a re15 tailer of manufactured homes who is not described 

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

17 does not advise a consumer on loan terms (including 

18 rates, fees, and other costs)’’ and inserting ‘‘a re19 tailer of manufactured or modular homes or its em20 ployees unless such retailer or its employees receive 

21 compensation or gain for engaging in activities de22 scribed in subparagraph (A) that is in excess of any 

23 compensation or gain received in a comparable cash 

24 transaction’’. 


daltland on DSK30NT082PROD with BILLS
4 

•HR 1699 RH

1 (b) LOAN ORIGINATOR DEFINITION.—Section 

2 1503(4)(A) of the Secure and Fair Enforcement for Mort3 gage Licensing Act of 2008 (12 U.S.C. 5102(4)(A)) is 

4 amended— 

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

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

7 end and inserting ‘‘; and’’; and 

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

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

10 manufactured or modular homes or its em11 ployees unless such retailer or its employ12 ees receive compensation or gain for en13 gaging in activities described in clause (i) 

14 that is in excess of any compensation or 

15 gain received in a comparable cash trans16 action.’’. 

17 SEC. 3. HIGH-COST MORTGAGE DEFINITION. 

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

19 1602) is amended— 

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

21 disclosure of greater amount or percentage), as so 

22 designated by section 1100A of the Consumer Fi23 nancial Protection Act of 2010, as subsection (bb); 

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

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


daltland on DSK30NT082PROD with BILLS
5 

•HR 1699 RH

1 1100A of the Consumer Financial Protection Act of 

2 2010, as subsection (aa), and moving such sub3 section to immediately follow subsection (z); and 

4 (3) in subsection (aa)(1)(A), as so redesig5 nated— 

6 (A) in clause (i)(I), by striking ‘‘(8.5 per7 centage points, if the dwelling is personal prop8 erty and the transaction is for less than 

9 $50,000)’’ and inserting ‘‘(10 percentage points 

10 if the dwelling is personal property or is a 

11 transaction that does not include the purchase 

12 of real property on which a dwelling is to be 

13 placed, and the transaction is for less than 

14 $75,000 (as such amount is adjusted by the 

15 Bureau to reflect the change in the Consumer 

16 Price Index))’’; and 

17 (B) in clause (ii)— 

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

19 at the end; and 

20 (ii) by adding at the end the fol21 lowing: 

22 ‘‘(III) notwithstanding subclauses 

23 (I) and (II), in the case of a trans24 action for less than $75,000 (as such 

25 amount is adjusted by the Bureau to 


daltland on DSK30NT082PROD with BILLS
6 

•HR 1699 RH

1 reflect the change in the Consumer 

2 Price Index) in which the dwelling is 

3 personal property (or is a consumer 

4 credit transaction that does not in5 clude the purchase of real property on 

6 which a dwelling is to be placed) the 

7 greater of 5 percent of the total trans8 action amount or $3,000 (as such 

9 amount is adjusted by the Bureau to 

10 reflect the change in the Consumer 

11 Price Index); or’’. 


daltland on DSK30NT082PROD with BILLS

daltland on DSK30NT082PROD with BILLS
Union Calendar No. 308 

115TH CONGRESS 

1ST SESSION H. R. 1699 

[Report No. 115–416] 

A BILL 

To amend the Truth in Lending Act to modify the 

for other purposes. to modify the definition of a loan originator, and Enforcement for Mortgage Licensing Act of 2008 cost mortgage, to amend the Secure and Fair definitions of a mortgage originator and a highNOVEMBER 21, 2017 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


daltland on DSK30NT082PROD with BILLS