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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5369 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5369

To amend the Secure and Fair Enforcement for Mortgage Licensing Act of 
  2008 to exempt manufactured and modular housing retailers from the 
           requirements of such Act, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              May 24, 2010

  Mr. Donnelly of Indiana (for himself and Mr. Posey) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL

 
To amend the Secure and Fair Enforcement for Mortgage Licensing Act of 
  2008 to exempt manufactured and modular housing retailers from the 
           requirements of such Act, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Manufactured Housing Licensing 
Clarification Act of 2010''.

SEC. 2. EXEMPTION ESTABLISHED.

    (a) Definition of Loan Originator.--Section 1503(3)(A) of the 
Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 
U.S.C. 5102(3)(A)) is amended--
            (1) by striking ``and'' at the end of clause (iii);
            (2) by striking the period at the end of clause (iv) and 
        inserting ``; and''; and
            (3) by adding at the end the following new clause:
                            ``(v) does not include an individual who 
                        performs manufactured or modular housing retail 
                        sales activities and is licensed or registered 
                        as required by applicable State law, unless the 
                        individual is compensated by a lender, a 
                        mortgage broker, or other loan originator or by 
                        any agent of such lender, mortgage broker, or 
                        other loan originator.''.
    (b) Manufactured or Modular Housing Retail Sales Activity 
Defined.--Section 1503(3) of the Secure and Fair Enforcement for 
Mortgage Licensing Act of 2008 (12 U.S.C. 5102(3)) is amended by adding 
at the end the following new subparagraph:
                    ``(E) Manufactured or modular housing retail sales 
                activity.--The term `manufactured or modular housing 
                retail sales activity' means any activity that involves 
                offering or providing manufactured housing or modular 
                housing sales services to the public, including--
                            ``(i) acting as a salesperson for a 
                        retailer, seller, lessor, or lessee of 
                        manufactured or modular housing;
                            ``(ii) bringing together parties interested 
                        in the sale, purchase, lease, rental, or 
                        exchange of manufactured or modular housing;
                            ``(iii) negotiating, on behalf of any 
                        party, any portion of a contract relating to 
                        the sale, purchase, lease, rental, or exchange 
                        of manufactured or modular homes (other than in 
                        connection with providing financing with 
                        respect to any such transaction);
                            ``(iv) closing or executing a retail 
                        installment sales contract on behalf of a 
                        retail seller entity of a manufactured or 
                        modular home to the extent that any transfer of 
                        funds for the purchase of the retail 
                        installment sales contract are paid directly to 
                        the retail seller entity offering the home for 
                        sale and not to the individual closing or 
                        executing the retail installment sales 
                        contract;
                            ``(v) engaging in any activity for which a 
                        person engaged in the activity is required to 
                        be registered or licensed as a manufactured or 
                        modular housing retailer or salesperson under 
                        any applicable law; and
                            ``(vi) offering to engage in any activity, 
                        or act in any capacity, described in clause 
                        (i), (ii), (iii), (iv), or (v).''.

SEC. 3. AMENDMENT TO STATE LAW LICENSING REQUIREMENTS.

    Section 1508(d) of the Secure and Fair Enforcement for Mortgage 
Licensing Act of 2008 (12 U.S.C. 1507(d)) is amended by adding at the 
end the following new paragraphs:
            ``(7) The State loan originator supervisory authority has 
        created education and testing appropriate for personal property 
        loan originators.
            ``(8) The State loan originator supervisory authority 
        ensures that additional mortgage lending licensing is not 
        mandated of a State-licensed personal property lender and has 
        not created unnecessary, duplicative licensing requirements for 
        State-licensed lenders engaged solely in making residential 
        mortgage loans secured by personal property, such as 
        manufactured homes.''.
                                 <all>
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