II 

114TH CONGRESS 

1ST SESSION S. 682 

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

originator and a high-cost mortgage. 

IN THE SENATE OF THE UNITED STATES 

MARCH 10, 2015 

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

introduced the following bill; which was read twice and referred to the 

Committee on Banking, Housing, and Urban Affairs 

A BILL 

To amend the Truth in Lending Act to modify the definitions 

of a mortgage originator and a high-cost mortgage. 

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 2015’’. 

6 SEC. 2. MORTGAGE ORIGINATOR DEFINITION. 

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

8 1602) is amended— 


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

2 and subsection (dd) as subsections (dd) and (ee), re3 spectively; and 

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

5 so redesignated, by striking ‘‘an employee of a re6 tailer of manufactured homes who is not described 

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

8 does not advise a consumer on loan terms (including 

9 rates, fees, and other costs)’’ and inserting ‘‘a re10 tailer of manufactured or modular homes or its em11 ployees unless such retailer or its employees receive 

12 compensation or gain for engaging in activities de13 scribed in subparagraph (A) that is in excess of any 

14 compensation or gain received in a comparable cash 

15 transaction’’. 

16 SEC. 3. HIGH-COST MORTGAGE DEFINITION. 

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

18 1602) is amended— 

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

20 disclosure of greater amount or percentage), as so 

21 designated by section 1100A of the Consumer Fi22 nancial Protection Act of 2010, as subsection (bb); 

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

24 high cost mortgages), as so designated by section 

25 1100A of the Consumer Financial Protection Act of 


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1 2010, as subsection (aa), and moving such sub2 section to immediately follow subsection (z); and 

3 (3) in subsection (aa)(1)(A), as so redesig4 nated— 

5 (A) in clause (i)(I), by striking ‘‘(8.5 per6 centage points, if the dwelling is personal prop7 erty and the transaction is for less than 

8 $50,000)’’ and inserting ‘‘(10 percentage points 

9 if the dwelling is personal property or is a 

10 transaction that does not include the purchase 

11 of real property on which a dwelling is to be 

12 placed, and the transaction is for less than 

13 $75,000 (as such amount is adjusted by the 

14 Bureau to reflect the change in the Consumer 

15 Price Index))’’; and 

16 (B) in clause (ii)— 

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

18 at the end; and 

19 (ii) by adding at the end the fol20 lowing: 

21 ‘‘(III) in the case of a trans22 action for less than $75,000 (as such 

23 amount is adjusted by the Bureau to 

24 reflect the change in the Consumer 

25 Price Index) in which the dwelling is 


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1 personal property (or is a consumer 

2 credit transaction that does not in3 clude the purchase of real property on 

4 which a dwelling is to be placed) the 

5 greater of 5 percent of the total trans6 action amount or $3,000 (as such 

7 amount is adjusted by the Bureau to 

8 reflect the change in the Consumer 

9 Price Index); or’’. 

Æ 


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