Preserving Access to Manufactured Housing Act of 2013

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Preserving Access to Manufactured 
Housing Act of 2013''.

SEC. 2. MORTGAGE ORIGINATOR DEFINITION.

    (a) Amendment to Definition.--Section 1401 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act is amended, in paragraph 
(2)(C)(ii) of the matter proposed to be added to section 103 of the 
Truth in Lending Act, by striking ``an employee of a retailer of 
manufactured homes who is not described in clause (i) or (iii) of 
subparagraph (A) and who does not advise a consumer on loan terms 
(including rates, fees, and other costs)'' and inserting ``a retailer 
of manufactured or modular homes or its employees unless such retailer 
or its employees receive compensation or gain for engaging in 
activities described in subparagraph (A) that is in excess of any 
compensation or gain received in a comparable cash transaction''.
    (b) Technical Amendments.--(1) Section 1401 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act is amended, in the matter 
proposed to be added to section 103 of the Truth in Lending Act, by 
redesignating subsection (cc) as subsection (dd).
    (2) Section 1431(d) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended--
            (A) by striking ``subsection (cc)'' and inserting 
        ``subsection (dd)''; and
            (B) in the matter proposed to be added to section 103 of 
        the Truth in Lending Act by redesignating subsection (dd) as 
        subsection (ee).
    (c) Effective Date.--The amendments made by this section shall take 
effect as if included in the provisions of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act to which they relate.

SEC. 3. HIGH-COST MORTGAGE DEFINITION.

    Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is 
amended--
            (1) by redesignating subsection (aa) (relating to 
        disclosure of greater amount or percentage), as so designated 
        by section 1100A of Public Law 111-203, as subsection (bb);
            (2) by redesignating subsection (bb) (relating to high cost 
        mortgages), as so designated by section 1100A of Public Law 
        111-203, as subsection (aa), and moving such subsection to 
        immediately follow subsection (z); and
            (3) in subsection (aa)(1)(A), as so redesignated--
                    (A) in clause (i)(I)--
                            (i) by striking ``(8.5 percentage points, 
                        if the dwelling is personal property and the 
                        transaction is for less than $50,000)''; and
                            (ii) by striking ``or'' at the end;
                    (B) in clause (i)(II), by adding ``or'' at the end;
                    (C) in clause (i), by adding at the end the 
                following:
                                    ``(III) by a first mortgage on a 
                                consumer's principal dwelling that is 
                                considered personal property (or is a 
                                consumer credit transaction that does 
                                not include the purchase of real 
                                property on which a dwelling is to be 
                                placed), the annual percentage rate at 
                                consummation of the transaction will 
                                exceed the average prime offer rate, as 
                                defined in section 129C(b)(2)(B), for a 
                                comparable transaction, by more than--
                                            ``(aa) 8.5 percentage 
                                        points, in the case of a 
                                        transaction in an amount of 
                                        $50,000 or more, but less than 
                                        $75,000 (as such amounts are 
                                        adjusted by the Bureau to 
                                        reflect the change in the 
                                        Consumer Price Index);
                                            ``(bb) 10.5 percentage 
                                        points, in the case of a 
                                        transaction in an amount of 
                                        more than $30,000, but less 
                                        than $50,000 (as such amounts 
                                        are adjusted by the Bureau to 
                                        reflect the change in the 
                                        Consumer Price Index); or
                                            ``(cc) 12.5 percentage 
                                        points, in the case of a 
                                        transaction in an amount of 
                                        $30,000 or less (as such amount 
                                        is adjusted by the Bureau to 
                                        reflect the change in the 
                                        Consumer Price Index), or a 
                                        higher percentage established 
                                        by the Bureau not to exceed 
                                        14.5 percentage points in such 
                                        cases, if the Bureau determines 
                                        that the lower rate would 
                                        restrict access to credit and 
                                        that raising the rate would not 
                                        have a detrimental impact on 
                                        consumer protection.''; and
                    (D) in clause (ii)--
                            (i) in subclause (I), by striking ``or'' at 
                        the end; and
                            (ii) by adding at the end the following:
                                    ``(III) in the case of a 
                                transaction for less than $75,000 (as 
                                such amount is adjusted by the Bureau 
                                to reflect the change in the Consumer 
                                Price Index) in which the dwelling is 
                                considered personal property (or is a 
                                consumer credit transaction that does 
                                not include the purchase of real 
                                property on which a dwelling is to be 
                                placed) the greater of 5 percent of the 
                                total transaction amount or $3,000 (as 
                                such amount is adjusted by the Bureau 
                                to reflect the change in the Consumer 
                                Price Index); or''.

Summary: Preserving Access to Manufactured Housing Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to revise the exclusion from the meaning of &quot;mortgage originator&quot; of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms (including rates, fees, and other costs). Excludes from the meaning of &quot;mortgage originator,&quot; instead, any retailer of manufactured or modular homes or its employees unless the retailer or its employees receive compensation or gain for engaging in certain activities in excess of any compensation or gain received in a comparable cash transaction. Amends the Truth in Lending Act to revise the definition of "high cost mortgage."