Title: Preserving Access to Manufactured Housing Act of 2017
Policy area: Housing and Community Development

Summary:
Preserving Access to Manufactured Housing Act of 2017
This bill amends the Truth in Lending Act (TILA) to specify that a retailer of manufactured housing is generally not a "mortgage originator" subject to requirements under that Act. Similarly, the bill amends the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 to specify that such a retailer is generally not a "loan originator" subject to requirements under that Act.
In addition, the bill increases the annual percentage rates and transaction values at which mortgages for certain dwellings are considered "high-cost mortgages" under TILA.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1751 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                S. 1751

    To modify the definitions of a mortgage originator, a high-cost 
                    mortgage, and a loan originator.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 3, 2017

Mr. Donnelly (for himself, Mr. Toomey, Mr. Manchin, Mr. Cotton, and Mr. 
    Peters) introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
    To modify the definitions of a mortgage originator, a high-cost 
                    mortgage, and a loan originator.

    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 ``Preserving Access to Manufactured 
Housing Act of 2017''.

SEC. 2. MORTGAGE ORIGINATOR AND HIGH-COST MORTGAGE DEFINITIONS.

    Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is 
amended--
            (1) by redesignating subsection (aa) as subsection (bb);
            (2) by redesignating subsection (bb) as subsection (aa), 
        and moving such subsection to immediately follow subsection 
        (z);
            (3) in subsection (aa)(1)(A), as so redesignated--
                    (A) in clause (i)(I), by striking ``(8.5 percentage 
                points, if the dwelling is personal property and the 
                transaction is for less than $50,000)'' and inserting 
                ``(10 percentage points if the dwelling is personal 
                property or is a transaction that does not include the 
                purchase of real property on which a dwelling is to be 
                placed and the transaction is for less than $75,000 (as 
                such amount is adjusted by the Bureau to reflect the 
                change in the Consumer Price Index))''; and
                    (B) 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 
                                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'';
            (4) by redesignating the second subsection (cc) (relating 
        to definitions relating to mortgage origination and residential 
        mortgage loans) and subsection (dd) as subsections (dd) and 
        (ee), respectively; and
            (5) in paragraph (2)(C) of subsection (dd), as so 
        redesignated, 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 the employees 
        of the retailer unless the retailer or the 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''.

SEC. 3. LOAN ORIGINATOR DEFINITION.

    Section 1503(4)(A) of the Secure and Fair Enforcement for Mortgage 
Licensing Act of 2008 (12 U.S.C. 5102(4)(A)) is amended--
            (1) in clause (iii), by striking ``and'' at the end;
            (2) in clause (iv), by striking the period at the end and 
        inserting ``; and''; and
            (3) by adding at the end the following:
                            ``(v) does not include a retailer of 
                        manufactured or modular homes or the employees 
                        of the retailer unless the retailer or 
                        employees receive compensation or gain for 
                        engaging in activities described in clause (i) 
                        that is in excess of any compensation or gain 
                        received in a comparable cash transaction.''.
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