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]
[H.R. 1699 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1699

   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

_______________________________________________________________________

                                 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.

    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 AND LOAN ORIGINATOR DEFINITIONS.

    (a) Mortgage Originator Definition.--Section 103 of the Truth in 
Lending Act (15 U.S.C. 1602) is amended--
            (1) by redesignating the second subsection (cc) and 
        subsection (dd) as subsections (dd) and (ee), respectively; and
            (2) 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 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) 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 its employees 
                        unless such retailer or its 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.''.

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 the Consumer Financial Protection Act of 
        2010, as subsection (bb);
            (2) by redesignating subsection (bb) (relating to high-cost 
        mortgages), as so designated by section 1100A of the Consumer 
        Financial Protection Act of 2010, 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), 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) notwithstanding subclauses 
                                (I) and (II), 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''.
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