Preserving Access to Manufactured Housing Act of 2015

Bill: 114-hr-650
Sponsor: full_name: Rep. Fincher, Stephen Lee [R-TN-8]
Introduced: 2015-02-02
Policy area: Housing and Community Development
Subjects: Banking and financial institutions regulation

Housing finance and home ownership

Housing industry and standards

Interest, dividends, interest rates

Real estate business

Retail and wholesale trades
Latest action: action_date: 2015-04-15
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2015-02-02
action_desc: Introduced in House
text: <p><b>Preserving Access to Manufactured Housing Act of 2015</b></p> <p> Amends the Truth in Lending Act to revise the exclusion from the meaning of "mortgage originator" 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).</p> <p>Excludes from the meaning of "mortgage originator," 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.</p> <p>Revises the definition of "high cost mortgage."</p>

action_date: 2015-04-14
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary of has been expanded because action occurred on the measure.)</p> <p><b>Preserving Access to Manufactured Housing Act of 2015</b></p> <p>(Sec. 2) Amends the Truth in Lending Act to revise the exclusion from the meaning of "mortgage originator" 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).</p> <p>Excludes from the meaning of "mortgage originator," 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.</p> <p>(Sec. 3) Revises the definition of "high cost mortgage."</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 650 IN THE HOUSE OF REPRESENTATIVES February 2, 2015 Mr. Fincher (for himself, Ms. Sewell of Alabama , Mr. Barr , and Ms. Sinema ) 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.

1. Short title This Act may be cited as the Preserving Access to Manufactured Housing Act of 2015 . 2. 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 . 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) 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 .

tv_txt: IB 114th CONGRESS 1st Session H. R. 650 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Truth in Lending Act to modify the definitions of a mortgage originator and a high-cost mortgage.

1. Short title This Act may be cited as the Preserving Access to Manufactured Housing Act of 2015 . 2. 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 . 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) 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 .

Passed the House of Representatives April 14, 2015. Karen L. Haas, Clerk.

tv_txt: IIB 114th CONGRESS 1st Session H. R. 650 IN THE SENATE OF THE UNITED STATES April 15, 2015 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Truth in Lending Act to modify the definitions of a mortgage originator and a high-cost mortgage.

1. Short title This Act may be cited as the Preserving Access to Manufactured Housing Act of 2015 . 2. 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 . 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) 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 .

Passed the House of Representatives April 14, 2015. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 34 114th CONGRESS 1st Session H. R. 650 [Report No. 114–53] IN THE HOUSE OF REPRESENTATIVES February 2, 2015 Mr. Fincher (for himself, Ms. Sewell of Alabama , Mr. Barr , and Ms. Sinema ) introduced the following bill; which was referred to the Committee on Financial Services April 6, 2015 Additional sponsors: Mr. Duncan of Tennessee , Mr. Nugent , Mrs. Black , Mr. Mullin , Mr. Lucas , Mr. Salmon , Mr. Harper , Mr. Palazzo , Mr. Mulvaney , Mr. Duffy , Mr. Franks of Arizona , Mrs. Walorski , Mr. Gosar , Mr. Whitfield , Mr. Pearce , Mrs. Kirkpatrick , Mrs. Blackburn , Mr. Thompson of Pennsylvania , Mr. Blum , Mr. Stutzman , Mr. Russell , Mr. Dent , Mr. Byrne , Mrs. Brooks of Indiana , Mr. Schweikert , Mr. Hill , Mr. Buck , Mr. Marchant , Mr. Hurt of Virginia , Mr. Rothfus , Mr. Perry , Mr. Williams , Mr. DesJarlais , Mr. Hinojosa , Mr. Fleischmann , Mr. Ross , Mr. Stivers , Mr. Posey , Mr. Fitzpatrick , and Mr. King of New York April 6, 2015 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Truth in Lending Act to modify the definitions of a mortgage originator and a high-cost mortgage.

1. Short title This Act may be cited as the Preserving Access to Manufactured Housing Act of 2015 . 2. 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 . 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) 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 .

April 6, 2015 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed