Preserving Access to Manufactured Housing Act of 2017

Bill: 115-hr-1699
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2017-03-23
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: 2017-12-04
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-03-23
action_desc: Introduced in House
text: <p><strong>Preserving Access to Manufactured Housing Act of 2017</strong></p> <p>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.</p> <p>In addition, the bill&nbsp;increases the annual percentage rates and transaction values at which&nbsp;mortgages for certain dwellings are considered "high-cost mortgages" under TILA. </p>

action_date: 2017-11-21
action_desc: Reported to House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><strong>Preserving Access to Manufactured Housing Act of 2017</strong></p> <p>(Sec. 2) 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.</p> <p>(Sec. 3) In addition, the bill&nbsp;increases the annual percentage rates and transaction values at which&nbsp;mortgages for certain dwellings are considered "high-cost mortgages" under TILA. </p>

action_date: 2017-12-01
action_desc: Passed House amended
text: <p>(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)</p> <p><strong>Preserving Access to Manufactured Housing Act of 2017</strong></p> <p>(Sec. 2) 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.</p> <p>(Sec. 3) In addition, the bill&nbsp;increases the annual percentage rates and transaction values at which&nbsp;mortgages for certain dwellings are considered "high-cost mortgages" under TILA. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1699 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.

1. Short title This Act may be cited as the Preserving Access to Manufactured Housing Act of 2017 . 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. . 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 .

tv_txt: IB Union Calendar No. 308 115th CONGRESS 1st Session H. R. 1699 [Report No. 115–416] 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 November 21, 2017 Additional sponsors: Mr. Palazzo , Mr. Hollingsworth , Mr. Duncan of South Carolina , Mr. Kelly of Mississippi , Mr. Williams , Mr. Byrne , Mr. Thompson of Pennsylvania , Mr. Harper , Mr. Mooney of West Virginia , Mr. McKinley , Mr. Rothfus , Mr. Jenkins of West Virginia , Mr. Sessions , Mr. Aderholt , Mr. Rogers of Alabama , Mrs. Walorski , Mrs. Roby , Mr. DeFazio , Mr. Barton , Mr. Fleischmann , Mr. Russell , Mrs. Blackburn , Mr. Duncan of Tennessee , Mr. Bridenstine , Mr. Roe of Tennessee , Mr. Franks of Arizona , Mr. Flores , Mr. Cole , Mr. Mullin , Mr. O'Halleran , Mr. Lucas , Mr. DesJarlais , Mr. Ratcliffe , Mr. Garrett , Ms. McSally , Mr. Walberg , Mr. Gallagher , Mr. Biggs , Mr. Buck , Mr. Schweikert , Mr. Wittman , Mr. DeSantis , Mr. Goodlatte , Mr. Gosar , Mr. Poe of Texas , Mr. Knight , Mr. Dent , Mr. Estes of Kansas , Mr. Sam Johnson of Texas , Mr. Rokita , Mr. Peters , Mr. Mitchell , Mr. Messer , Mr. Massie , Mrs. Brooks of Indiana , Mr. Gottheimer , Mr. Banks of Indiana , Mr. Bucshon , Mr. Moolenaar , and Mr. Comer November 21, 2017 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, 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.

1. Short title This Act may be cited as the Preserving Access to Manufactured Housing Act of 2017 . 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. . 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 .

November 21, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: IB 115th CONGRESS 1st Session H. R. 1699 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, 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.

1. Short title This Act may be cited as the Preserving Access to Manufactured Housing Act of 2017 . 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. . 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 .

Passed the House of Representatives December 1, 2017. Karen L. Haas, Clerk.

tv_txt: IIB 115th CONGRESS 1st Session H. R. 1699 IN THE SENATE OF THE UNITED STATES December 4, 2017 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, 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.

1. Short title This Act may be cited as the Preserving Access to Manufactured Housing Act of 2017 . 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. . 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 .

Passed the House of Representatives December 1, 2017. Karen L. Haas, Clerk