In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regulatory Transparency, Patient 
Access, and Effective Drug Enforcement Act of 2014''.

SEC. 2. SCHEDULING OF SUBSTANCES INCLUDED IN NEW FDA-APPROVED DRUGS.

    Section 201 of the Controlled Substances Act (21 U.S.C. 811) is 
amended by inserting after subsection (h) the following:
    ``(i) Within 45 days of receiving a recommendation from the 
Secretary to add a drug or substance that has never been marketed in 
the United States to a schedule under this title, the Attorney General 
shall, without regard to the findings required by subsection (a) of 
this section or section 202(b), issue an interim final rule, under the 
exception for good cause described in subparagraph (B) of section 
553(b) of title 5, United States Code, placing the drug or substance 
into the schedule recommended by the Secretary. The interim final rule 
shall be made immediately effective under section 553(d)(3) of title 5, 
United States Code.''.

SEC. 3. ENHANCING NEW DRUG DEVELOPMENT.

    Section 302 of the Controlled Substances Act (21 U.S.C. 822) is 
amended by inserting after subsection (g) the following:
    ``(h)(1) A person who submits an application for registration to 
manufacture or distribute a controlled substance in accordance with 
this section may indicate on the registration application that the 
substance will be used only in connection with clinical trials of a 
drug in accordance with section 505(i) of the Federal Food, Drug, and 
Cosmetic Act.
    ``(2) When an application for registration to manufacture or 
distribute a controlled substance includes an indication that the 
controlled substance will be used only in connection with clinical 
trials of a drug in accordance with section 505(i) of the Federal Food, 
Drug, and Cosmetic Act, the Attorney General shall--
            ``(A) make a final decision on the application for 
        registration within 180 days; or
            ``(B) provide notice to the applicant in writing of--
                    ``(i) the outstanding issues that must be resolved 
                in order to reach a final decision on the application; 
                and
                    ``(ii) the estimated date on which a final decision 
                on the application will be made.''.

SEC. 4. REGISTRATION PROCESS UNDER CONTROLLED SUBSTANCES ACT.

    (a) Definitions.--
            (1) Factors as may be relevant to and consistent with the 
        public health and safety.--Section 303 of the Controlled 
        Substances Act (21 U.S.C. 823) is amended by adding at the end 
        the following:
    ``(i) In this section, the phrase `factors as may be relevant to 
and consistent with the public health and safety' means factors that 
are relevant to and consistent with the findings contained in section 
101.''.
            (2) Imminent danger to the public health or safety.--
        Section 304(d) of the Controlled Substances Act (21 U.S.C. 
        824(d)) is amended--
                    (A) by striking ``(d) The Attorney General'' and 
                inserting ``(d)(1) The Attorney General''; and
                    (B) by adding at the end the following:
    ``(2) In this subsection, the phrase `imminent danger to the public 
health or safety' means that, in the absence of an immediate suspension 
order, controlled substances will continue to be distributed or 
dispensed by a registrant who knows or should know through fulfilling 
the obligations of the registrant under this Act, or has reason to 
believe that--
            ``(A) the dispensing is outside the usual course of 
        professional practice;
            ``(B) the distribution or dispensing poses a present or 
        foreseeable risk of adverse health consequences or death due to 
        the abuse or misuse of the controlled substances; or
            ``(C) the controlled substances will continue to be 
        diverted outside of legitimate distribution channels.''.
    (b) Opportunity To Submit Corrective Action Plan Prior to 
Revocation or Suspension.--Subsection (c) of section 304 of the 
Controlled Substances Act (21 U.S.C. 824) is amended--
            (1) by striking the last two sentences;
            (2) by striking ``(c) Before'' and inserting ``(c)(1) 
        Before''; and
            (3) by adding at the end the following:
    ``(2) An order to show cause under paragraph (1) shall--
            ``(A) contain a statement of the basis for the denial, 
        revocation, or suspension, including specific citations to any 
        laws or regulations alleged to be violated by the applicant or 
        registrant;
            ``(B) direct the applicant or registrant to appear before 
        the Attorney General at a time and place stated in the order, 
        but not less than 30 days after the date of receipt of the 
        order; and
            ``(C) notify the applicant or registrant of the opportunity 
        to submit a corrective action plan on or before the date of 
        appearance.
    ``(3) Upon review of any corrective action plan submitted by an 
applicant or registrant pursuant to paragraph (2), the Attorney General 
shall determine whether denial, revocation or suspension proceedings 
should be discontinued, or deferred for the purposes of modification, 
amendment, or clarification to such plan.
    ``(4) Proceedings to deny, revoke, or suspend shall be conducted 
pursuant to this section in accordance with subchapter II of chapter 5 
of title 5, United States Code. Such proceedings shall be independent 
of, and not in lieu of, criminal prosecutions or other proceedings 
under this title or any other law of the United States.
    ``(5) The requirements of this subsection shall not apply to the 
issuance of an immediate suspension order under subsection (d).''.

SEC. 5. REPORT TO CONGRESS ON EFFECTS OF LAW ENFORCEMENT ACTIVITIES ON 
              PATIENT ACCESS TO MEDICATIONS.

    (a) In General.--Not later than 1 year after the date of enactment 
of this Act, the Secretary of Health and Human Services, acting through 
the Commissioner of Food and Drugs and the Director of the Centers for 
Disease Control and Prevention, and in consultation with the 
Administrator of the Drug Enforcement Administration and the Director 
of National Drug Control Policy, shall submit a report to the 
Committees on the Judiciary of the House of Representatives, the 
Committee on Energy and Commerce of the House of Representatives, the 
Committee on the Judiciary of the Senate, and the Committee on Health, 
Education, Labor and Pensions of the Senate identifying--
            (1) obstacles to legitimate patient access to controlled 
        substances;
            (2) issues with diversion of controlled substances; and
            (3) how collaboration between Federal, State, local, and 
        tribal law enforcement agencies and the pharmaceutical industry 
        can benefit patients and prevent diversion and abuse of 
        controlled substances.
    (b) Consultation.--The report under subsection (a) shall 
incorporate feedback and recommendations from the following:
            (1) Patient groups.
            (2) Pharmacies.
            (3) Drug manufacturers.
            (4) Common or contract carriers and warehousemen.
            (5) Hospitals, physicians, and other health care providers.
            (6) State attorneys general.
            (7) Federal, State, local, and tribal law enforcement 
        agencies.
            (8) Health insurance providers and entities that provide 
        pharmacy benefit management services on behalf of a health 
        insurance provider.
            (9) Wholesale drug distributors.
Example Output: Regulatory Transparency, Patient Access, and Effective Drug Enforcement Act of 2014 - Amends the Controlled Substances Act to direct the Attorney General, within 45 days of receiving a recommendation from the Secretary of Health and Human Services (HHS) to add a drug or substance that has never been marketed in the United States to a schedule of controlled substances, to issue an interim final rule under the exception for good cause, placing it into the schedule recommended, effective immediately. Allows a person who submits an application for registration to manufacture or distribute a controlled substance to indicate on the registration application that the substance will be used only in connection with clinical trials of a drug. Requires the Attorney General to: (1) make a final decision on such application within 180 days, or (2) provide written notice to the applicant of the outstanding issues that must be resolved to reach a final decision and the estimated date on which such decision will be made. Defines: (1) "factors as may be relevant to and consistent with the public health and safety," and (2) "imminent danger to the public health or safety." Requires an order to show cause as to why a registration should not be denied, revoked, or suspended to notify the registrant of the opportunity to submit a corrective action plan on or before the date of appearance before the Attorney General. Requires the Attorney General, upon review of any such plan, to determine whether denial, revocation, or suspension proceedings should be discontinued or deferred for purposes of modification or clarification of such plan. Makes these requirements inapplicable to the issuance of an immediate suspension order. Directs the Secretary, acting through the Commissioner of Food and Drugs (FDA) and the Director of the Centers for Disease Control and Prevention (CDC), to identify: (1) obstacles to legitimate patient access to controlled substances; (2) issues with diversion of controlled substances; and (3) how collaboration between federal, state, local, and tribal law enforcement agencies and the pharmaceutical industry can benefit patients and prevent diversion and abuse of controlled substances.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Healthy Local Policies for Schools 
Act of 2010'' or the ``HELP Schools Act of 2010''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) childhood obesity increased threefold among children 
        and adolescents in the 30 years preceding the date of enactment 
        of this Act;
            (2) about 12,000,000 children and adolescents ages 2 to 19 
        are considered obese;
            (3) obesity-related diseases cost the United States economy 
        more than $147,000,000,000 every year;
            (4) both low levels of physical activity and an increase in 
        caloric intake have contributed to the unprecedented epidemic 
        of childhood obesity;
            (5) overweight adolescents have a 70 to 80 percent chance 
        of becoming overweight adults, increasing the risk for chronic 
        disease, disability, and death;
            (6) children and adolescents are--
                    (A) not meeting dietary recommendations;
                    (B) underconsuming important food groups and 
                nutrients needed for growth and development; and
                    (C) overconsuming saturated fat, trans fat, sodium, 
                and added sugars;
            (7) nutrition education and promotion helps foster a school 
        environment that--
                    (A) supports healthy eating;
                    (B) helps initiate and sustain healthy eating 
                behaviors;
                    (C) increases acceptance and consumption of healthy 
                school meals;
                    (D) increases participation in school meal 
                programs;
                    (E) enhances school meal quality; and
                    (F) supports development and implementation of 
                local wellness policies;
            (8) nutrition education and promotion is a critical 
        component of most major health promotion and disease prevention 
        programs;
            (9) research shows that school-based nutrition programs and 
        services both improve health and contribute to the academic 
        achievement of school children;
            (10) research shows that fit children achieve more 
        academically and have better school attendance and fewer 
        disciplinary problems;
            (11) a comprehensive study of local wellness policies 
        across the United States found that--
                    (A) many policies were underdeveloped and 
                fragmented; and
                    (B) the vast majority of students were enrolled in 
                a school district that did not--
                            (i) require evaluation of the 
                        implementation or effectiveness of the wellness 
                        policy of the district; or
                            (ii) include any provisions for reviewing 
                        and revising the wellness policy;
            (12) the same study reported that between 5 and 6 percent 
        of students were enrolled in a school district that had 
        identified a potential source of funding to support 
        implementation of the wellness policy of the district;
            (13) the nutrition education and promotion initiatives for 
        school children in effect as of the date of enactment of this 
        Act lack coordination, funding, and sustainability;
            (14) the Physical Activity Guidelines for Americans of the 
        Department of Health and Human Services recommend that children 
        engage in at least 60 minutes of physical activity on most, and 
        preferably all, days of the week;
            (15) children spend many waking hours at school and 
        therefore need to be active during the school day to meet the 
        recommendations of the Physical Activity Guidelines for 
        Americans; and
            (16) as of the date of enactment of this Act--
                    (A) only 3.8 percent of elementary schools, 7.9 
                percent of middle schools, and 2.1 percent of high 
                schools provide daily physical education or the 
                equivalent for the entire school year; and
                    (B) 22 percent of schools do not require students 
                to take any physical education at all.

SEC. 3. LOCAL WELLNESS POLICIES.

    Section 5 of the Richard B. Russell National School Lunch Act (42 
U.S.C. 1754) is amended to read as follows:

``SEC. 5. LOCAL WELLNESS POLICIES.

    ``(a) Definitions.--In this section:
            ``(1) Extended school day.--The term `extended school day' 
        means--
                    ``(A) the official school day; and
                    ``(B) the time before and after the official school 
                day during which events or activities are primarily 
                under the control of the school or a third party on 
                behalf of the school.
            ``(2) Local wellness policy.--The term `local wellness 
        policy' means a nutrition and physical activity wellness policy 
        of a local educational agency established under section 204 of 
        the Child Nutrition and WIC Reauthorization Act of 2004 (42 
        U.S.C. 1751 note; Public Law 108-265).
    ``(b) Requirements.--Not later than the first day of the school 
year beginning 1 year after the date of enactment of the HELP Schools 
Act of 2010, each local educational agency participating in a program 
authorized by this Act or the Child Nutrition Act of 1966 (42 U.S.C. 
1771 et seq.) shall strengthen the local school wellness policy of the 
local educational agency by ensuring, at a minimum, that the policy--
            ``(1) includes goals for nutrition promotion and education, 
        physical education, physical activity, food marketing and 
        advertising on the school campus, and other school-based 
        activities designed to promote participation in child nutrition 
        programs and student wellness through the extended school day, 
        in a manner that the local educational agency determines to be 
        appropriate;
            ``(2) includes an implementation plan to achieve the goals 
        of the local wellness policy;
            ``(3) ensures that guidelines for reimbursable school meals 
        are not less restrictive than regulations and guidance issued 
        by the Secretary pursuant to subsections (a) and (b) of section 
        10 of the Child Nutrition Act of 1966 (42 U.S.C. 1779) and 
        sections 9(f)(1) and 17(a) of this Act, as those regulations 
        and guidance apply to schools;
            ``(4) ensures that nutritional guidelines for foods and 
        beverages sold in schools that are not part of reimbursable 
        school meals are in compliance with the standards established 
        by the Secretary; and
            ``(5) includes a plan for measuring implementation of the 
        local wellness policy, including the designation of a local 
        wellness policy committee under subsection (d).
    ``(c) Transparency.--
            ``(1) In general.--In carrying out this section, each local 
        educational agency shall make readily available and widely 
        disseminate to relevant stakeholders--
                    ``(A) the local wellness policy of the local 
                education agency, including the implementation plan 
                described in subsection (b)(5);
                    ``(B) any assessments of the implementation of the 
                local wellness policy;
                    ``(C) any updates to the local wellness policy; and
                    ``(D) appropriate local and State contact 
                information.
            ``(2) Availability requirement.--Not later than the first 
        day of the school year following the date of enactment of the 
        HELP Schools Act of 2010, each local educational agency shall 
        make readily available the policy and plan described in 
        paragraph (1)(A).
            ``(3) Assessment of implementation.--
                    ``(A) Assessment of implementation.--Not later than 
                2 years after the date of enactment of the HELP Schools 
                Act of 2010, and every 3 years thereafter, each local 
                educational agency shall complete and make readily 
                available the results of an assessment of the 
                implementation of the local wellness policy of the 
                local educational agency that includes--
                            ``(i) the extent to which schools under the 
                        jurisdiction of the local educational agency 
                        are in compliance with the local wellness 
                        policy of the agency;
                            ``(ii) the extent to which the local 
                        wellness policy of the local educational agency 
                        compares with model local wellness policies 
                        recommended under subsection (e)(2)(A)(ii); and
                            ``(iii)(I) a description of the progress 
                        made in attaining the goals of the local 
                        wellness policy described in subsection (b); 
                        and
                            ``(II) any revisions to the local wellness 
                        policy to more effectively address those goals.
    ``(d) Local Wellness Policy Committee.--
            ``(1) In general.--Not later than 180 days after the date 
        of enactment of the HELP Schools Act of 2010, each local 
        educational agency shall designate a standing Local Wellness 
        Policy Committee (referred to in this subsection as the 
        `Committee').
            ``(2) Representation.--
                    ``(A) Required representatives.--The Committee of 
                each local educational agency shall be comprised of at 
                least 1 representative from the local educational 
                agency from each of the following categories of 
                stakeholders:
                            ``(i) Principals.
                            ``(ii) Teachers.
                            ``(iii) Parents of students.
                            ``(iv) Students.
                            ``(v) The school food authority.
                            ``(vi) The school board of the local 
                        educational agency.
                            ``(vii) The physical education program.
                            ``(viii) School health professionals, such 
                        as school nurses, school counselors, social 
                        workers, or health education teachers.
                    ``(B) Authorized representatives.--A Committee may 
                also include a registered dietitian, pediatrician, 
                dentist, a representative of the local health 
                department, or other representatives of the local 
                community.
            ``(3) Terms and conditions.--Each local educational agency 
        shall determine the terms and conditions under which each 
        member of the Committee of the local educational agency serves.
            ``(4) Duties.--Duties and responsibilities of each 
        Committee shall include--
                    ``(A) ensuring that the local educational agency 
                served by the Committee meets the requirements 
                described in this section;
                    ``(B) fostering integration of the local wellness 
                policy of the local educational agency with existing 
                coordinated school health programs, and other health-
                related activities in the schools and community served 
                by the local educational agency; and
                    ``(C) making Committee proceedings and other 
                pertinent information relating to the activities of the 
                Committee readily available.
    ``(e) Technical Assistance and Outreach.--
            ``(1) In general.--The Secretary, in consultation with the 
        Secretary of Education and the Secretary of Health and Human 
        Services, acting through the Centers for Disease Control and 
        Prevention, shall assist in the adoption of effective local 
        wellness policies by local educational agencies in accordance 
        with this section.
            ``(2) Outreach.--In carrying out paragraph (1), the 
        Secretary shall perform outreach to key State and local 
        stakeholders to promote effective local wellness policies and 
        provide technical assistance that--
                    ``(A) includes--
                            ``(i) a hotline, online resources, and 
                        trainings on designing, implementing, 
                        promoting, disseminating, and evaluating local 
                        wellness policies and overcoming barriers to 
                        the adoption of local wellness policies; and
                            ``(ii) model local wellness policies and 
                        best practices recommended by Federal agencies, 
                        State agencies, and nongovernmental 
                        organizations; and
                    ``(B) is for guidance purposes only and not binding 
                or otherwise designed to be mandate to schools, local 
                educational agencies, school food authorities, or State 
                child nutrition programs.
            ``(3) Funding.--
                    ``(A) In general.--On October 1, 2010, and on each 
                October 1 thereafter through October 1, 2014, out of 
                any funds in the Treasury not otherwise appropriated, 
                the Secretary of the Treasury shall transfer to the 
                Secretary to carry out this paragraph $1,000,000, to 
                remain available until expended.
                    ``(B) Receipt and acceptance.--The Secretary shall 
                be entitled to receive, shall accept, and shall use to 
                carry out this paragraph the funds transferred under 
                subparagraph (A), without further appropriation. 
    ``(f) Study and Report.--
            ``(1) In general.--The Secretary, in conjunction with the 
        Director of the Centers for Disease Control and Prevention, 
        shall prepare a report on the implementation, strength, and 
        effectiveness of the local wellness policies carried out in 
        accordance with this section.
            ``(2) Study of local wellness policies.--The study 
        described in paragraph (1) shall include--
                    ``(A) an analysis of the strengths and weaknesses 
                of local wellness policies and how the policies compare 
                with model local wellness policies recommended under 
                subsection (e)(2)(A)(ii); and
                    ``(B) an assessment of the impact of the local 
                wellness policies in addressing the requirements of 
                subsection (b).
            ``(3) Report.--Not later than January 1, 2014, the 
        Secretary shall submit to the Committee on Agriculture, 
        Nutrition, and Forestry of the Senate and the Committee on 
        Education and Labor of the House of Representatives a report 
        that describes the findings of the study.''.

SEC. 4. REPEAL.

    Section 204 of the Child Nutrition and WIC Reauthorization Act of 
2004 (42 U.S.C. 1751 note; Public Law 108-265) is repealed.

SEC. 5. BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the Senate Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.
Example Output: Healthy Local Policies for Schools Act of 2010 or HELP Schools Act of 2010 - Amends the Richard B. Russell National School Lunch Act to replace the nutrition promotion program with a program that requires local educational agencies (LEAs) to ensure that their local wellness policies: (1) include goals for nutrition and physical education, physical activity, on-campus food marketing and advertising, and other school-based activities that promote nutrition and wellness throughout the extended school day; (2) include plans for implementing, and measuring the implementation of, such policies; (3) require reimbursable school meals to meet certain nutritional guidelines; and (4) require the nutritional guidelines for nonreimbursable foods and beverages sold in schools to be in compliance with standards established by the Secretary of Agriculture.

Requires each LEA, within two years of this Act's enactment and every three years thereafter, to complete and disseminate an assessment of their local wellness policy.

Directs each LEA to designate a standing Local Wellness Policy Committee made up of education, health, and nutrition stakeholders to foster the integration of a local wellness policy that meets this Act's requirements with other health-related activities in the LEA's schools and community.

Requires the Secretary to: (1) provide technical assistance and outreach to key state and local stakeholders to promote effective local wellness policies; and (2) prepare a report, in conjunction with the Director of the Centers for Disease Control and Prevention (CDC), on the implementation, strength, and effectiveness of local wellness policies.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FHA Manufactured Housing Loan 
Modernization Act of 2005''.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--The Congress finds that--
            (1) manufactured housing plays a vital role in providing 
        housing for low- and moderate-income families in the United 
        States;
            (2) the FHA title I insurance program for manufactured home 
        loans traditionally has been a major provider of mortgage 
        insurance for home-only transactions;
            (3) the manufactured housing market is in the midst of a 
        prolonged downturn which has resulted in a severe contraction 
        of traditional sources of private lending for manufactured home 
        purchases;
            (4) during past downturns the FHA title I insurance program 
        for manufactured homes has filled the lending void by providing 
        stability until the private markets could recover;
            (5) in 1992, during the manufactured housing industry's 
        last major recession, over 30,000 manufactured home loans were 
        insured under title I;
            (6) in 2004, fewer than 2,000 manufactured housing loans 
        were insured under title I;
            (7) the dramatic reduction in the use of the title I 
        program is due primarily to certain structural problems of the 
        program, which have resulted in refusal by the Government 
        National Mortgage Association (Ginnie Mae) to accept new 
        participants into the program since 1989, contributing to 
        higher loan costs and fewer loan originators;
            (8) the loan limits for title I manufactured housing loans 
        have not been adjusted for inflation since 1992; and
            (9) these problems with the title I program have resulted 
        in an atrophied market for manufactured housing loans, leaving 
        American families who have the most difficulty achieving 
        homeownership without adequate financing options for home-only 
        manufactured home purchases.
    (b) Purposes.--The purposes of this Act are--
            (1) to provide adequate funding for FHA-insured 
        manufactured housing loans for low- and moderate-income 
        homebuyers during all economic cycles in the manufactured 
        housing industry;
            (2) to modernize the FHA title I insurance program for 
        manufactured housing loans to enhance participation by Ginnie 
        Mae and the private lending markets;
            (3) to adjust the artificially low loan limits for title I 
        manufactured home loan insurance to reflect the increase in 
        costs since such limits were last increased in 1992 and to 
        index the limits to inflation; and
            (4) to ensure that the title I manufactured housing loan 
        insurance program requires no credit subsidy from the Federal 
        Government.

SEC. 3. EXCEPTION TO LIMITATION ON FINANCIAL INSTITUTION PORTFOLIO.

    The second sentence of section 2(a) of the National Housing Act (12 
U.S.C. 1703(a)) is amended by striking ``In no case'' and inserting the 
following: ``Other than in connection with a manufactured home or a lot 
on which to place such a home (or both), in no case''.

SEC. 4. LOAN-TO-VALUE RATIO AND DOWNPAYMENT REQUIREMENT.

    Section 2(b) of the National Housing Act (12 U.S.C. 1703(b)) is 
amended by adding at the end the following new paragraph:
    ``(8) Loan-to-value and downpayment limitations on manufactured 
housing loans.--No insurance may be granted under this section to any 
such financial institution with respect to any obligation representing 
any such loan, advance of credit, or purchase by it in connection with 
a manufactured home or a lot on which to place a manufactured home (or 
both) unless such loan or advance of credit, or any loan or advance of 
credit represented by such an obligation--
            ``(A) involves a principal obligation not exceeding the sum 
        of--
                    ``(i) the amount of the mortgage insurance premium 
                paid by the borrower at the time that the loan, advance 
                of credit, or purchase is made; and
                    ``(ii) 95 percent of the appraised value of the 
                manufactured home or lot on which to place a 
                manufactured home (or both) for which the loan or 
                advance of credit is made; and
            ``(B) is made to a borrower who has paid in cash or its 
        equivalent, on account of the manufactured home or lot on which 
        to place a manufactured home (or both) for which the loan or 
        advance of credit is made, at least 3 percent of the 
        Secretary's estimate of the costs of acquisition, alteration, 
        improvements, lot preparation, or other eligible activity for 
        which the loan or advance of credit was made (excluding the 
        amount of the mortgage insurance premium paid by the borrower 
        at the time that the loan or advance of credit is made).''.

SEC. 5. INSURANCE BENEFITS.

    Section 2(b) of the National Housing Act (12 U.S.C. 1703(b)), as 
amended by section 4, is further amended by adding at the end the 
following new paragraph:
    ``(9) Insurance benefits for manufactured housing loans.--
            ``(A) In general.--Any contract of insurance with respect 
        to loans, advances of credit, or purchases in connection with a 
        manufactured home or a lot on which to place a manufactured 
        home (or both) for a financial institution that is executed 
        under this title before or after the date of the enactment of 
        the FHA Manufactured Housing Loan Modernization Act of 2005 by 
        the Secretary shall be conclusive evidence of the eligibility 
        of such financial institution for insurance, and the validity 
        of any contract of insurance so executed shall be incontestable 
        in the hands of the bearer from the date of the execution of 
        such contract, except for fraud or misrepresentation on the 
        part of such institution.
            ``(B) Losses.--With respect only to a loan, advance of 
        credit, or purchase in connection with a manufactured home or a 
        lot on which to place such a home (or both), the Secretary 
        shall otherwise provide for the payment of insurance benefits 
        under the provisions of this section for losses on such loans, 
        advances, or purchases according to the same terms, conditions, 
        procedures, and requirements applicable under section 204 to a 
        mortgage insured under section 203 covering a manufactured home 
        (and the site on which it is located).''.

SEC. 6. MAXIMUM LOAN LIMITS.

    (a) Dollar Amounts.--Section 2(b)(1) of the National Housing Act 
(12 U.S.C. 1703(b)(1)) is amended--
            (1) in subparagraph (A)(ii), by striking ``$17,500'' and 
        inserting ``$24,500'';
            (2) in subparagraph (C) by striking ``$48,600'' and 
        inserting ``$68,040'';
            (3) in subparagraph (D) by striking ``$64,800'' and 
        inserting ``$90,720'';
            (4) in subparagraph (E) by striking ``$16,200'' and 
        inserting ``$22,680''; and
            (5) by realigning subparagraphs (C), (D), and (E) 2 ems to 
        the left so that the left margins of such subparagraphs are 
        aligned with the margins of subparagraphs (A) and (B).
    (b) Annual Indexing.--
            (1) Method of indexing.--Section 206A of the National 
        Housing Act (12 U.S.C. 1712a) is amended--
                    (A) in subsection (a)--
                            (i) by redesignating paragraphs (1) through 
                        (7) as paragraphs (2) through (8), 
                        respectively; and
                            (ii) by inserting before paragraph (2) (as 
                        so redesignated) the following new paragraph:
            ``(1) subparagraphs (A)(ii), (C), (D), and (E) of section 
        2(b)(1) (12 U.S.C. 1703(b)(1));''.
            (2) 2004 and 2005 adjustments.--Not later than 30 days 
        after the date of the enactment of this Act, the Federal 
        Reserve Board shall calculate the adjustments for 2004 and 2005 
        pursuant to paragraph (1) of section 206A(a) of the National 
        Housing Act (12 U.S.C. 1712a(a)(1)), as added by the amendment 
        made by paragraph (1) of this subsection, and shall notify the 
        Secretary of Housing and Urban Development pursuant to 
        subsection (b) of such section 206A. Such adjustments shall 
        take effect upon the date of such notification.
            (3) Technical and conforming changes.--Section 2(b)(1) of 
        the National Housing Act (12 U.S.C. 1703(b)(1)), as amended by 
        subsection (a), is further amended--
                    (A) by striking ``No'' and inserting ``Except as 
                provided in the last sentence of this paragraph and in 
                paragraph (8), no''; and
                    (B) by adding after and below subparagraph (G) the 
                following flush language:
        ``The Secretary shall, by regulation, increase the dollar 
        amount limitations in subparagraphs (A)(ii), (C), (D), and (E) 
        (as such limitations may have been adjusted in accordance with 
        section 206A of this Act).''.

SEC. 7. INSURANCE PREMIUMS.

    Section 2(f) of the National Housing Act (12 U.S.C. 1703(f)) is 
amended--
            (1) by inserting ``(1) In general.--'' after ``(f)''; and
            (2) by adding at the end the following new paragraph:
            ``(2) Manufactured home loans.--Notwithstanding paragraph 
        (1), in the case of a loan, advance of credit, or purchase in 
        connection with a manufactured home or a lot on which to place 
        such a home (or both), the premium charge for the insurance 
        granted under this section shall be paid by the borrower under 
        the loan or advance of credit, as follows:
                    ``(A) At the time of the making of the loan, 
                advance of credit, or purchase, a single premium 
                payment in an amount not to exceed 2.25 percent of the 
                amount of the original insured principal obligation.
                    ``(B) In addition to the premium under subparagraph 
                (A), annual premium payments during the term of the 
                loan, advance, or obligation purchased in an amount not 
                exceeding 1.0 percent of the remaining insured 
                principal balance (excluding the portion of the 
                remaining balance attributable to the premium collected 
                under subparagraph (A) and without taking into account 
                delinquent payments or prepayments).
                    ``(C) Premium charges under this paragraph shall be 
                established in amounts that are sufficient, but do not 
                exceed the minimum amounts necessary, to maintain a 
                negative credit subsidy for the program under this 
                section for insurance of loans, advances of credit, or 
                purchases in connection with a manufactured home or a 
                lot on which to place such a home (or both), as 
                determined based upon risk to the Federal Government 
                under existing underwriting requirements.''.

SEC. 8. REVISION OF UNDERWRITING CRITERIA.

    (a) In General.--Section 2(b) of the National Housing Act (12 
U.S.C. 1703(b)), as amended by the preceding provisions of this Act, is 
further amended by adding at the end the following new paragraph:
    ``(10) Financial soundness of manufactured housing program.--The 
Secretary shall establish such underwriting criteria for loans and 
advances of credit in connection with a manufactured home or a lot on 
which to place a manufactured home (or both), including such loans and 
advances represented by obligations purchased by financial 
institutions, as may be necessary to ensure that the program under this 
title for insurance for financial institutions against losses from such 
loans, advances of credit, and purchases is financially sound.''.
    (b) Timing.--Not later than the expiration of the 6-month period 
beginning on the date of the enactment of this Act, the Secretary of 
Housing and Urban Development shall revise the existing underwriting 
criteria for the program referred to in paragraph (10) of section 2(b) 
of the National Housing Act (as added by subsection (a) of this 
section) in accordance with the requirements of such paragraph.
Example Output:
FHA Manufactured Housing Loan Modernization Act of 2005 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes) to: (1) exempt such loans from certain financial institution portfolio limits; (2) establish loan-to-value ratio and downpayment requirements; (3) provide that any such contract shall be conclusive evidence of an institution's insurance eligibility; (4) increase loan limits; (5) set forth borrower premium charges; and (6) direct the Secretary of Housing and Urban Development to establish underwriting criteria that will ensure the manufactured housing program's financial soundness.