Preserving Access to Manufactured Housing Act - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to exclude a seller of manufactured homes from the definition of loan originator subject to such Act, unless such individual or entity is engaged in the business of a loan originator or receives compensation or gain for engaging in certain residential mortgage loan activities in excess of any compensation or gain received in a comparable cash transaction.
Amends the Truth in Lending Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to revise the definition of "high cost mortgage."
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3849 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 3849
To amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide an
exception from the definition of loan originator for certain loans made
with respect to manufactured homes, to amend the Truth in Lending Act
to modify the definition of a high-cost mortgage, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 31, 2012
Mr. Fincher (for himself, Mr. Donnelly of Indiana, and Mr. Gary G.
Miller of California) introduced the following bill; which was referred
to the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide an
exception from the definition of loan originator for certain loans made
with respect to manufactured homes, to amend the Truth in Lending Act
to modify the definition of a high-cost mortgage, 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''.
SEC. 2. MODIFICATIONS TO DEFINITIONS.
(a) Loan Originator Definition.--Section 1503(4) of the S.A.F.E.
Mortgage Licensing Act of 2008 (12 U.S.C. 5102(4)) is amended--
(1) in subparagraph (A)--
(A) in clause (iii), by striking ``and'' at the
end;
(B) in clause (iv), by striking the period and
inserting ``; and''; and
(C) by adding at the end the following new clause:
``(v) does not include an individual or
entity that is a seller of manufactured homes
unless such individual or entity is engaged in
the business of a loan originator or receives
compensation or gain for engaging in activities
described under clause (i) that is in excess of
any compensation or gain received in a
comparable cash transaction.''; and
(2) by adding at the end the following:
``(E) Engaged in the business of a loan
originator.--For purposes of this paragraph, the term
`engaged in the business of a loan originator' means to
perform loan originator activities described under
subparagraph (A)(i) as a regular course of trade or
business in exchange for compensation or gain paid
solely for engaging in the sale or distribution of
residential mortgage loans.''.
(b) High-Cost Mortgage Definition.--Section 103(bb)(1)(A)(i) of the
Truth in Lending Act (15 U.S.C. 1602(bb)(1)(A)(i)), as added by section
1431 of the Dodd-Frank Wall Street Reform and Consumer Protection Act,
is amended--
(1) in subclause (I)--
(A) by striking ``(8.5 percentage points, if the
dwelling is personal property and the transaction is
for less than $50,000)''; and
(B) by striking ``or'' at the end;
(2) in subclause (II), by adding ``or'' at the end; and
(3) by adding at the end the following:
``(III) by a first mortgage on a
consumer's principal dwelling that is
considered 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 annual percentage rate at
consummation of the transaction will
exceed the average prime offer rate, as
defined in section 129C(b)(2)(B), for a
comparable transaction, by more than--
``(aa) 8.5 percentage
points, in the case of a
transaction in an amount of
$50,000 or more, but less than
$75,000 (as such amounts are
adjusted by the Bureau to
reflect the change in the
Consumer Price index);
``(bb) 10.5 percentage
points, in the case of a
transaction in an amount of
$30,000 or more, but less than
$50,000 (as such amounts are
adjusted by the Bureau to
reflect the change in the
Consumer Price index); or
``(cc) such percentage
points, above those described
under item (bb), as the Bureau
shall prescribe, in the case of
a transaction that is in an
amount of $30,000 or less (as
such amount is adjusted by the
Bureau to reflect the change in
the Consumer Price Index);''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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