G:\CMTE\RU\15\RCP\RCP1699.XMLXXXXXXXXXXXXXXXXXXX11/20/2017 10:25XXXXXXXX11/20/2017 10:18XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 681105|2 [Discussion Draft] [Discussion Draft] November 20, 2017 115th CONGRESS 1st Session Rules Committee Print 115–42 Text of H. R. 1699, Preserving Access to Manufactured Housing Act of 2017 [Showing the text of H. R. 1699 as ordered reported by the Committee on Financial Services.]

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.