Preserving Access to Manufactured Housing Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection 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).
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.
Amends the Truth in Lending Act to revise the definition of "high cost mortgage."
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1779 Introduced in House (IH)]
113th CONGRESS
1st Session
H. R. 1779
To amend the Truth in Lending Act to modify the definitions of a
mortgage originator and a high-cost mortgage.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 26, 2013
Mr. Fincher (for himself, Mr. Thompson of Mississippi, 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 Truth in Lending Act to modify the definitions of a
mortgage originator and a high-cost mortgage.
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 of 2013''.
SEC. 2. MORTGAGE ORIGINATOR DEFINITION.
(a) Amendment to Definition.--Section 1401 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act is amended, in paragraph
(2)(C)(ii) of the matter proposed to be added to section 103 of the
Truth in Lending Act, 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) Technical Amendments.--(1) Section 1401 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act is amended, in the matter
proposed to be added to section 103 of the Truth in Lending Act, by
redesignating subsection (cc) as subsection (dd).
(2) Section 1431(d) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act is amended--
(A) by striking ``subsection (cc)'' and inserting
``subsection (dd)''; and
(B) in the matter proposed to be added to section 103 of
the Truth in Lending Act by redesignating subsection (dd) as
subsection (ee).
(c) Effective Date.--The amendments made by this section shall take
effect as if included in the provisions of the Dodd-Frank Wall Street
Reform and Consumer Protection Act to which they relate.
SEC. 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 Public Law 111-203, as subsection (bb);
(2) by redesignating subsection (bb) (relating to high cost
mortgages), as so designated by section 1100A of Public Law
111-203, 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)--
(i) by striking ``(8.5 percentage points,
if the dwelling is personal property and the
transaction is for less than $50,000)''; and
(ii) by striking ``or'' at the end;
(B) in clause (i)(II), by adding ``or'' at the end;
(C) in clause (i), 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
more than $30,000, but less
than $50,000 (as such amounts
are adjusted by the Bureau to
reflect the change in the
Consumer Price Index); or
``(cc) 12.5 percentage
points, in the case of a
transaction 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), or a
higher percentage established
by the Bureau not to exceed
14.5 percentage points in such
cases, if the Bureau determines
that the lower rate would
restrict access to credit and
that raising the rate would not
have a detrimental impact on
consumer protection.''; and
(D) 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
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 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''.
<all>
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E566)
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by Voice Vote.
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