Preserving Access to Manufactured Housing Act of 2015

Preserving Access to Manufactured Housing Act of 2015

Amends the Truth in Lending 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.

Revises the definition of "high cost mortgage."

[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 682 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 682

   To amend the Truth in Lending Act to modify the definitions of a 
             mortgage originator and a high-cost mortgage.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 10, 2015

  Mr. Donnelly (for himself, Mr. Toomey, Mr. Manchin, and Mr. Cotton) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 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 2015''.

SEC. 2. 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''.

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 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) 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''.
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