I 111th CONGRESS 2d Session H. R. 5369 IN THE HOUSE OF REPRESENTATIVES May 24, 2010 Mr. Donnelly of Indiana (for himself and Mr. Posey) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 to exempt manufactured and modular housing retailers from the requirements of such Act, and for other purposes.

1.

Short title

This Act may be cited as the Manufactured Housing Licensing Clarification Act of 2010.

2.

Exemption established

(a)

Definition of loan originator

Section 1503(3)(A) of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5102(3)(A)) is amended— (1)by striking and at the end of clause (iii); (2)by striking the period at the end of clause (iv) and inserting ; and; and (3)by adding at the end the following new clause: (v)does not include an individual who performs manufactured or modular housing retail sales activities and is licensed or registered as required by applicable State law, unless the individual is compensated by a lender, a mortgage broker, or other loan originator or by any agent of such lender, mortgage broker, or other loan originator. . (b)

Manufactured or modular housing retail sales activity defined

Section 1503(3) of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5102(3)) is amended by adding at the end the following new subparagraph: (E)

Manufactured or modular housing retail sales activity

The term manufactured or modular housing retail sales activity means any activity that involves offering or providing manufactured housing or modular housing sales services to the public, including— (i)acting as a salesperson for a retailer, seller, lessor, or lessee of manufactured or modular housing; (ii)bringing together parties interested in the sale, purchase, lease, rental, or exchange of manufactured or modular housing; (iii)negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of manufactured or modular homes (other than in connection with providing financing with respect to any such transaction); (iv)closing or executing a retail installment sales contract on behalf of a retail seller entity of a manufactured or modular home to the extent that any transfer of funds for the purchase of the retail installment sales contract are paid directly to the retail seller entity offering the home for sale and not to the individual closing or executing the retail installment sales contract; (v)engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a manufactured or modular housing retailer or salesperson under any applicable law; and (vi)offering to engage in any activity, or act in any capacity, described in clause (i), (ii), (iii), (iv), or (v). .

3.

Amendment to State law licensing requirements

Section 1508(d) of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 1507(d)) is amended by adding at the end the following new paragraphs: (7)The State loan originator supervisory authority has created education and testing appropriate for personal property loan originators. (8)The State loan originator supervisory authority ensures that additional mortgage lending licensing is not mandated of a State-licensed personal property lender and has not created unnecessary, duplicative licensing requirements for State-licensed lenders engaged solely in making residential mortgage loans secured by personal property, such as manufactured homes. .