[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);''.
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