[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 1828 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                S. 1828

   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

                           December 16, 2013

  Mr. Donnelly (for himself and Mr. Coburn) 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 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), 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 
                                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''.
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