H.R.1699 – Preserving Access to Manufactured Housing Act of 2017

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Week ending December 1, 2017

H.R.1699 – Preserving Access to Manufactured Housing Act of 2017

Brief

HR 1699 amends the Truth in Lending Act (TILA) and the Safe Mortgage Licensing Act to change the definition of three terms related to the acts.

“. Under TILA, employees of manufactured-home retailers that do not accept residential mortgage loan applications, offer or negotiate terms of loans, or advise consumers on loan terms are excluded from the definition of mortgage originator. H.R. 1699 would broaden that exception to include retailers of manufactured homes and their employees, as long as they receive no more compensation for selling a home with a mortgage than they would for selling the same home for cash. The bill also would amend the SAFE Mortgage Licensing Act to exempt the same people from the definition of loan originator.” – cbo

The mortgage percentage rate is raised from ““(8.5 percentage points, if the dwelling is personal property and the transaction is for less than $50,000)” (to) “(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))””

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)

(Full text of H.R. 1699 congress.gov)

SponsorRep. Barr, Andy [R-KY-6] (Introduced 03/23/2017)

Status:

VOTES and FLOOR ACTION

HOUSE

On Passage:

House Amendments:

Motion to recommit:

Text of the motion:

SENATE

On Passage:

Procedural Actions:

Senate Amendments:

COST AND IMPACT

Cost to the taxpayers:  Data not available

Pay-as-you-go requirements:  Data not available

Regulatory and Other Impact: Data not available

Dynamic Scoring:   Data not available

Tax Complexity:  Not applicable to this bill.

Earmark Certification:  Data not available

Duplication of programs: Data not available

Direct Rule-Making:  Data not available

Advisory Committee Statement: Data not available

Budget Authority: Data not available

Constitutional Authority:   Assumed.

 

More Bill Information:

 

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