summary
Introduced
03/10/2015
03/10/2015
In Committee
03/10/2015
03/10/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
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."
AI Summary
This bill, the Preserving Access to Manufactured Housing Act of 2015, amends the Truth in Lending Act to clarify who is considered a "mortgage originator," which refers to individuals or entities involved in originating residential mortgage loans. Previously, employees of manufactured home retailers were excluded from this definition if they didn't take loan applications, negotiate loan terms, or advise consumers on loan details for compensation. The bill now expands this exclusion to cover the retailer itself and its employees, provided they don't receive compensation or gain for these activities that exceeds what they would receive in a comparable cash transaction, aiming to simplify the process for consumers purchasing manufactured or modular homes. Additionally, the bill revises the definition of a "high-cost mortgage," which are loans with particularly unfavorable terms, by adjusting the thresholds for when certain loan features trigger this classification, particularly for transactions involving personal property as a dwelling or those not including the purchase of land for a dwelling.
Committee Categories
Housing and Urban Affairs
Sponsors (28)
Joe Donnelly (D)*,
Lamar Alexander (R),
Kelly Ayotte (R),
John Boozman (R),
Shelley Moore Capito (R),
Daniel Coats (R),
Thad Cochran (R),
Bob Corker (R),
Tom Cotton (R),
Mike Crapo (R),
Steve Daines (R),
Joni Ernst (R),
Jeff Flake (R),
Chuck Grassley (R),
John Hoeven (R),
James Inhofe (R),
James Lankford (R),
Joe Manchin (I),
John McCain (R),
Rand Paul (R),
Gary Peters (D),
Rob Portman (R),
Jim Risch (R),
Marco Rubio (R),
Tim Scott (R),
Jeff Sessions (R),
Pat Toomey (R),
Roger Wicker (R),
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. (on 04/16/2015)
Official Document
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