H. Rept. 115-416 1 (2017-11-21)

handle is hein.congrecreports/crptxaaul0001 and id is 1 raw text is: AUTHENTICATEO

                   115TH CONGRESS                                     REPORT
                      1st Session   HOUSE OF REPRESENTATIVES          115-416

                                              OF 2017

                     NOVEMBER 21, 2017.-Committed to the Committee of the Whole House on the
                                  State of the Union and ordered to be printed

                      Mr. HENSARLING, from the Committee on Financial Services,
                                       submitted the following


                                            together with

                                         MINORITY VIEWS

                                         [To accompany H.R. 1699]

                            [Including cost estimate of the Congressional Budget Office]
                     The Committee on Financial Services, to whom was referred the
                   bill (H.R. 1699) to amend the Truth in Lending Act to modify the
                   definitions of a mortgage originator and a high-cost mortgage, to
                   amend the Secure and Fair Enforcement for Mortgage Licensing
                   Act of 2008 to modify the definition of a loan originator, and for
                   other purposes, having considered the same, report favorably there-
                   on without amendment and recommend that the bill do pass.
                                       PURPOSE AND SUMMARY
                     Introduced by Representative Andy Barr on March 23, 2017,
                   H.R. 1699, the Preserving Access to Manufactured Housing Act of
                   2017, amends Section 103 of the Truth in Lending Act (TILA) (15
                   U.S.C. 1602) to clarify that retailers of manufactured homes, or
                   their employees, are not mortgage originators for purposes of the
                   TILA unless these retailers or their employees receive compensa-
                   tion from a lender, mortgage broker, or loan originator. The bill
                   also amends the Section 1503 of the Secure and Fair Enforcement
                   for Mortgage Licensing (SAFE) Act of 2008 (12 U.S.C. 5102) to
                   specify that such a retailer is generally not a loan originator sub-
                   ject to requirements under that Act.

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