Sec. 108. Protecting access to manufactured homes
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Section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ) is amended— by redesignating the second subsection designated as subsection
(cc)and subsection
(dd)as subsections
(dd)and (ee), respectively; and in subsection (dd)(2)(C), as so redesignated, 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 . Section 103(aa)(1)(A) of the Truth in Lending Act ( 15 U.S.C. 1602(aa)(1)(A) ), as redesignated by section 107(a)(1) of this Act, is amended— 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 in clause (ii)— in subclause (I), by striking ; or and inserting a semicolon; and by adding at the end the following: 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); or .
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Sec. 108
Protecting access to manufactured homes
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