Sec. 2. Mortgage and loan originator definitions
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Section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ) is amended— by redesignating the second subsection
(cc)and subsection
(dd)as subsections
(dd)and (ee), respectively; and in paragraph (2)(C) of subsection (dd), 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 1503(4)(A) of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ( 12 U.S.C. 5102(4)(A) ) is amended— in clause (iii), by striking and at the end; in clause (iv), by striking the period at the end and inserting ; and ; and by adding at the end the following: does not include 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 clause
(i)that is in excess of any compensation or gain received in a comparable cash transaction. .
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