Sec. 2. Mortgage originator and high-cost mortgage definitions
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/bill/115/s/1751/is/section-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ) is amended— by redesignating subsection
(aa)as subsection (bb); by redesignating subsection
(bb)as subsection (aa), and moving such subsection to immediately follow subsection (z); in subsection (aa)(1)(A), as so redesignated— 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 at the end; 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 ; by redesignating the second subsection
(cc)(relating to definitions relating to mortgage origination and residential mortgage loans) 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 the employees of the retailer unless the retailer or the 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 .
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Sec. 2
Mortgage originator and high-cost mortgage definitions
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