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Code · BILL · 116th Congress · H.R. 5614 (Introduced in House) — To exempt small seller financers from certain licensing requirements. · Sec. 2

Sec. 2. Findings

178 words·~1 min read·/bill/116/hr/5614/ih/section-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Congress finds the following: Real-estate seller financing is a transaction in which the owner of a real estate property provides financing for the buyer of that property and the buyer makes some form of a down payment to the seller and then makes installment payments to the seller over a defined period of time. Seller financers provide financing in lieu of the buyer choosing to obtain a loan from a bank. The seller finance industry consists of small business owners who own real estate and provide financing on those properties to underserved borrowers who cannot or would prefer not to obtain traditional financing.
It is recognized that seller financers are governed by each State’s particular real estate and consumer protection laws (including ability to repay, deceptive trade practices, and usury laws), as well as State and Federal fair housing and equal opportunity laws. Neither of those laws described under paragraph (4), nor the amendments made by this Act, are applicable to transactions known as contracts for deed, land installment contracts, lease options, options to buy, or rent-to-own agreements.
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