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Code · BILL · 117th Congress · H.R. 5013 (Introduced in House) — To exempt small seller financers from certain licensing requirements, and for other purposes. · Sec. 4

Sec. 4. Exception for owner financers in the definition of mortgage originator

308 words·~1 min read·/bill/117/hr/5013/ih/section-4

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

Subparagraph
(E)of section 103(dd)(2) of the Truth in Lending Act ( 15 U.S.C. 1602(dd)(2) ) is amended— by redesignating subparagraphs
(F)and
(G)as subparagraphs
(G)and (H), respectively; by amending subparagraph
(E)to read as follows: does not include, with respect to the sale of a residential mortgage loan or extension of credit relating to a residential property or manufactured home, a person or entity (including a corporation, partnership, proprietorship, association, cooperative, estate, or trust) if— such a person or entity provides owner financing, in a 12-month period, for the sale of not more than 24 residential mortgage loans or extensions of credit relating to a residential property or manufactured home; and the residential mortgage loan or extension of credit [you can’t really own an extension of credit] is owned by such a person or entity and serves as security for the property or manufactured home with which the residential mortgage loan or extension of credit is associated, provided that such loan or extension of credit— in the case of a residential property, is not made by a person or entity that has constructed or acted as a general contractor for the construction of a residence on the residential property which the residential mortgage loan is associated in the ordinary course of business of such person or entity; in the case of a manufactured home, is not made by a person or entity that has manufactured the manufactured home; is fully amortizing; is with respect to a sale for which the owner determines, in good faith, and documents that the buyer has a reasonable ability to pay the owner; has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and meets any other criteria the Bureau may prescribe. .
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Sec. 4
Exception for owner financers in the definition of mortgage originator
U.S.C.§ 1602
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