,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #ejac  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,augu/ #ac1 #bjba ,mr4
 ,vic5te ,gonzalez ( ,texas 7= himself &
 ,mr4 ,b>r7 introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,f9ancial  
,s]vices  ,a ,,bill  ,to exempt small   
sell] f9anc]s f c]ta9 lic5s+            
requirem5ts1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,af=dable ,home[n]%ip ,access ,act4  #b4
 ,f9d+s ,congress f9ds ! foll[+3  7#a7  
,real-e/ate own] f9anc+ is a transaction
 9 :i* ! own] ( a real e/ate prop]ty    
provides f9anc+ = ! buy] ( t prop]ty & !
 buy] makes "s =m ( a d[n paym5t to !   
own]1 receives ! de$ or title to ! home 
& !n makes in/allm5t paym5ts to ! own]  
ov] a def9$ p]iod ( "t4  7#b7 ,own]     
f9anc]s provide f9anc+ 9 lieu ( ! buy]  
*oos+ to obta9 a loan f a bank4  7#c7 ,!
 own] f9ance indu/ry consi/s ( small    
bus9ess own]s :o own real e/ate &       
provide f9anc+ on ^? prop]ties to       
und]s]v$ buy]s :o _c or w\ld pref] n to 

obta9 traditional bank or loan-bas$     
f9anc+4  7#d7 ,own] f9anc]s are gov]n$  
by real e/ate & consum] protection laws 
7includ+1 b n limit$ to1 ability to     
repay1 deceptive trade practices1 &     
usury laws7 ( ea* ,/ate1 z well z ,/ate 
& ,f$]al fair h\s+ & equal opportunity  
laws4  7#e7 ,us+ own] f9anc+ w b5efit   
home values1 increase neighborhood      
/abilization1 & assi/ ) family weal?    
creation ?r\gh increas$ home[n]%ip z m  
homes are sold ) own] f9anc+4  7#f7     
,none ( ! am5dm5ts made by ?is ,act are 
applicable to transactions kn[n z       
,contracts = ,de$ or ,l& ,in/allm5t     
,contracts1 ,lease ,options1 ,lease )   
,option to ,buy & ,r5t to ,own4  #c4    
,exception = own] f9anc]s ) respect to  
loan orig9ator lic5se or regi/ration    
requirem5ts ,section #aejd ( !          
,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act (   
#bjjh 7#ab ,u4,s4,c4 #eajc7 is am5d$ by 
add+ at ! end ! foll[+3  7c7 ,exception 
= own] f9anc]s ,! requirem5ts ( ?is     
title %all n apply to any p]son 7o!r ?an

 a depository in/itution7 :o--  7#a7    
ext5ds cr$it ) respect to n m ?an #bd   
resid5tial mortgage loans 9 a #ab-mon?  
p]iod2 &  7#b7 only ext5ds cr$it )      
respect to resid5tial mortgage loans t  
are ) respect to prop]ty t is own$ by   
su* p]son4  4  #d4 ,exception = own]    
f9anc]s 9 ! def9ition ( mortgage        
orig9ator ,subp>agraph 7,e7 ( section   
#ajc7;dd77#b7 ( ! ,tru? 9 ,l5d+ ,act    
7#ae ,u4,s4,c4 #afjb7;dd77#b77 is       
am5d$-- 7#a7 by r$esignat+ subp>agraphs 
7,f7 & 7,g7 z subp>agraphs 7,g7 & 7,h71 
respectively2  7#b7 by am5d+ subp>agraph
 7,e7 to read z foll[s3  7,e7 does n    
include1 ) respect to ! sale ( a        
resid5tial mortgage loan or ext5sion (  
cr$it relat+ to a resid5tial prop]ty or 
manufactur$ home1 a p]son or entity     
7includ+ a corporation1 p>tn]%ip1       
proprietor%ip1 association1 coop]ative1 
e/ate1 or tru/7 if--  7i7 su* a p]son or
 entity provides own] f9anc+1 9 a       
#ab-mon? p]iod1 = ! sale ( n m ?an #bd  
resid5tial mortgage loans or ext5sions (

 cr$it relat+ to a resid5tial prop]ty or
 manufactur$ home2 &  7ii7 ! resid5tial 
mortgage loan or ext5sion ( cr$it y c't 
really own an ext5sion ( cr$it is own$  
by su* a p]son or entity & s]ves z      
security = ! prop]ty or manufactur$ home
 ) :i* ! resid5tial mortgage loan or    
ext5sion ( cr$it is associat$1 provid$ t
 su* loan or ext5sion ( cr$it--  7,i7 9 
! case ( a resid5tial prop]ty1 is n made
 by a p]son or entity t has con/ruct$ or
 act$ z a g5]al contractor = !          
con/ruction ( a resid5ce on ! resid5tial
 prop]ty :i* ! resid5tial mortgage loan 
is associat$ 9 ! ord9>y c\rse ( bus9ess 
( su* p]son or entity2  7,,ii7 9 ! case 
( a manufactur$ home1 is n made by a    
p]son or entity t has manufactur$ !     
manufactur$ home2  7,,iii7 is fully     
amortiz+2  7,,iv7 is ) respect to a sale
 = :i* ! own] det]m9es1 9 good fai?1 &  
docum5ts t ! buy] has a reasonable      
ability to pay ! own]2  7,v7 has a fix$ 
rate or an adju/able rate t is adju/able
 aft] #e or m ye>s1 subject to          

reasonable annual & lifetime limitations
 on int]e/ rate increases2 &  7,,vi7    
meets any o!r crit]ia ! ,bureau may     
prescribe4  4  #e4 ,report on own]      
f9anc+  7a7 ,/udy ,! ,secret>y ( ,h\s+ &
 ,urban ,developm5t & ! ,secret>y ( !   
,treasury %all jo9tly c>ry out a /udy   
on-- 7#a7 ! numb] ( resid5tial prop]ties
 pur*as$ = less ?an #aej1jjj or #fj     
p]c5t ( ! m$ian home value 9 a giv5     
c5sus tract 9 ! ,unit$ ,/ates1 :i*ev] is
 l[]1 us+ own] f9anc+2  7#b7 ! numb] (  
homes describ$ "u p>agraph 7#a7 f9anc$  
by lic5s$ mortgage brok]s2  7#c7 !      
pot5tial numb] ( homes describ$ "u      
p>agraph 7#a7 :i* c\ld be sold b h n be5
 sold because own] f9anci]s are unwill+1
 or f a practical /&po9t unable1 to     
comply ) mortgage brok] rules2 &  7#d7 !
 pot5tial b5efit to home values & weal? 
creation if m homes 7 to be sold us+    
own] f9ance4  7b7 ,report ,n lat] ?an ! 
end ( ! #a-ye> p]iod beg9n+ on ! date ( 
! enactm5t ( ?is ,act1 ! ,secret>y (    
,h\s+ & ,urban ,developm5t & ! ,secret>y

 ( ! ,treasury %all jo9tly issue a      
report to ! ,committee on ,f9ancial     
,s]vices ( ! ,h\se ( ,repres5tatives & !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate conta9+--  7#a7 all 
f9d+s & det]m9ations made 9 c>ry+ out ! 
/udy requir$ "u subsection 7a72 &  7#b7 
data on ! numb] ( transactions utiliz+  
own] f9anc+ #bj ye>s1 #ae ye>s1 #aj     
ye>s1 & #e ye>s prior to ! date ( !     
enactm5t ( ?is ,act4