,i #aah? ,,congress #a/ ,session ,h4 ,r4 #cdfd ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #ah1 #bjbc,mr4 ,b>r 7= himself1 ,mr4 ,vic5te ,gonzalez ( ,texas1 ,mr4 ,posey1 & ,mr4 ,cuell>7 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+ requirem5ts4 #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 ,act1 are applicable to transactions kn[n z ,contracts = ,de$ or ,l& ,in/allm5t ,contracts t are n lawfully record$1 ,lease ,options1 ,lease ) ,option to buy & ,r5t to ,own4 #c4 ,exception = own] f9anc]s ) respect to loan orig9ator lic5se or regi/ration requirem5ts ,section #aejd ( ! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eajc7 is am5d$ 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 ext5d cr$it ) respect to n m ?an #bd resid5tial mortgage loans 9 a #ab-mon? p]iod2 & 7#b7 only ext5d cr$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 a resid5tial mortgage sale1 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 ( #bd prop]ties2 & 7ii7 ea* piece ( real prop]ty describ$ "u clause 7i7 is own$ by su* a p]son or entity & s]ves z security = ! loan or ext5sion ( cr$it1 provid$ t su* loan or ext5sion ( cr$it-- 7,i7 is n made by a p]son or entity t has con/ruct$1 or act$ z a g5]al contractor = ! con/ruction (1 a resid5ce on ! prop]ty 9 ! ord9>y c\rse ( bus9ess ( su* p]son1 corporation1 association1 e/ate1 or tru/2 7,,ii7 is fully amortiz+2 7,,iii7 is ) respect to a sale = :i* ! own] det]m9es 9 good fai? & docum5ts t ! buy] has a reasonable ability to pay ! own]2 7,,iv7 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,v7 meets any o!r crit]ia ! ,bureau may prescribe by rule2 2 & 7#c7 by ins]t+ aft] subp>agraph 7,e7 ! foll[+3 7,f7 does n include1 ) respect to a resid5tial mortgage loan or ext5sion ( cr$it1 a p]son or entity 7includ+ a corporation1 p>tn]%ip1 proprietor%ip1 association1 coop]ative1 e/ate1 or tru/7 if-- 7i7 ! loan or ext5sion ( cr$it is own] f9anc$ & is a consum] loan or ext5sion ( cr$it secur$ by a security int]e/ on a manufactur$ home 7z def9$ "u section #fjc ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd72 & 7ii7 ea* home describ$ "u clause 7i7 is own$ by su* a p]son or entity & s]ves z security = ! loan or ext5sion ( cr$it1 provid$ t su* loan or ext5sion ( cr$it-- 7,i7 is n made by a p]son or entity t has manufactur$ ! manufactur$ home2 7,,ii7 is fully amortiz+2 7,,iii7 is ) respect to a sale = :i* ! own] det]m9es 9 good fai? & docum5ts t ! buy] has a reasonable ability to pay ! own]2 7,,iv7 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,v7 meets any o!r crit]ia ! ,bureau may prescribe by rule2 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] ( homes b\ght = "u #aej1jjj or #fj p]c5t ( ! m$ian home value 9 a giv5 community1 :i*ev] is l[]1 9 ! ,unit$ ,/ates by utiliz+ 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 ar5't1 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 utiliz+ 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