text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Preserving Access to Manufactured 
  Housing Act of 2013''.
  
  SEC. 2. MORTGAGE ORIGINATOR DEFINITION.
  
      (a) Amendment to Definition.--Section 1401 of the Dodd-Frank Wall 
  Street Reform and Consumer Protection Act is amended, in paragraph 
  (2)(C)(ii) of the matter proposed to be added to section 103 of the 
  Truth in Lending Act, 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 its employees unless such retailer 
  or its 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''.
      (b) Technical Amendments.--(1) Section 1401 of the Dodd-Frank Wall 
  Street Reform and Consumer Protection Act is amended, in the matter 
  proposed to be added to section 103 of the Truth in Lending Act, by 
  redesignating subsection (cc) as subsection (dd).
      (2) Section 1431(d) of the Dodd-Frank Wall Street Reform and 
  Consumer Protection Act is amended--
              (A) by striking ``subsection (cc)'' and inserting 
          ``subsection (dd)''; and
              (B) in the matter proposed to be added to section 103 of 
          the Truth in Lending Act by redesignating subsection (dd) as 
          subsection (ee).
      (c) Effective Date.--The amendments made by this section shall take 
  effect as if included in the provisions of the Dodd-Frank Wall Street 
  Reform and Consumer Protection Act to which they relate.
  
  SEC. 3. HIGH-COST MORTGAGE DEFINITION.
  
      Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is 
  amended--
              (1) by redesignating subsection (aa) (relating to 
          disclosure of greater amount or percentage), as so designated 
          by section 1100A of Public Law 111-203, as subsection (bb);
              (2) by redesignating subsection (bb) (relating to high cost 
          mortgages), as so designated by section 1100A of Public Law 
          111-203, as subsection (aa), and moving such subsection to 
          immediately follow subsection (z); and
              (3) in subsection (aa)(1)(A), as so redesignated--
                      (A) in clause (i)(I)--
                              (i) by striking ``(8.5 percentage points, 
                          if the dwelling is personal property and the 
                          transaction is for less than $50,000)''; and
                              (ii) by striking ``or'' at the end;
                      (B) in clause (i)(II), by adding ``or'' at the end;
                      (C) in clause (i), by adding at the end the 
                  following:
                                      ``(III) by a first mortgage on a 
                                  consumer's principal dwelling that is 
                                  considered 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 annual percentage rate at 
                                  consummation of the transaction will 
                                  exceed the average prime offer rate, as 
                                  defined in section 129C(b)(2)(B), for a 
                                  comparable transaction, by more than--
                                              ``(aa) 8.5 percentage 
                                          points, in the case of a 
                                          transaction in an amount of 
                                          $50,000 or more, but less than 
                                          $75,000 (as such amounts are 
                                          adjusted by the Bureau to 
                                          reflect the change in the 
                                          Consumer Price Index);
                                              ``(bb) 10.5 percentage 
                                          points, in the case of a 
                                          transaction in an amount of 
                                          more than $30,000, but less 
                                          than $50,000 (as such amounts 
                                          are adjusted by the Bureau to 
                                          reflect the change in the 
                                          Consumer Price Index); or
                                              ``(cc) 12.5 percentage 
                                          points, in the case of a 
                                          transaction in an amount of 
                                          $30,000 or less (as such amount 
                                          is adjusted by the Bureau to 
                                          reflect the change in the 
                                          Consumer Price Index), or a 
                                          higher percentage established 
                                          by the Bureau not to exceed 
                                          14.5 percentage points in such 
                                          cases, if the Bureau determines 
                                          that the lower rate would 
                                          restrict access to credit and 
                                          that raising the rate would not 
                                          have a detrimental impact on 
                                          consumer protection.''; and
                      (D) in clause (ii)--
                              (i) in subclause (I), by striking ``or'' at 
                          the end; and
                              (ii) by adding at the end the following:
                                      ``(III) 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 
                                  considered 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''.
target: Preserving Access to Manufactured Housing Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to revise the exclusion from the meaning of &quot;mortgage originator&quot; of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms (including rates, fees, and other costs). Excludes from the meaning of &quot;mortgage originator,&quot; instead, any retailer of manufactured or modular homes or its employees unless the retailer or its employees receive compensation or gain for engaging in certain activities in excess of any compensation or gain received in a comparable cash transaction. Amends the Truth in Lending Act to revise the definition of "high cost mortgage."
feat_title: Preserving Access to Manufactured Housing Act of 2013