Seller Finance Enhancement Act
Latest action · May 19, 2016 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 19, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Seller Finance Enhancement Act
This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) originates not more than 24 residential mortgage loans in a 12-month period, and (2) only originates residential mortgage loans for property owned by that person.
For determining whether a residential mortgage loan meets minimum standards, the Truth in Lending Act is amended to prohibit the application to loans originated by such a person certain Consumer Financial Protection Bureau guidelines and regulations relating to ratios of total monthly debt to monthly income.
The Department of Housing and Urban Development and the Department of the Treasury shall study:
- the number of homes bought for under $150,000 or 60% of the median home value in a given community, whichever is lower, in the United States by utilizing seller financing;
- the number of such homes sold by licensed mortgage brokers;
- the potential number of such homes which could be sold but are not, because seller financiers are unwilling, or from a practical standpoint unable, to comply with mortgage broker rules; and
- the potential benefit to home values and wealth creation if more homes are able to be sold utilizing seller finance.
Cosponsors 17
Members who signed on, in the order they did. Signatures ran from May 19, 2016 to Nov 17, 2016; 4 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IL | Bobby L. Rush | Original | May 19, 2016 |
| D-TX | Henry Cuellar | Original | May 19, 2016 |
| R-SC | Mick Mulvaney | Original | May 19, 2016 |
| R-TX | Randy Neugebauer | Original | May 19, 2016 |
| R-OK | Jim Bridenstine | Jun 9, 2016 | |
| D-FL | Alan Grayson | Jul 6, 2016 | |
| R-CA | Duncan Hunter | Jul 6, 2016 | |
| R-AL | Bradley Byrne | Jul 11, 2016 | |
| R-TX | Brian Babin | Jul 14, 2016 | |
| R-TX | Kenny Marchant | Jul 14, 2016 | |
| R-OH | David P. Joyce | Sep 22, 2016 | |
| R-KY | Andy Barr | Sep 27, 2016 | |
| R-MO | Sam Graves | Sep 27, 2016 | |
| R-CA | Ken Calvert | Sep 28, 2016 | |
| R-TX | John Abney Culberson | Nov 17, 2016 | |
| R-TX | Randy K. Weber, Sr. | Nov 17, 2016 | |
| R-MN | Tom Emmer | Nov 17, 2016 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred May 19, 2016 |
Actions 2
Everything that happened, newest first.
- May 19, 2016Introduced in House
- May 19, 2016Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 162, no. 80, May 19, 2016, page H2880.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To exempt small seller financers from certain licensing requirements and debt-to-income requirements for qualified mortgages.
- Short Titles as Introduced
- Seller Finance Enhancement Act
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- May 19, 2016Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
