A Wash DC bill to ammend Dodd Frank and SAFE Act and TILA

[Brian Gibbons]

I received this email today, and I thought it would spark some spirited discussion...Feel free to comment.

@Bill Gulley

@Dion DePaoli

@Steve Vaughan

@Hattie Dizmond

`````````````````````````````````````````````````````````````````````````````````````````````````````````````````

See bill

https://washingtonwatch.com/bills/show/113_HR_5667...

New Federal Regulation Legislation Introduced in Washington
By Eddie Speed

The Seller Finance Coalition is proud to announce that we expect The Seller Finance Regulation Reduction Act to be introduced in Congress by Congressmen Roger Williams (R-TX) and Henry Cuellar (D-TX).

The Seller Finance Regulation Reduction Act will protect our industry against the over-regulation by the federal bureaucracy.

The Bill has been sent to the House Committee on Financial Services for review.

“It is extremely important for everyone involved in the seller finance industry, from the small business owner to the potential homeowner whose only path to homeownership is through seller financing, that we all join together to make a concerted effort to achieve regulatory relief from the burdens, a lot of them as a result of unintended consequences, from Dodd-Frank and CFPB legislation.

The introduction and passage of this bill will have an immediate impact on all of us working hard every day to improve homeownership opportunities in neighborhoods across our country.”
-Bob Repass, Managing Director of Colonial Funding Group

The Seller Finance Regulation Reduction Act would exempt
any person, who has less than $2,000,000,000 in assets
and originates less than 2,000 residential mortgage loans
a year with respect to property that is owned by the person, from the SAFE Mortgage Licensing Act of 2008.

It would also amend the Truth in Lending Act with respect to minimum standards for residential mortgage loans, to prohibit, in determining whether a residential mortgage loan is a qualified mortgage, from applying to loans originated by such a person certain guidelines and regulations relating to ratios of total monthly debt to monthly income.

The Seller Finance Coalition would like to thank Congressman Williams, Congressman Cuellar and both of their staffs for introducing the bill and continuing their advocacy on behalf of the small business community.

We urge all members of the Seller Finance Coalition to contact their representative and support this bill.

If you need help finding your representative or have any
other questions, please visit our website www.sellerfinancecoalition.org