How to bypass Dodd-Frank? Lets discuss options. Anyone?

[Kumar Chin]

I have been doing a lot of research regarding the Dodd Frank act. I have a couple of ideas that might help avoid legal issues with Dodd Frank. I spoke with my attorney yesterday and he said on one knows if rent to own still comes under Dodd Frank. There was nothing mentioned about it. But he insisted that land contract, lease option, owner financing, etc. all are covered. 

Please PM me to discuss about the act. I think we can come up with a solution for this.

[Bill Gulley]

Well, let's cuss and discuss right here and call your attorney and ask them to come to this thread as well. 

Dodd-Frank SPECIFICALLY includes "Rent-To-Own" those 3 words are contained, in that order, as a covered transaction.  

For those in the advanced financial training phase, any payment, other than an initial down payment, that is made over the term of a contract where credit is given toward the sale price is a financing arrangement. Any financing arrangement that is secured by residential property or that allows for the delivery of an ownership transfer of residential property, for consumer use, at a later date is a secured financing transaction.

But, I can tell you how to avoid Dodd-Frank, don't finance any residential property in any manner for an owner occupant. The other way is to comply and use an authorized RMLO if you can find one that is compliant under a brokerage or registered lender......good luck with that. 

BTW, the Act also states that any method or program that may be devised that effectively causes a covered property to be exchanged for payments is also a covered transaction. :)