12 2 STA T . 2 84 8 PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 ofcredit i nsu red by t h e F eder alH ousin gA d m inistration for the p urchase of a manufactured home .‘ ‘ ( d )UNFAIR AN DDEC E PT I V E P RACTICE S . —I n connection w ith the purchase of a manufactured home financed with a loan or e x tension of credit insured by the Federal Housing Administration under this title , the S ecretary shall prohibit acts or practices in connection with loans or extensions of credit that the Secretary finds to be unfair, decepti v e, or otherwise not in the interests of the borrower. ’ ’. SEC.2150 . L E A SE HO L DR E QUI RE M E NT S. Subsection (b) of section 2 of the N ational Housing Act ( 1 2 U.S. C . 1 703 (b)), as amended by the preceding provisions of this title, is further amended by adding at the end the following new paragraph
‘‘(11) L EASE HOL DRE QU IRE M ENTS.—No insurance shall be granted under this section to any such financial institution with respect to any obligation representing any such loan, advance of credit, or purchase by it, made for the purposes of financing a manufactured home which is intended to be situated in a manufactured home community pursuant to a lease, unless such lease— ‘‘(A) expires not less than 3 years after the origination date of the obligation
‘‘( B ) is renewable upon the expiration of the original 3 year term by successive 1 year terms; and ‘‘(C) re q uires the lessor to provide the lessee written notice of termination of the lease not less than 1 8 0 days prior to the expiration of the current lease term in the event the lessee is required to move due to the closing of the manufactured home community, and further provides that failure to provide such notice to the mortgagor in a timely manner will cause the lease term, at its expiration, to automatically renew for an additional 1 year term.’’. TI T LE II —MOR T GA GE F ORE C LO SU RE P ROTECTIO N S FOR SER V ICEMEM B ERS SEC. 2201. TEM P ORAR Y INCREASE IN MA X IMUM LOAN G UARANTY AMOUNT F OR CERTAIN HOUSING LOANS GUARANTEED B Y THE SECRETARY OF V ETERANS AFFAIRS. Notwithstanding subparagraph (C) of section 3703(a)(1) of title 38, United States Code, for purposes of any loan described in subparagraph (A)(i)(I V ) of such section that is originated during the period beginning on the date of the enactment of this Act and ending on December 31, 2008, the term ‘‘maximum guaranty amount’’ shall mean an amount equal to 2 5 percent of the higher of— (1) the limitation determined under section 305(a)(2) of the Federal Home Loan M ortgage Corporation Act (12 U.S.C. 1 4 54(a)(2)) for the calendar year in which the loan is originated for a single - family residence; or (2) 125 percent of the area median price for a single- family residence, but in no case to exceed 175 percent of the Defin i t i o n .
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