February 19 Finance Commission Meeting

At the upcoming February 19 Finance Commission meeting there are proposed rule changes related to saving and loan associations and state savings banks specifically applicable to manufacture home loans.  The changes derived from the periodic review of current rules and the changes are summarized below:

Section 65.13 provides specific criteria applicable to manufactured home loans made by savings and loan associations. The proposed amendments clarify terms and phrases, and replace dated appraisal requirements with those in effect for federally-supervised institutions. The proposed rule change for savings and loan associations can be found starting on page 119.

Section 77.5 addresses requirements for manufactured home loans made by state savings banks. The proposed amendments replace dated appraisal requirements with those in effect for federally-supervised institutions.  The proposed rule changes of state savings banks can be found starting on page 158.

In other manufactured housing related news, the Office of Consumer Credit Commission reports that in fiscal year 2015 they processed 623 consumer complaints.  There were two complaints related to manufactured housing chattel loans.  Nearly 70 percent of 2015 consumer complaints to the OCCC related to auto-lending, pay-day lending, or auto-title lending.