House Bill 7386
116th Congress(2019-2020)
HOMES Act of 2020
Introduced
Introduced in House on Jun 26, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
7386
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No House votes have been held for this bill.
Summary
Helping Owners Meet Essential Standards Act of 2020 or the HOMES Act of 2020
This bill requires manufactured housing communities and home parks to meet minimum consumer protections to be eligible for certain federally-backed loans for the construction, substantial rehabilitation, or purchase of these communities. Specifically, the Department of Housing and Urban Development is prohibited from insuring such a loan, and Fannie Mae and Freddie Mac are prohibited from purchasing such a loan, unless a borrower provides specified tenant protections, including
- one-year renewable lease terms, unless there is good cause for nonrenewal;
- a 60-day advance notice of any increase in rent, or of a sale or closure of the community;
- a five-day grace period for rent payments; and
- a right for a tenant to sell a manufactured home within a reasonable time period after eviction.
The bill also establishes the Manufactured Home Company Lending Standards Commission to propose additional consumer protection standards.
June 26, 2020
06/26/2020
Referred to the House Committee on Financial Services.
06/26/2020
Introduced in House
Public Record
Record Updated
Feb 8, 2022 11:16:49 PM