{"id":935,"date":"2012-02-08T13:18:30","date_gmt":"2012-02-08T19:18:30","guid":{"rendered":"http:\/\/www.manufacturedhomepronews.com\/industryvoices\/?p=935"},"modified":"2012-02-08T13:22:53","modified_gmt":"2012-02-08T19:22:53","slug":"what-is-the-latest-on-safe-act-dodd-frank-cfpb-consumer-finance-protection-bureau-and-as-an-mhc-owner-should-i-care","status":"publish","type":"post","link":"https:\/\/www.manufacturedhomepronews.com\/industryvoices\/what-is-the-latest-on-safe-act-dodd-frank-cfpb-consumer-finance-protection-bureau-and-as-an-mhc-owner-should-i-care\/","title":{"rendered":"What is the latest on SAFE ACT, DODD-FRANK, CFPB (Consumer Finance Protection Bureau) and as an MHC owner, should I care?"},"content":{"rendered":"
It has been over three years now since the passage of the SAFE Act federally which mandated that states pass similar legislation meeting the minimum standards outlined by the federal legislation. States were given one year to draft and pass their legislation. All states did pass legislation but several were notified by HUD (Housing and Urban Development) that their legislation did not meet the minimum standards or provided more latitude or exemptions than were provided in the federal law and as a result the states had to amend or change their laws accordingly. It is extremely important to note that the federal law established the minimum standards and a few states incorporated more stringent standards such as requiring lenders to have a physical presence in their states. Lenders and state regulators are still sorting out these issues. <\/font><\/div>\n
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To further complicate the matter, HUD’s rule was a proposed rule….meaning that upon further review and comment it could change or provide states with an interpretation different than the proposed rule. This created a great deal of confusion at the state enforcement level and many states took the position that there would be no enforcement of the SAFE Act until the final rule was issued.<\/font><\/div>\n
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On June 20, 2011 approximately 30 days before all enforcement of SAFE was to be turned over to the Consumer Finance Protection Bureau, HUD issued the final rule!<\/font><\/div>\n
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The final rule did provide additional clarity on issues on what can and what cannot be done without triggering actions requiring licensing under the SAFE Act. Let’s look at what we found out.<\/font><\/div>\n
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It appears that retailers and community owners have a little bit more flexibility in their “interaction” with the borrower so long as:<\/font><\/div>\n
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