compliance laws

Know the Complaince laws and ask who you are dealing with if they are compliant! Click the photo to talk to one of our team for more information!

SO WHO CAN YOU TRUST?  When you are dealing with anyone who represents themselves as a mobile home industry professional, MAKE SURE THEY ARE COMPLETELY COMPLIANT, OR YOU COULD BE ASKING FOR TROUBLE…WITH LITTLE OR NO RECOURSE WHEN A DEAL GOES BAD! We have spent the last several years understanding the mobile home compliance laws, working with  regulators, and making sure every aspect of our sales and financing systems are compliant.

For more information, please feel free to contact us for specific resource sheets, regulatory links and other contacts in the industry.

WHAT LAWS REGULATE THE MOBILE HOME INDUSTRY?  Actually, a lot – in every aspect of the business, from home sales to communities. And we think it’s a great thing. This section is designed to be a Plain-English overview of the legal and compliance landscape in the Manufactured Housing Industry. For years, dealing in this industry has been like the “wild-west”, and many unscrupulous deals have given it a bad reputation. The Laws and regulations can be confusing and contradictory, all of which require licenses, insurance and specific requirements for compliance. This section is intended as a summary only, is not intended to be legal advice, and can in no way be a complete analysis of the existing and ever-changing complex and extensive laws.  It is written to help bolster the environment in which we operate, and to help eliminate unscrupulous dealings still prevalent in the industry.

Selling a Home on Terms? Requires a Mortgage Originators License! Anyone who takes applications, assists in taking applications, offers, or discusses terms of a residential loan of a Mobile Home for themselves or others MUST have a Mortgage Originators License, period. A loan transaction is essentially anything other than a pure cash sale, or any sale that payments are made over a period of time with defined terms or interest rates. This includes everything from Lease-to-owns, Options, Mortgages, Owner-Carry Notes, or similar types of contracts. This license requires a bond, E&O Insurance, and testing and continuing education to comply. Make sure your Dealer is compliant if they in any way attempt to help with an owner-carry note!

Buying and Selling Manufactured Homes? Requires a Manufactured Housing Dealer Registration! Companies and salespeople buying and selling homes in this market MUST be a registered Manufactured Housing Dealer, which requires a bond, escrow account, and annual renewals. Real Estate Agents have an exemption, but must officially request the exemption in order to be complaint. If you have any salesperson or entity involved that is not a registered Dealer, they are not compliant! Check here if you are unsure who you are dealing with.

Carrying Notes, or Other Loan Paper?  Requires UCCC (Uniform Consumer Credit Code) Compliance. Companies, Communities or investors who carry loans, notes, or lease-to-owns MUST be UCCC complaint. The code requires that they file annual reports to the State, carry a bond, and are subject to ongoing audits. If they are not filing, they are not compliant! This can carry stiff fines and penalties, including waiving borrower interest payments.

Carrying Notes, or Other Loan Paper over 12%?  Requires a Supervised Lender License. Companies, communities or investors who act as lenders for other’s transactions (not on their own inventory) and charge interest rates above 12%, MUST also have a Supervised Lender License. This license requires that they file annual reports to the State, carry a bond, and are subject to ongoing audits. If they do not, they are not compliant! Non-compliance can carry stiff fines and injunctions.

“Servicing” your own paper? Governed by disclosure and collection laws. Companies, communities or investors “servicing” their own or other’s loans or notes MUST follow rigorous laws in several categories including collecting payments, charging penalties, evictions and repossessions, and escrows.

For more information, please feel free to contact us for specific resource sheets, regulatory links and other contacts in the industry.

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