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Senator Sparks seeks to remove obsolete federal references for manufactured-home loans
Summary
Senate Bill 2711 would delete citation to a federal form in SAFE Act record-keeping requirements to avoid forcing lenders to follow an outdated federal reference when manufactured-home lending differs from traditional real-estate loans.
Senator Sparks presented Senate Bill 2711, which would remove specific federal references from state record-keeping language under the SAFE Act that currently create compliance difficulties for manufactured-home lending. He said the change avoids requiring lenders to use federal forms or citations that no longer exist and instead requires disclosures that federal law currently mandates.
Chair noted the Department of Banking worked with the drafter and that department edits are included. The committee voted to pass the committee substitute by voice vote and advanced the bill; the transcript records no roll-call tally.
