With a new legislative session, bills have to be re-introduced. This bill is the new HR 5301, which was introduced last year. Please reach out to your Congressman through the steps below and ask them to support HR 1360 The Seller Finance Enhancement Act.
You can do this in under 5 minutes!
1. Go to www.nationalreia.org
2. Click on the legislative page and select the “Visit Action Center” tab on the top right side just below the menu bar.
3. You will see a turquoise bar with the word “Actions”. Just below that are the words “2 Advocacy Campaigns”, click on the arrow in a circle around it.
4. Click on Please ask your Congressman to Co-Sponsor HR 1360 on Seller Finance
5. Fill in your contact information
Please be sure to use one of your physical addresses, and the Congressman of that district will receive an email with the subject line, “Please Co-Sponsor HR 1360 The Seller Finance Enhancement Act”. Hearing from constituents is powerful.
The letter is below, and is exactly as the Representative’s office will receive it.
“As a member of the National Real Estate Investors Association, I’d like to share with you a little bit about our industry. As National REIA members, we are members of the Seller Finance Coalition. It is important to know that SFC has been working with Congressmen Roger Williams and Henry Cuellar since the 113th Congress to bring our members regulatory relief from Dodd/Frank’s unintended consequences. We are excited to share that, HR 1360 the Seller Finance Enhancement Act has been introduced.
In short, the Seller Finance Enhancement Act would:
• Amend the Dodd/Frank to allow up to 2 seller-financed transactions per month (24/yr.) without the need for the seller to be licensed as a mortgage originator.
• Require that the Treasury Department study the LVH market over the next 3 years and report back to Congress with suggestions for steps to improve the sales and financing of these homes.
• Additionally, HR 1360 does not remove any of the safeguards related to these transactions. Seller financiers must still comply with “ability-to-pay” portions of Dodd-Frank, as well as interest rate rules and the ban on balloon payments.
As a constituent and joining with the Seller Finance Coalition and National REIA’s 40,000 members, we implore you to join as a co-sponsor of HR 1360. Currently, Congressman Roger Williams, and Congressman Henry Cuellar, have agreed to be the original co-sponsors.
Please let me know if you have any questions. Thank you for your time and service in Congress”