This week, Congress has recessed until election day, and returned home to work back in their districts across the country. But our work to gain cosponsors for HR 5301: The Seller Finance Enhancement Act is not done!
This month, we have had several SFC members walking the halls of Congress and meeting with members and their staff. Thanks to their hard work, we are excited to announce that we have increased our co-sponsorship of HR 5301 to 14 members!
Rep. Mick Mulvaney [SC-5]
Rep. Bobby Rush [IL-1]
Rep. Henry Cuellar [TX-28]
Rep. Randy Neugebauer [TX-19]
Rep. Jim Bridenstine [OK-1]
Rep. Alan Grayson [FL-9]
Rep. Duncan Hunter [CA-50]
Rep. Bradley Byrne [AL-1]
Rep. Brian Babin, Brian [TX-36]
Rep. Kenny Marchant [TX-24]
Rep. Dave Joyce [OH-14]
Rep. Sam Graves [MO-6]
Rep. Andy Barr [KY-6]
Rep. Ken Calvert [CA-24]
But we still need your help to continue reaching out to your member of Congress while they are back home!
Please contact your member of Congress now and urge them to become a cosponsor for this important piece of legislation. We have included a sample letter to help in this process. Please let SFC know when you have communicated with your representative (via email CC, copy of physical letter, or notice of phone call) so that we can follow up and make sure that your words have been heard.
To find your representative, simply search with your home zip code here!
“Dear Congressman ___________,
As one of the members of the Seller Finance Coalition we have been working with Congressman Roger Williams and Henry Cuellar since the 113th Congress to bring our members regulatory relief. We are excited to share that, HR 5301 the Seller Finance Enhancement Act has been introduced.
In short, the Seller Finance Enhancement Act would:
Amend the Dodd/Frank to allow up to 24 seller-financed transactions per year 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.
As well as exempt from having to meet the debt-to-income ratios guidelines under qualified mortgages.
Additionally, HR 5301 does not remove any of the safeguards related to these transactions. Seller financiers must still comply with portions of Dodd-Frank, including interest rate rules and the ban on balloon payments.
The Seller Finance Coalition and our over 40,0000 members implore you to join as a co-sponsor of HR 5301. Currently, Congressman Roger Williams, Congressman Henry Cuellar, Congressman Bobby Rush, Congressman Nuegebauer, Congressman Mick Mulvaney, and Congressman Jim Bridenstine have all agreed to be our original co-sponsors. Please let me know if you have any questions.
Thank you for your time and service in Congress,