HR 4173 is the financial reform bill that has been the highlight of news coverage and congressional debate for the past few weeks and months. The bill has been passed, albeit in two different forms, in both the House of Representatives and the Senate.

The version passed by the House includes a provision to limit the extension of seller financing to one transaction per thirty six months (3 yrs).  It would require that any seller who offered their own financing more than once in any three year period to become licensed as a mortgage loan originator. The Senate’s version of HR 4173 is entirely different.  It does not include any similar provision.

As two different versions of the same bill passed in the chambers a “conference committee” has been appointed to try to establish a compromise between the two bills.  Just over 30 Senators and Congressman are on this committee, all of whom are listed below with live links to their websites.

CALL TO ACTION: Please contact your legislators and let them know that you would like to see the provision requiring individuals to become licensed as Mortgage Loan Originators (House version, Title VII) to sell their own properties removed.  We ask you to courteously inform your legislators of your position on this conference, and that you will be following the activity on this issue.

House Democrats:

Financial Services Chairman Barney Frank of Massachusetts

Howard L. Berman of California

Leonard L. Boswell of Iowa

John Conyers Jr. of Michigan

Elijah E. Cummings of Maryland

Luis V. Gutierrez of Illinois

Paul E. Kanjorski of Pennsylvania

Mary Jo Kilroy of Ohio

Carolyn B. Maloney of New York

Gregory W. Meeks of New York

Dennis Moore of Kansas

Gary Peters of Michigan

Collin C. Peterson of Minnesota

Bobby L. Rush of Illinois

Heath Shuler of North Carolina

Edolphus Towns of New York

Nydia M. Velázquez of New York

Maxine Waters of California

Melvin Watt of North Carolina

Henry A. Waxman of California

House Republicans:

Financial Services ranking member Spencer Bachus of Alabama

Joe L. Barton of Texas

Judy Biggert of Illinois

Shelley Moore Capito of West Virginia

Scott Garrett of New Jersey

Sam Graves of Missouri

Jeb Hensarling of Texas

Darrell Issa of California

Frank D. Lucas of Oklahoma

Ed Royce of California

Lamar Smith of Texas

Senate Democrats:

Banking, Housing and Urban Affairs Chairman Christopher J. Dodd of Connecticut

Tom Harkin of Iowa

Tim Johnson of South Dakota

Patrick J. Leahy of Vermont

Blanche Lincoln of Arkansas

Jack Reed of Rhode Island

Charles E. Schumer of New York

Senate Republicans:

Banking, Housing and Urban Affairs ranking member Richard C. Shelby of Alabama

Saxby Chambliss of Georgia

Bob Corker of Tennessee

Michael D. Crapo of Idaho

Judd Gregg of New Hampshire