MANUFACTURED HOMES-REFINANCING

Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that a lender, or agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home, shall disclose: (1) any affiliation between the landlord and the lending company; (2) that the loan is a chattel loan; (3) that the terms of a chattel loan prohibit refinancing; and (4) any other reason that prohibits refinancing. Provides that a violation constitutes an unlawful practice within the meaning of the Act. Senate Floor Amendment No. 2 Adds a definition of "manufactured home" referencing the Mobile Home Park Act. Requires an additional disclosure regarding manufactured homes that may qualify as real property under the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act. Senate Floor Amendment No. 3 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Provides that a lender, or agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home, as defined in the Mobile Home Park Act, that has not been caused to be deemed to be real property by satisfying the requirements of the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act, shall make certain disclosures concerning the manufactured home including that, depending on where the consumer affixes the manufactured home (be it property owned by the consumer or on certain types of leased land), the manufactured home may qualify as real property under the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act; and any other reason that prohibits refinancing.