According to ncconsumer, a bill in the North Carolina House Judiciary IV Committee would no longer require manufactured home dealers to return all payments made on a purchase if the dealer changes the terms of a signed contract. As MHProNews understands, the dealer would only be liable for the initial deposit. The measure passed the Senate in April, and is expected to come up for a vote in the House in the next couple of weeks.

Called the Manufactured Home Purchase Agreement Change bill, SB 491, purchasers who exercise their three-day right to cancel the contract would only receive their initial payment but not subsequent installments. Dealers would no longer be required to keep records of all the payments, and do not have to include financing terms with the purchase agreement.

While buyers often seek outside financing, payments to the dealer often include the cost of purchasing and transporting the home, as well as site development.

The Center for Responsible Lending opposes the bill. North Carolina consistently ranks in the fourth spot of shipments of new manufactured homes in the U. S. ##

(Image credit: Royal Homes of Raleigh)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.