Manufactured Home Community Lending Standards Commission

(a) Establishment There is established a commission to be known as the Manufactured Home Community Lending Standards Commission. (b) Duties (1) Proposed standards Not later than 1 year after the date of enactment of this Act, the Commission shall submit to Congress, the Secretary, and the Director a report that sets forth proposed consumer protection standards for covered loan programs that— (A) are in addition to and provide greater protection than the requirements described in section 3(b); and (B) could be used as a basis for establishing covered pricing incentives under the covered loan programs that comply with section 3(c). (2) Standard for determinations Any determination by the Commission to approve a consumer protection in the proposed standards required under paragraph (1) shall be made by a vote of a simple majority of the members of the Commission. (c) Membership (1) Number and appointment The Commission shall be composed of 16 members, as follows: (A) The Secretary (or the Secretary’s designee). (B) The Director (or the Director’s designee). (C) 1 representative from each enterprise. (D) 3 each shall be appointed by the Speaker of the House of Representatives, the minority leader of the House of Representatives, the majority leader of the Senate, and the minority leader of the Senate. Of the 3 members appointed by each such officer— (i) 1 shall be employed at the time of appointment as a professor or academic researcher with demonstrated background in housing and consumer protection issues, especially as they relate to manufactured homes; (ii) 1 shall be a current or former member of Congress; and (iii) 1 shall be a current resident and homeowner at a manufactured home community. (2) Chairperson and co-chairperson (A) Chairperson The chairperson of the Commission shall be designated by the President from among the members of the Commission. (B) Co-chairperson The co-chairperson of the Commission shall be selected as follows: (i) Designation by Speaker of the House If, on the date of appointment, the Speaker of the House of Representatives is of a different political party than the President, the Speaker of the House of Representatives shall designate the co-chairperson from among the members of the Commission. (ii) Designation by minority leader of the House If, on the date of appointment, the Speaker of the House of Representatives is of the same political party as the President, the minority leader of the House of Representatives shall designate the co-chairperson from among the members of the Commission. (3) Timing of appointments Appointments to the Commission shall be made not later than 45 days after the date of enactment of this Act. (4) Terms; vacancies (A) Terms Each member shall be appointed for the life of the Commission. (B) Vacancies Any vacancy in the Commission shall— (i) not affect the powers of the Commission; and (ii) be filled within 45 days of the vacancy in the manner in which the original appointment was made. (5) Hearings (A) In general In carrying out the duties of the Commission under this section, the Commission is authorized to hold such hearings and take testimony with respect to matters to which it has a responsibility under this section. (B) Oaths The chairperson of the Commission, or any member of the Commission authorized by the chairperson, may administer oaths or affirmations to witnesses appearing before the Commission. (6) Prohibition of compensation Members of the Commission shall serve without pay. (d) Operation and powers (1) Meetings The Commission shall meet not later than 30 days after the date upon which a majority of the members of the Commission have been appointed and at such times thereafter as the chairperson or co-chairperson shall determine. Detailed minutes of each meeting of the Commission, except for any closed session, shall be kept and shall include a record of the persons present and a complete and accurate description of matters discussed. (2) Rules of procedure The chairperson and co-chairperson of the Commission shall, with the approval of a majority of the members of the Commission, establish written rules of procedure for the Commission, which shall include a quorum requirement to conduct the business of the Commission. (3) Hearings (A) Frequency The Commission shall hold no fewer than 2 hearings on matters to carry out the duties of the Commission under subsection (b). (B) Testimony The Commission may take testimony and receive evidence as the Commission considers appropriate. (C) Notice (i) Hearings Timely public notice of each hearing of the Commission, including the time, place, and agenda of the meeting, shall be provided by any means determined by the Commission to provide for wide publicity. (ii) Meetings Timely notice of each regular meeting of the Commission shall be published in the Federal Register. (iii) Comments Interested persons shall be permitted to submit written statements regarding the matters on the agenda of the hearings of the Commission. (e) Termination The Commission shall terminate upon the submission of the report required under subsection (b)(1).