1. Short title This Act may be cited as the Affordable Homeownership Access Act . 2. Findings Congress finds the following: (1) Real-estate owner financing is a transaction in which the owner of a real estate property provides financing for the buyer of that property and the buyer makes some form of a down payment to the owner, receives the deed or title to the home and then makes installment payments to the owner over a defined period of time. (2) Owner financers provide financing in lieu of the buyer choosing to obtain a loan from a bank. (3) The owner finance industry consists of small business owners who own real estate and provide financing on those properties to underserved buyers who cannot or would prefer not to obtain traditional bank or loan based financing. (4) Owner financers are governed by real estate and consumer protection laws (including, but not limited to, ability to repay, deceptive trade practices, and usury laws) of each State, as well as State and Federal fair housing and equal opportunity laws. (5) Using owner financing will benefit home values, increase neighborhood stabilization, and assist with family wealth creation through increased homeownership as more homes are sold with owner financing. (6) None of the amendments made by this Act, are applicable to transactions known as Contracts for Deed or Land Installment Contracts that are not lawfully recorded, Lease Options, Lease with Option to buy and Rent to Own. 3. Exception for owner financers with respect to loan originator license or registration requirements Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5103 ) is amended by adding at the end the following: (c) Exception for owner financers The requirements of this title shall not apply to any person (other than a depository institution) who— (1) extend credit with respect to not more than 24 residential mortgage loans in a 12-month period