115TH CONGRESS 

2D SESSION H. R. 2255 

AN ACT 

To clarify that nonprofit organizations may accept donated 

mortgage appraisals, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 
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1 TITLE I—HOUSING 

2 OPPORTUNITIES MADE EASIER 

3 SEC. 101. EXEMPTION FROM TRUTH IN LENDING ACT. 

4 Section 129E(i) of the Truth in Lending Act (15 

5 U.S.C. 1639e(i)) is amended by adding at the end the fol6 lowing: 

7 ‘‘(4) RULE OF CONSTRUCTION RELATED TO AP8 PRAISAL DONATIONS.—For purposes of paragraph 

9 (1), if a fee appraiser voluntarily donates appraisal 

10 services to an organization described in section 

11 170(c)(2) of the Internal Revenue Code of 1986, 

12 such voluntary donation shall be deemed customary 

13 and reasonable.’’. 

14 TITLE II—EXPANDING ACCESS 

15 TO CAPITAL FOR RURAL JOB 

16 CREATORS 

17 SEC. 201. ACCESS TO CAPITAL FOR RURAL-AREA SMALL 

18 BUSINESSES. 

19 Section 4 of the Securities Exchange Act of 1934 (15 

20 U.S.C. 78d) is amended— 

21 (1) in subsection (j)(4)(C), by striking ‘‘and 

22 women-owned small businesses’’ and inserting ‘‘, 

23 women-owned, and rural-area small businesses’’; and 
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1 (2) in subsection (j)(6)(B)(iii), by striking ‘‘and 

2 women-owned small businesses’’ and inserting ‘‘, 

3 women-owned, and rural-area small businesses’’. 

4 TITLE III—SENIOR SAFE 

5 SEC. 301. IMMUNITY. 

6 (a) DEFINITIONS.—In this title— 

7 (1) the term ‘‘Bank Secrecy Act officer’’ means 

8 an individual responsible for ensuring compliance 

9 with the requirements mandated by subchapter II of 

10 chapter 53 of title 31, United States Code (com11 monly known as the ‘‘Bank Secrecy Act’’); 

12 (2) the term ‘‘broker-dealer’’ means a broker 

13 and a dealer, as those terms are defined in section 

14 3(a) of the Securities Exchange Act of 1934 (15 

15 U.S.C. 78c(a)); 

16 (3) the term ‘‘covered agency’’ means— 

17 (A) a State financial regulatory agency, in18 cluding a State securities or law enforcement 

19 authority and a State insurance regulator; 

20 (B) each of the entities represented in the 

21 membership of the Federal Financial Institu22 tions Examination Council established under 

23 section 1004 of the Federal Financial Institu24 tions Examination Council Act of 1978 (12 

25 U.S.C. 3303); 
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1 (C) the Securities and Exchange Commis2 sion; 

3 (D) a securities association registered 

4 under section 15A of the Securities Exchange 

5 Act of 1934 (15 U.S.C. 78o–3); 

6 (E) a law enforcement agency; and 

7 (F) a State or local agency responsible for 

8 administering adult protective service laws; 

9 (4) the term ‘‘covered financial institution’’ 

10 means— 

11 (A) a credit union; 

12 (B) a depository institution; 

13 (C) an investment adviser; 

14 (D) a broker-dealer; 

15 (E) an insurance company; 

16 (F) an insurance agency; and 

17 (G) a transfer agent; 

18 (5) the term ‘‘credit union’’ has the meaning 

19 given the term in section 2 of the Dodd-Frank Wall 

20 Street Reform and Consumer Protection Act (12 

21 U.S.C. 5301); 

22 (6) the term ‘‘depository institution’’ has the 

23 meaning given the term in section 3(c) of the Fed24 eral Deposit Insurance Act (12 U.S.C. 1813(c)); 
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1 (7) the term ‘‘exploitation’’ means the fraudu2 lent or otherwise illegal, unauthorized, or improper 

3 act or process of an individual, including a caregiver 

4 or a fiduciary, that— 

5 (A) uses the resources of a senior citizen 

6 for monetary or personal benefit, profit, or 

7 gain; or 

8 (B) results in depriving a senior citizen of 

9 rightful access to or use of benefits, resources, 

10 belongings, or assets; 

11 (8) the term ‘‘insurance agency’’ means any 

12 business entity that sells, solicits, or negotiates in13 surance coverage; 

14 (9) the term ‘‘insurance company’’ has the 

15 meaning given the term in section 2(a) of the Invest16 ment Company Act of 1940 (15 U.S.C. 80a–2(a)); 

17 (10) the term ‘‘insurance producer’’ means an 

18 individual who is required under State law to be li19 censed in order to sell, solicit, or negotiate insurance 

20 coverage; 

21 (11) the term ‘‘investment adviser’’ has the 

22 meaning given the term in section 202(a) of the In23 vestment Advisers Act of 1940 (15 U.S.C. 80b– 

24 2(a)); 
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1 (12) the term ‘‘investment adviser representa2 tive’’ means an individual who— 

3 (A) is employed by or associated with an 

4 investment adviser; and 

5 (B) does not perform solely clerical or min6 isterial acts; 

7 (13) the term ‘‘registered representative’’ 

8 means an individual who represents a broker-dealer 

9 in effecting or attempting to effect a purchase or 

10 sale of securities; 

11 (14) the term ‘‘senior citizen’’ means an indi12 vidual who is not younger than 65 years of age; 

13 (15) the term ‘‘State’’ means each of the sev14 eral States, the District of Columbia, and any terri15 tory or possession of the United States; 

16 (16) the term ‘‘State insurance regulator’’ has 

17 the meaning given the term in section 315 of the 

18 Gramm-Leach-Bliley Act (15 U.S.C. 6735); 

19 (17) the term ‘‘State securities or law enforce20 ment authority’’ has the meaning given the term in 

21 section 24(f)(4) of the Securities Exchange Act of 

22 1934 (15 U.S.C. 78x(f)(4)); and 

23 (18) the term ‘‘transfer agent’’ has the meaning 

24 given the term in section 3(a) of the Securities Ex25 change Act of 1934 (15 U.S.C. 78c(a)). 
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1 (b) IMMUNITY FROM SUIT.— 

2 (1) IMMUNITY FOR INDIVIDUALS.—An indi3 vidual who has received the training described in 

4 section 302 shall not be liable, including in any civil 

5 or administrative proceeding, for disclosing the sus6 pected exploitation of a senior citizen to a covered 

7 agency if the individual, at the time of the disclo8 sure— 

9 (A) served as a supervisor or compliance 

10 officer (including as a Bank Secrecy Act offi11 cer) for, or, in the case of a registered rep12 resentative, investment adviser representative, 

13 or insurance producer, was affiliated or associ14 ated with, a covered financial institution; and 

15 (B) made the disclosure— 

16 (i) in good faith; and 

17 (ii) with reasonable care. 

18 (2) IMMUNITY FOR COVERED FINANCIAL INSTI19 TUTIONS.—A covered financial institution shall not 

20 be liable, including in any civil or administrative pro21 ceeding, for a disclosure made by an individual de22 scribed in paragraph (1) if— 

23 (A) the individual was employed by, or, in 

24 the case of a registered representative, insur25 ance producer, or investment adviser represent-
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1 ative, affiliated or associated with, the covered 

2 financial institution at the time of the disclo3 sure; and 

4 (B) before the time of the disclosure, each 

5 individual described in section 302(a) received 

6 the training described in section 302. 

7 (3) RULE OF CONSTRUCTION.—Nothing in 

8 paragraph (1) or (2) shall be construed to limit the 

9 liability of an individual or a covered financial insti10 tution in a civil action for any act, omission, or 

11 fraud that is not a disclosure described in paragraph 

12 (1). 

13 SEC. 302. TRAINING. 

14 (a) IN GENERAL.—A covered financial institution or 

15 a third party selected by a covered financial institution 

16 may provide the training described in subsection (b)(1) to 

17 each officer or employee of, or registered representative, 

18 insurance producer, or investment adviser representative 

19 affiliated or associated with, the covered financial institu20 tion who— 

21 (1) is described in section 301(b)(1)(A); 

22 (2) may come into contact with a senior citizen 

23 as a regular part of the professional duties of the in24 dividual; or 
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1 (3) may review or approve the financial docu2 ments, records, or transactions of a senior citizen in 

3 connection with providing financial services to a sen4 ior citizen. 

5 (b) CONTENT.— 

6 (1) IN GENERAL.—The content of the training 

7 that a covered financial institution or a third party 

8 selected by the covered financial institution may pro9 vide under subsection (a) shall— 

10 (A) be maintained by the covered financial 

11 institution and made available to a covered 

12 agency with examination authority over the cov13 ered financial institution, upon request, except 

14 that a covered financial institution shall not be 

15 required to maintain or make available such 

16 content with respect to any individual who is no 

17 longer employed by or affiliated or associated 

18 with the covered financial institution; 

19 (B) instruct any individual attending the 

20 training on how to identify and report the sus21 pected exploitation of a senior citizen internally 

22 and, as appropriate, to government officials or 

23 law enforcement authorities, including common 

24 signs that indicate the financial exploitation of 

25 a senior citizen; 
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1 (C) discuss the need to protect the privacy 

2 and respect the integrity of each individual cus3 tomer of the covered financial institution; and 

4 (D) be appropriate to the job responsibil5 ities of the individual attending the training. 

6 (2) TIMING.—The training under subsection (a) 

7 shall be provided— 

8 (A) as soon as reasonably practicable; and 

9 (B) with respect to an individual who be10 gins employment with or becomes affiliated or 

11 associated with a covered financial institution 

12 after the date of enactment of this Act, not 

13 later than 1 year after the individual becomes 

14 employed by or affiliated or associated with the 

15 covered financial institution in a position de16 scribed in paragraph (1), (2), or (3) of sub17 section (a). 

18 (3) RECORDS.—A covered financial institution 

19 shall— 

20 (A) maintain a record of each individual 

21 who— 

22 (i) is employed by or affiliated or as23 sociated with the covered financial institu24 tion in a position described in paragraph 

25 (1), (2), or (3) of subsection (a); and 
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1 (ii) has completed the training under 

2 subsection (a), regardless of whether the 

3 training was— 

4 (I) provided by the covered finan5 cial institution or a third party se6 lected by the covered financial institu7 tion; 

8 (II) completed before the indi9 vidual was employed by or affiliated 

10 or associated with the covered finan11 cial institution; and 

12 (III) completed before, on, or 

13 after the date of enactment of this 

14 Act; and 

15 (B) upon request, provide a record de16 scribed in subparagraph (A) to a covered agen17 cy with examination authority over the covered 

18 financial institution. 

19 SEC. 303. RELATIONSHIP TO STATE LAW. 

20 Nothing in this title shall be construed to preempt 

21 or limit any provision of State law, except only to the ex22 tent that section 301 provides a greater level of protection 

23 against liability to an individual described in section 
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1 301(b)(1) or to a covered financial institution described 

2 in section 301(b)(2) than is provided under State law. 

Passed the House of Representatives January 29, 

2018. 

Attest: 

Clerk. 

115TH CONGRESS 

2D SESSION H. R. 2255 

AN ACT 

To clarify that nonprofit organizations may accept 

poses. donated mortgage appraisals, and for other pur-