IB 
Union Calendar No. 625 
115TH CONGRESS 
2D SESSION 
H. R. 5953 
[Report No. 115–806] 
To provide regulatory relief to charitable organizations that provide housing 
assistance, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 24, 2018 
Mr. LOUDERMILK (for himself and Mr. SHERMAN) introduced the following 
bill; which was referred to the Committee on Financial Services 
JULY 10, 2018 
Additional sponsors: Ms. TENNEY, Ms. VELA´ZQUEZ, and Mr. BUDD 
JULY 10, 2018 
Committed to the Committee of the Whole House on the State of the Union 
and ordered to be printed 
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A BILL 
To provide regulatory relief to charitable organizations that 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Building Up Independent Lives and Dreams Act’’ or the 
‘‘BUILD Act’’. 
SEC. 2. MORTGAGE LOAN TRANSACTION DISCLOSURE RE-
QUIREMENTS. 
(a) TILA AMENDMENT.—Section 105 of the Truth 
in Lending Act (15 U.S.C. 1604) is amended by inserting 
after subsection (d) the following: 
‘‘(e) DISCLOSURE
FOR
CHARITABLE
MORTGAGE 
LOAN TRANSACTIONS.—With respect to a mortgage loan 
transaction involving a residential mortgage loan offered 
at zero percent interest primarily for charitable purposes 
by an organization having tax-exempt status under section 
501(c)(3) of the Internal Revenue Code of 1986, forms 
HUD–1 and GFE (as defined under section 1024.2(b) of 
title 12, Code of Federal Regulations), together with a dis-
closure substantially in the form of the Loan Model Form 
H–2 (as defined under Appendix H to section 1026 of title 
12, Code of Federal Regulations) shall, collectively, be an 
appropriate model form for purposes of subsection (b).’’. 
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(b) RESPA AMENDMENT.—Section 4 of the Real Es-
tate Settlement Procedures Act of 1974 (12 U.S.C. 2603) 
is amended by adding at the end the following: 
‘‘(d) With respect to a mortgage loan transaction in-
volving a residential mortgage loan offered at zero percent 
interest primarily for charitable purposes, an organization 
having tax-exempt status under section 501(c)(3) of the 
Internal Revenue Code of 1986 may use forms HUD–1 
and GFE (as defined under section 1024.2(b) of title 12, 
Code of Federal Regulations) together with a disclosure 
substantially in the form of the Loan Model Form H–2 
(as defined under Appendix H to section 1026 of title 12, 
Code of Federal Regulations), collectively, in lieu of the 
disclosure published under subsection (a).’’. 
(c) REGULATIONS.—Not later than 180 days after 
the date of the enactment of this Act, the Director of the 
Bureau of Consumer Financial Protection shall issue such 
regulations as may be necessary to implement the amend-
ments made by subsections (a) and (b). 
(d) EFFECTIVE DATE.—The amendments made by 
subsections (a) and (b) shall take effect on the date of 
the enactment of this Act. 
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Union Calendar No. 625 
115TH CONGRESS 
2D SESSION 
H. R. 5953 
[Report No. 115–806] 
A BILL 
To provide regulatory relief to charitable organiza-
tions that provide housing assistance, and for 
other purposes. 
JULY 10, 2018 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
VerDate Sep 11 2014 
01:21 Jul 11, 2018
Jkt 079200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H5953.RH
H5953
lotter on DSKBCFDHB2PROD with BILLS