Title: BUILD Act
Policy area: Finance and Financial Sector

Summary:
Building Up Independent Lives and Dreams Act or the BUILD Act
This bill amends the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to allow nonprofit organizations offering mortgage loans for charitable purposes to use certain alternative forms to satisfy disclosure requirements.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5953 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5953

 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

_______________________________________________________________________

                                 A BILL


 
 To provide regulatory relief to charitable organizations that provide 
              housing assistance, and for other purposes.

    Be it enacted by the Senate and House of Representatives 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 REQUIREMENTS.

    (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 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) shall, collectively, be an appropriate model 
form for purposes of subsection (b).''.
    (b) RESPA Amendment.--Section 4 of the Real Estate 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 involving 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 amendments 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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