Title: Building Up Independent Lives and Dreams Act
Policy area: Finance and Financial Sector

Summary:
Building Up Independent Lives and Dreams Act or the BUILD Act
This bill allows nonprofit organizations offering mortgage loans for charitable purposes to use certain alternative forms to satisfy disclosure requirements.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 371 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                 S. 371

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 7, 2019

Mrs. Fischer (for herself and Mr. Van Hollen) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 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.

    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 0 percent interest primarily for charitable purposes by 
an organization described in section 501(c)(3) of the Internal Revenue 
Code of 1986 and exempt from taxation under section 501(a) of such 
Code, 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 depicted in 
Appendix H to part 1026 of title 12, Code of Federal Regulations) 
shall, collectively, be an appropriate model form for purposes of 
subsection (b) of this section.''.
    (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) Disclosure for Charitable Mortgage Loan Transactions.--With 
respect to a mortgage loan transaction involving a residential mortgage 
loan offered at 0 percent interest primarily for charitable purposes, 
an organization described in section 501(c)(3) of the Internal Revenue 
Code of 1986 and exempt from taxation under section 501(a) of such Code 
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 depicted in 
Appendix H to part 1026 of title 12, Code of Federal Regulations), 
collectively, in lieu of the disclosure published under subsection (a) 
of this section.''.
    (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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