A bill to clarify that nonprofit organizations such as Habitat for Humanity can accept donated mortgage appraisals, and for other purposes.

Bill: 114-s-1344
Sponsor: full_name: Sen. Portman, Rob [R-OH]
Introduced: 2015-05-14
Policy area: Housing and Community Development
Subjects: Charitable contributions

Housing finance and home ownership

Real estate business

User charges and fees
Latest action: action_date: 2015-05-14
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2015-05-14
action_desc: Introduced in Senate
text: <p>Amends the Truth in Lending Act with respect to the compensation of fee appraisers to state that, in the case of an appraisal for which the appraiser voluntarily does not receive a fee, the appraiser is not, and shall not be construed to be, with respect to the donated appraisal, a fee appraiser subject to appraisal independence requirements.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1344 IN THE SENATE OF THE UNITED STATES May 14, 2015 Mr. Portman introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To clarify that nonprofit organizations such as Habitat for Humanity can accept donated mortgage appraisals, and for other purposes.

1. Exemption from Truth in Lending Act Section 129E(i)(2) of the Truth in Lending Act is amended— (1) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively; (2) by striking For purposes of and inserting (A) In general .—For purposes of ; and (3) by adding at the end the following: (B) Rule of construction related to appraisal donations In the case of an appraisal for which the appraiser voluntarily does not receive a fee, the appraiser is not, and shall not be construed to be, with respect to the donated appraisal, a fee appraiser for purposes of this section. .