BUILD Act

Bill: 115-hr-5953
Sponsor: full_name: Rep. Loudermilk, Barry [R-GA-11]
Introduced: 2018-05-24
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Consumer Financial Protection Bureau

Consumer credit

Housing and Community Development

Housing finance and home ownership

Social work, volunteer service, charitable organizations
Latest action: action_date: 2018-07-11
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2018-05-24
action_desc: Introduced in House
text: <p><b>Building Up Independent Lives and Dreams Act or the BUILD Act </b></p> <p>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. </p>

action_date: 2018-07-10
action_desc: Passed House without amendment
text: <p><b>Building Up Independent Lives and Dreams Act or the BUILD Act </b></p> <p>(Sec. 2) 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. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5953 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.

1. Short title (a) Short title This Act may be cited as the Building Up Independent Lives and Dreams Act or the BUILD Act . 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.

tv_txt: I 115th CONGRESS 2d Session H. R. 5953 IN THE HOUSE OF REPRESENTATIVES AN ACT To provide regulatory relief to charitable organizations that provide housing assistance, and for other purposes.

1. Short title This Act may be cited as the Building Up Independent Lives and Dreams Act or the BUILD Act . 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.

Passed the House of Representatives July 10, 2018. Karen L. Haas, Clerk.

tv_txt: IIB 115th CONGRESS 2d Session H. R. 5953 IN THE SENATE OF THE UNITED STATES July 11, 2018 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To provide regulatory relief to charitable organizations that provide housing assistance, and for other purposes.

1. Short title This Act may be cited as the Building Up Independent Lives and Dreams Act or the BUILD Act . 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.

Passed the House of Representatives July 10, 2018. Karen L. Haas, Clerk.

tv_txt: IB Union Calendar No. 625 115th CONGRESS 2d Session H. R. 5953 [Report No. 115–806] 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. Velázquez , 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 A BILL To provide regulatory relief to charitable organizations that provide housing assistance, and for other purposes.

1. Short title (a) Short title This Act may be cited as the Building Up Independent Lives and Dreams Act or the BUILD Act . 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.

July 10, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed