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

Bill: 115-s-310
Sponsor: full_name: Sen. Portman, Rob [R-OH]
Introduced: 2017-02-06
Policy area: Housing and Community Development
Subjects: Charitable contributions

Housing finance and home ownership

Real estate business

Social work, volunteer service, charitable organizations
Latest action: action_date: 2017-02-06
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-02-06
action_desc: Introduced in Senate
text: <p>This bill amends the Truth in Lending Act to deem mortgage appraisal services donated by a fee appraiser to an organization that is eligible to receive tax-deductible charitable contributions to be customary and reasonable. </p>

tv_txt: II 115th CONGRESS 1st Session S. 310 IN THE SENATE OF THE UNITED STATES February 6, 2017 Mr. Portman (for himself and Mr. Bennet ) 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 may accept donated mortgage appraisals, and for other purposes.

1. Exemption from Truth in Lending Act Section 129E(i) of the Truth in Lending Act ( 15 U.S.C. 1639e(i) ) is amended by adding at the end the following: (4) Rule of construction related to appraisal donations For purposes of paragraph (1), if a fee appraiser voluntarily donates appraisal services to an organization described in section 170(c)(2) of the Internal Revenue Code of 1986, such voluntary donation shall be deemed customary and reasonable. .