Building Up Independent Lives and Dreams Act

Bill: 116-s-371
Sponsor: full_name: Sen. Fischer, Deb [R-NE]
Introduced: 2019-02-07
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Consumer Financial Protection Bureau

Consumer credit

Housing finance and home ownership

Social work, volunteer service, charitable organizations
Latest action: action_date: 2021-01-13
text: Became Public Law No: 116-342.

Summaries:
action_date: 2019-02-07
action_desc: Introduced in Senate
text: <p><b>Building Up Independent Lives and Dreams Act or the BUILD Act </b></p> <p>This bill allows nonprofit organizations offering mortgage loans for charitable purposes to use certain alternative forms to satisfy disclosure requirements. </p>

action_date: 2020-12-21
action_desc: Passed Senate
text: <p><b>Building Up Independent Lives and Dreams Act or the BUILD Act </b></p> <p>This bill allows nonprofit organizations offering mortgage loans for charitable purposes to use certain alternative forms to satisfy disclosure requirements. </p>

action_date: 2020-12-31
action_desc: Passed House
text: <p><b>Building Up Independent Lives and Dreams Act or the BUILD Act </b></p> <p>This bill allows nonprofit organizations offering mortgage loans for charitable purposes to use certain alternative forms to satisfy disclosure requirements. </p>

action_date: 2021-01-13
action_desc: Public Law
text: <p><b>Building Up Independent Lives and Dreams Act or the BUILD Act </b></p> <p>This bill allows nonprofit organizations offering mortgage loans for charitable purposes to use certain alternative forms to satisfy disclosure requirements. </p>

tv_txt: II 116th CONGRESS 1st Session S. 371 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.

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 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.

tv_txt: One Hundred Sixteenth Congress of the United States of America 2d Session Begun and held at the City of Washington on Friday, the third day of January, two thousand and twenty S. 371 IN THE SENATE OF THE UNITED STATES 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 0 percent interest with only bonafide and reasonable fees and that is 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 with only bonafide and reasonable fees and that is 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) Effective date The amendments made by subsections (a) and (b) shall take effect on the date of the enactment of this Act.

Speaker of the House of Representatives Vice President of the United States and President of the Senate

tv_txt: 116th CONGRESS 2d Session S. 371 IN THE SENATE OF THE UNITED STATES 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 0 percent interest with only bonafide and reasonable fees and that is 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 with only bonafide and reasonable fees and that is 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) Effective date The amendments made by subsections (a) and (b) shall take effect on the date of the enactment of this Act.

Passed the Senate December 21, 2020. Secretary