115 HR 2255 EH: To clarify that nonprofit organizations may accept donated mortgage appraisals, and for other purposes. U.S. House of Representatives text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
I 115th CONGRESS2d Session H. R. 2255 IN THE HOUSE OF REPRESENTATIVES AN ACT To clarify that nonprofit organizations may accept donated mortgage appraisals, and for other purposes.
<enum>I</enum><header>Housing Opportunities Made Easier</header> <section id="H7CAC112DBAEA4F3F8490AA9B049D895B" section-type="subsequent-section"><enum>101.</enum><header>Exemption from Truth in Lending Act</header><text display-inline="no-display-inline">Section 129E(i) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639e">15 U.S.C. 1639e(i)</external-xref>) is amended by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="H22A27040871948BF92508B610178A47F" style="OLC"> <paragraph id="HD1D02ECC6078403F9DF6BFF711733EB5"><enum>(4)</enum><header>Rule of construction related to appraisal donations</header><text>For purposes of paragraph (1), if a fee appraiser voluntarily donates appraisal services to an organization described in <external-xref legal-doc="usc" parsable-cite="usc/26/170">section 170(c)(2)</external-xref> of the Internal Revenue Code of 1986, such voluntary donation shall be deemed customary and reasonable.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </section> <enum>II</enum><header>Expanding Access to Capital for Rural Job Creators</header> <section id="HD927BA8A87354F3BA8B76157DDFB7C1E" section-type="subsequent-section"><enum>201.</enum><header>Access to capital for rural-area small businesses</header><text display-inline="no-display-inline">Section 4 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78d">15 U.S.C. 78d</external-xref>) is amended—</text> <paragraph id="H667A457CAAAE45089B7C401E68C9FE20"><enum>(1)</enum><text display-inline="yes-display-inline">in subsection (j)(4)(C), by striking <quote>and women-owned small businesses</quote> and inserting <quote>, women-owned, and rural-area small businesses</quote>; and</text> </paragraph> <paragraph id="H069E22F1A1794B33BFD8C8C7205787B1"><enum>(2)</enum><text display-inline="yes-display-inline">in subsection (j)(6)(B)(iii), by striking <quote>and women-owned small businesses</quote> and inserting <quote>, women-owned, and rural-area small businesses</quote>.</text> </paragraph></section> <enum>III</enum><header>Senior Safe</header> <section id="H1B8D3BA7167F4A40A3C328B069EA50B1"><enum>301.</enum><header>Immunity</header> <subsection id="HEC8938F58C3348DDBAA6C38E0DB0FA04"><enum>(a)</enum><header>Definitions</header><text>In this title—</text> <paragraph id="HAC6BCE3B0CEC430E9C721FC9B7ACC186"><enum>(1)</enum><text>the term <term>Bank Secrecy Act officer</term> means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/53">chapter 53</external-xref> of title 31, United States Code (commonly known as the <quote>Bank Secrecy Act</quote>);</text> </paragraph> <paragraph id="HEC78DD8DC048494880A0E10B50F90AC0"><enum>(2)</enum><text>the term <term>broker-dealer</term> means a broker and a dealer, as those terms are defined in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>);</text> </paragraph> <paragraph id="H73FDCD829FF04E0C98ABFDB6338CDE16"><enum>(3)</enum><text>the term <term>covered agency</term> means—</text> <subparagraph id="H1454B455698F4003A9F0B4329C5844B8"><enum>(A)</enum><text>a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator;</text> </subparagraph> <subparagraph id="HA1B4ED9CBA5841EF8989431AB656B4D2"><enum>(B)</enum><text>each of the entities represented in the membership of the Federal Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3303">12 U.S.C. 3303</external-xref>);</text> </subparagraph> <subparagraph id="H9524DAEEE15C442BA1EDB093ABA0BF40"><enum>(C)</enum><text display-inline="yes-display-inline">the Securities and Exchange Commission;</text> </subparagraph> <subparagraph id="HB4235070361047E692614E945817E720"><enum>(D)</enum><text display-inline="yes-display-inline">a securities association registered under section 15A of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-3">15 U.S.C. 78o–3</external-xref>);</text> </subparagraph> <subparagraph id="HCA27CAE68E4B41CE82AAB6D47633F288"><enum>(E)</enum><text>a law enforcement agency; and</text> </subparagraph> <subparagraph id="HAE7F4ED39A8B46D3AA27BCED43AB4E02"><enum>(F)</enum><text>a State or local agency responsible for administering adult protective service laws;</text> </subparagraph></paragraph> <paragraph id="H1187DB6B9D8744F4A49097C48326581D"><enum>(4)</enum><text>the term <term>covered financial institution</term> means—</text> <subparagraph id="H7CE962B356874CD7960462F6DB0081BB"><enum>(A)</enum><text>a credit union;</text> </subparagraph> <subparagraph id="H082F8D2392F4405A9133331B8F0A0A46"><enum>(B)</enum><text>a depository institution;</text> </subparagraph> <subparagraph id="H9210ADF4CB81421B8C933981CED9D70D"><enum>(C)</enum><text>an investment adviser;</text> </subparagraph> <subparagraph commented="no" display-inline="no-display-inline" id="H00CC2B79B39C49EDA025BF86E5808B6C"><enum>(D)</enum><text>a broker-dealer;</text> </subparagraph> <subparagraph commented="no" display-inline="no-display-inline" id="H4BA7DB7F3590480EA590DF858C8D17BD"><enum>(E)</enum><text>an insurance company;</text> </subparagraph> <subparagraph commented="no" display-inline="no-display-inline" id="H1C965F955820431AA912457C34B501A5"><enum>(F)</enum><text>an insurance agency; and</text> </subparagraph> <subparagraph id="H49D8191B8827451586358603A55A8A8F"><enum>(G)</enum><text>a transfer agent;</text> </subparagraph></paragraph> <paragraph id="H577FB78BE0594D2FACFE6951E1223EF3"><enum>(5)</enum><text>the term <term>credit union</term> has the meaning given the term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5301">12 U.S.C. 5301</external-xref>);</text> </paragraph> <paragraph id="H980BB805BBAA482481F23A7119B6A2DD"><enum>(6)</enum><text>the term <term>depository institution</term> has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813(c)</external-xref>);</text> </paragraph> <paragraph id="H9CCFB1E2C686428D8901FDA526F55B1B"><enum>(7)</enum><text>the term <term>exploitation</term> means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or a fiduciary, that—</text> <subparagraph id="HBD37A75FB5F64244AA066C8BD8C0EFB0"><enum>(A)</enum><text>uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or</text> </subparagraph> <subparagraph id="HA3A4B876CC7A46F792AD126EFDAD6D05"><enum>(B)</enum><text>results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings, or assets;</text> </subparagraph></paragraph> <paragraph id="HB71ED6147CCF4C019248934B5B348324"><enum>(8)</enum><text>the term <term>insurance agency</term> means any business entity that sells, solicits, or negotiates insurance coverage;</text> </paragraph> <paragraph commented="no" display-inline="no-display-inline" id="H647E85008C83482D8986D56D9A805349"><enum>(9)</enum><text display-inline="yes-display-inline">the term <term>insurance company</term> has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-2">15 U.S.C. 80a–2(a)</external-xref>);</text> </paragraph> <paragraph id="H9D6BDE35C2264D5DB537C3ED4E38B82E"><enum>(10)</enum><text>the term <term>insurance producer</term> means an individual who is required under State law to be licensed in order to sell, solicit, or negotiate insurance coverage;</text> </paragraph> <paragraph id="H75B2F30562EE4315BDA1157D87244E5E"><enum>(11)</enum><text>the term <term>investment adviser</term> has the meaning given the term in section 202(a) of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-2">15 U.S.C. 80b–2(a)</external-xref>);</text> </paragraph> <paragraph id="HF18A6FE409D54F9F851475CB85F9C092"><enum>(12)</enum><text>the term <term>investment adviser representative</term> means an individual who—</text> <subparagraph id="HA347012C412E41A9BEC36BDD6C93989A"><enum>(A)</enum><text>is employed by or associated with an investment adviser; and</text> </subparagraph> <subparagraph id="H09053E119F564955AE0DA41666CD3CAD"><enum>(B)</enum><text>does not perform solely clerical or ministerial acts;</text> </subparagraph></paragraph> <paragraph id="H6C429C9D7D9E49AABB0737F108A19118"><enum>(13)</enum><text>the term <term>registered representative</term> means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities;</text> </paragraph> <paragraph id="H983A0BBCD41D4AACA8FDF8ECB613A227"><enum>(14)</enum><text>the term <term>senior citizen</term> means an individual who is not younger than 65 years of age;</text> </paragraph> <paragraph id="HD53D437E29404FDA8137F8006A2EF705"><enum>(15)</enum><text>the term <term>State</term> means each of the several States, the District of Columbia, and any territory or possession of the United States;</text> </paragraph> <paragraph id="H334E0A0DB8204E86A42FBBA9367892D9"><enum>(16)</enum><text>the term <term>State insurance regulator</term> has the meaning given the term in section 315 of the Gramm-Leach-Bliley Act (<external-xref legal-doc="usc" parsable-cite="usc/15/6735">15 U.S.C. 6735</external-xref>);</text> </paragraph> <paragraph id="H23527A687AFA4E099E39481106B41F44"><enum>(17)</enum><text>the term <term>State securities or law enforcement authority</term> has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78x">15 U.S.C. 78x(f)(4)</external-xref>); and</text> </paragraph> <paragraph id="H813636E6889B4D24AF77ECADDF2A454D"><enum>(18)</enum><text display-inline="yes-display-inline">the term <quote>transfer agent</quote> has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>).</text> </paragraph></subsection> <subsection id="H2449A42EA968483BA326C3CA1826EC27"><enum>(b)</enum><header>Immunity from suit</header> <paragraph id="HFBEF8800DB694D2F801865CFAD621BF9"><enum>(1)</enum><header>Immunity for individuals</header><text>An individual who has received the training described in section 302 shall not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure—</text> <subparagraph id="H683863F76A3145F9B039F1346DF89AE0"><enum>(A)</enum><text>served as a supervisor or compliance officer (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment adviser representative, or insurance producer, was affiliated or associated with, a covered financial institution; and</text> </subparagraph> <subparagraph id="H971A034D5C414197B397A164CA2AA4B8"><enum>(B)</enum><text>made the disclosure—</text> <clause id="H1937671BAF5040C3AAD8B60B8A5316C7"><enum>(i)</enum><text>in good faith; and</text> </clause> <clause id="H98B81A6B46DD4B018255C92F55B6EE64"><enum>(ii)</enum><text>with reasonable care.</text> </clause></subparagraph></paragraph> <paragraph id="HE61ED72B4CFF44D7A604761F4F5DCFFB"><enum>(2)</enum><header>Immunity for covered financial institutions</header><text>A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in paragraph (1) if—</text> <subparagraph id="H884B77EB5CE74FF9AFD5FF92F7FAB25D"><enum>(A)</enum><text>the individual was employed by, or, in the case of a registered representative, insurance producer, or investment adviser representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and</text> </subparagraph> <subparagraph id="HEB7F936464BA486A9CACE76343D54572"><enum>(B)</enum><text>before the time of the disclosure, each individual described in section 302(a) received the training described in section 302.</text> </subparagraph></paragraph> <paragraph id="HBCD3AA3A1B0942A2A00CD57E1D8F1F3F"><enum>(3)</enum><header>Rule of construction</header><text>Nothing in paragraph (1) or (2) shall be construed to limit the liability of an individual or a covered financial institution in a civil action for any act, omission, or fraud that is not a disclosure described in paragraph (1).</text> </paragraph></subsection></section> <section id="H9DD9924D70B341389C067428DE3D945D"><enum>302.</enum><header>Training</header> <subsection id="HF72A9BD6035D41B8B488097B25E1D119"><enum>(a)</enum><header>In general</header><text>A covered financial institution or a third party selected by a covered financial institution may provide the training described in subsection (b)(1) to each officer or employee of, or registered representative, insurance producer, or investment adviser representative affiliated or associated with, the covered financial institution who—</text> <paragraph id="HA122EF8A4B36455ABE45111B5C6702E7"><enum>(1)</enum><text>is described in section 301(b)(1)(A);</text> </paragraph> <paragraph id="H3BAE5D2D433E4438B3192A1B767CDA40"><enum>(2)</enum><text>may come into contact with a senior citizen as a regular part of the professional duties of the individual; or</text> </paragraph> <paragraph id="HE307938D731C47DF81706DEC79CD9942"><enum>(3)</enum><text>may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen.</text> </paragraph></subsection> <subsection id="HC2CC9EB3819D40B79E7A35D72FD10339"><enum>(b)</enum><header>Content</header> <paragraph id="HAB567AD68F9B4E2BBB6438796EEAC237"><enum>(1)</enum><header>In general</header><text>The content of the training that a covered financial institution or a third party selected by the covered financial institution may provide under subsection (a) shall—</text> <subparagraph id="HF06D27BF59DB494CAB5C4149EE6C83F2"><enum>(A)</enum><text>be maintained by the covered financial institution and made available to a covered agency with examination authority over the covered financial institution, upon request, except that a covered financial institution shall not be required to maintain or make available such content with respect to any individual who is no longer employed by or affiliated or associated with the covered financial institution;</text> </subparagraph> <subparagraph id="H220E0EAD979142DF9037B62AE3DDA272"><enum>(B)</enum><text>instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and, as appropriate, to government officials or law enforcement authorities, including common signs that indicate the financial exploitation of a senior citizen;</text> </subparagraph> <subparagraph id="H071B3AA967C64211B3553A79A710BED8"><enum>(C)</enum><text>discuss the need to protect the privacy and respect the integrity of each individual customer of the covered financial institution; and</text> </subparagraph> <subparagraph id="H4A05825F9C48422EA8D675091C6CA01B"><enum>(D)</enum><text>be appropriate to the job responsibilities of the individual attending the training.</text> </subparagraph></paragraph> <paragraph id="H6532207493044A1AA849510A92BBD090"><enum>(2)</enum><header>Timing</header><text>The training under subsection (a) shall be provided—</text> <subparagraph id="HD2C2FE3934C44BFBBA736C3C5A060CE4"><enum>(A)</enum><text>as soon as reasonably practicable; and</text> </subparagraph> <subparagraph id="H5C57853441DE44C9A45CD37AA7370AC0"><enum>(B)</enum><text>with respect to an individual who begins employment with or becomes affiliated or associated with a covered financial institution after the date of enactment of this Act, not later than 1 year after the individual becomes employed by or affiliated or associated with the covered financial institution in a position described in paragraph (1), (2), or (3) of subsection (a).</text> </subparagraph></paragraph> <paragraph id="H4724DF3BA7D843C0A7B9722C2B904130"><enum>(3)</enum><header>Records</header><text>A covered financial institution shall—</text> <subparagraph id="H8BFFB68D61C049C28B23F9B1AC0C6A69"><enum>(A)</enum><text>maintain a record of each individual who—</text> <clause id="H74FC0DA13DC144BF9DC5700FDD359DF6"><enum>(i)</enum><text>is employed by or affiliated or associated with the covered financial institution in a position described in paragraph (1), (2), or (3) of subsection (a); and</text> </clause> <clause id="H83E8A6AA7A0A4882A1DB9CD185F69E4B"><enum>(ii)</enum><text>has completed the training under subsection (a), regardless of whether the training was—</text> <subclause id="HFF10DBA09DE34CD0A26467544DB93216"><enum>(I)</enum><text>provided by the covered financial institution or a third party selected by the covered financial institution;</text> </subclause> <subclause id="H07397A2D4A6C429EAD18054D506A130C"><enum>(II)</enum><text>completed before the individual was employed by or affiliated or associated with the covered financial institution; and</text> </subclause> <subclause id="H1111D1BC550742BAB020E44D3B5392BB"><enum>(III)</enum><text>completed before, on, or after the date of enactment of this Act; and</text> </subclause></clause></subparagraph> <subparagraph id="H7ED775A86D97435CB70D7A2ADB120CDC"><enum>(B)</enum><text>upon request, provide a record described in subparagraph (A) to a covered agency with examination authority over the covered financial institution.</text> </subparagraph></paragraph></subsection></section> <section id="HD61199346AE143BE9DD65E1D8DC0914B"><enum>303.</enum><header>Relationship to State law</header><text display-inline="no-display-inline">Nothing in this title shall be construed to preempt or limit any provision of State law, except only to the extent that section 301 provides a greater level of protection against liability to an individual described in section 301(b)(1) or to a covered financial institution described in section 301(b)(2) than is provided under State law.</text> </section> Passed the House of Representatives January 29, 2018.Karen L. Haas,Clerk.