[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 371 Engrossed in Senate (ES)]

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116th CONGRESS
  2d Session
                                 S. 371

_______________________________________________________________________

                                 AN ACT


 
 To provide regulatory relief to charitable organizations that provide 
              housing assistance, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Building Up Independent Lives and 
Dreams Act'' or the ``BUILD Act''.

SEC. 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.

            Attest:

                                                             Secretary.
116th CONGRESS

  2d Session

                                 S. 371

_______________________________________________________________________

                                 AN ACT

 To provide regulatory relief to charitable organizations that provide 
              housing assistance, and for other purposes.