Building Up Independent Lives and Dreams Act Public Law 116–342 Building Up Independent Lives and Dreams Act 342 116–342 Statute Compilation United States House of Representatives Office of the Legislative Counsel 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. GPO Statute Compilations USLM converter, version 20210527.1 2021-10-15 BUILD Act Building Up Independent Lives and Dreams Act 16217 116 2021-01-13 Building Up Independent Lives and Dreams Act [(Public Law 116–342)] [This law has not been amended] [Currency: This publication is a compilation of the text of Public Law 116–342. It was last amended by the public law listed in the As Amended Through note above and below at the bottom of each page of the pdf version and reflects current law through the date of the enactment of the public law listed at https://www.govinfo.gov/app/collection/comps/] [Note: While this publication does not represent an official version of any Federal statute, substantial efforts have been made to ensure the accuracy of its contents. The official version of Federal law is found in the United States Statutes at Large and in the United States Code. The legal effect to be given to the Statutes at Large and the United States Code is established by statute (1 U.S.C. 112, 204).]
AN ACTTo 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. [12 U.S.C. 2601 note] 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) [12 U.S.C. 2603 note] Effective Date.—The amendments made by subsections (a) and (b) shall take effect on the date of the enactment of this Act.