Public Law 116–342: To provide regulatory relief to charitable organizations that provide housing assistance, and for other purposes.Public Law342Public Law 116–342134 Stat. 51342021-01-132021-01-13United States Government Publishing OfficeNational Archives and Records AdministrationOffice of the Federal Registertext/xmlENPursuant 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 Locator to USLM Converter 4.15.31;Stage2.202507022026-01-02116publicPUBLIC LAW 116–342—JAN. 13, 2021134 STAT. 5134Public Law116–342116th CongressAn ActTo provide regulatory relief to charitable organizations that provide housing assistance, and for other purposes.
Jan. 13, 2021
[S. 371]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Building Up Independent Lives and Dreams Act.
12 USC 2601 note.
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.”.134 STAT. 5135(c)
12 USC 2603 note.
Effective Date.—The amendments made by subsections (a) and (b) shall take effect on the date of the enactment of this Act.ApprovedJanuary 13, 2021.LEGISLATIVE HISTORY—S. 371 (H.R. 1060):CONGRESSIONAL RECORD, Vol. 166 (2020):