[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3704 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 3704

 To clarify that nonprofit organizations such as Habitat for Humanity 
    can accept donated mortgage appraisals, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 7, 2015

Mr. Meadows (for himself and Mr. Butterfield) introduced the following 
    bill; which was referred to the Committee on Financial Services

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                                 A BILL


 
 To clarify that nonprofit organizations such as Habitat for Humanity 
    can accept donated mortgage appraisals, 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. EXEMPTION FROM TRUTH IN LENDING ACT.

    Section 129E(i) of the Truth in Lending Act (15 U.S.C. 1639e(i)) is 
amended by adding at the end the following:
            ``(4) Rule of construction related to appraisal 
        donations.--For purposes of paragraph (1), if a fee appraiser 
        voluntarily donates appraisal services to an organization 
        eligible to receive tax-deductible charitable contributions, 
        such voluntary donation shall be deemed customary and 
        reasonable.''.
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