[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 310 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                 S. 310

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


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                   IN THE SENATE OF THE UNITED STATES

                            February 6, 2017

Mr. Portman (for himself and Mr. Bennet) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

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                                 A BILL


 
 To clarify that nonprofit organizations such as Habitat for Humanity 
    may 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 
        described in section 170(c)(2) of the Internal Revenue Code of 
        1986, such voluntary donation shall be deemed customary and 
        reasonable.''.
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