[Congressional Record Volume 166, Number 218 (Monday, December 21, 2020)]
[Senate]
[Pages S7901-S7902]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              BUILDING UP INDEPENDENT LIVES AND DREAMS ACT

  Mr. CORNYN. Mr. President, I ask unanimous consent that the Committee 
on Banking, Housing, and Urban Affairs be discharged from further 
consideration of S. 371 and the Senate proceed to its immediate 
consideration.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The bill clerk read as follows:

       A bill (S. 371) to provide regulatory relief to charitable 
     organizations that provide housing assistance, and for other 
     purposes.

  There being no objection, the committee was discharged, and the 
Senate proceeded to consider the bill.
  Mr. CORNYN. I ask unanimous consent that the Fischer substitute at 
the desk be considered and agreed to; that the bill, as amended, be 
considered read a third time and passed; and that the motion to 
reconsider be considered made and laid upon the table.
  The PRESIDING OFFICER. Is there objection?
  Without objection, it is so ordered.
  The amendment (No. 2729) in the nature of a substitute was agreed to, 
as follows

                (Purpose: In the nature of a substitute)

       Strike all after the enacting clause and insert the 
     following:

     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

[[Page S7902]]

     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.

  The bill (S. 371), as amended, was ordered to be engrossed for a 
third reading, was read the third time, and passed.

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