[Congressional Record Volume 166, Number 223 (Thursday, December 31, 2020)]
[House]
[Page H9172]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              BUILDING UP INDEPENDENT LIVES AND DREAMS ACT

  Mrs. DINGELL. Madam Speaker, I ask unanimous consent to take from the 
Speaker's table the bill (S. 371) to provide regulatory relief to 
charitable organizations that provide housing assistance, and for other 
purposes, and ask for its immediate consideration in the House.
  The Clerk read the title of the bill.
  The SPEAKER. Is there objection to the request of the gentlewoman 
from Michigan?
  There was no objection.
  The text of the bill is as follows:

                                 S. 371

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     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.''.
       (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 was ordered to be read a third time, was read the third 
time, and passed, and a motion to reconsider was laid on the table.

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