    [United States Statutes at Large, Volume 134, 116th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 116-342
    116th Congress

    An Act

    To provide regulatory relief to charitable organizations that provide
    housing assistance, 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. 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.''.

    [[Page 5135]]

    (c) <>  Effective Date.--The amendments
    made by subsections (a) and (b) shall take effect on the date of the
    enactment of this Act.

    Approved January 13, 2021.

    LEGISLATIVE HISTORY--S. 371 (H.R. 1060):
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    CONGRESSIONAL RECORD, Vol. 166 (2020):
    Dec. 21, considered and passed Senate.
    Dec. 31, considered and passed House.