congressional_record: CREC-2020-12-31-pt1-PgH9172-3
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| granule_id | date | congress | session | volume | issue | title | chamber | granule_class | sub_granule_class | page_start | page_end | speakers | bills | citation | full_text |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CREC-2020-12-31-pt1-PgH9172-3 | 2020-12-31 | 116 | 2 | BUILDING UP INDEPENDENT LIVES AND DREAMS ACT | HOUSE | HOUSE | ALLOTHER | H9172 | H9172 | [{"name": "Debbie Dingell", "role": "speaking"}] | [{"congress": "116", "type": "S", "number": "371"}, {"congress": "116", "type": "S", "number": "371"}, {"congress": "116", "type": "S", "number": "371"}] | 166 Cong. Rec. H9172 | Congressional Record, Volume 166 Issue 223 (Thursday, December 31, 2020) [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. ____________________ |