BUILD Act

IIB 116TH CONGRESS 1ST SESSION H. R. 1060 IN THE SENATE OF THE UNITED STATES MAY 15, 2019 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 03:08 May 16, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1060.RFS H1060 pbinns on DSK79D2C42PROD with BILLS 2 HR 1060 RFS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Building Up Inde- 2 pendent Lives and Dreams Act’’ or the ‘‘BUILD Act’’. 3 SEC. 2. MORTGAGE LOAN TRANSACTION DISCLOSURE RE- 4 QUIREMENTS. 5 (a) TILA AMENDMENT.—Section 105 of the Truth 6 in Lending Act (15 U.S.C. 1604) is amended by inserting 7 after subsection (d) the following: 8 ‘‘(e) DISCLOSURE FOR CHARITABLE MORTGAGE 9 LOAN TRANSACTIONS.—With respect to a mortgage loan 10 transaction involving a residential mortgage loan offered 11 at 0 percent interest primarily for charitable purposes by 12 an organization described in section 501(c)(3) of the In- 13 ternal Revenue Code of 1986 and exempt from taxation 14 under section 501(a) of such Code, forms HUD–1 and 15 GFE (as defined under section 1024.2(b) of title 12, Code 16 of Federal Regulations) together with a disclosure sub- 17 stantially in the form of the Loan Model Form H–2 (as 18 depicted in Appendix H to part 1026 of title 12, Code 19 of Federal Regulations) shall, collectively, be an appro- 20 priate model form for purposes of subsection (b) of this 21 section.’’. 22 (b) RESPA AMENDMENT.—Section 4 of the Real Es- 23 tate Settlement Procedures Act of 1974 (12 U.S.C. 2603) 24 is amended by adding at the end the following: 25 VerDate Sep 11 2014 03:08 May 16, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1060.RFS H1060 pbinns on DSK79D2C42PROD with BILLS 3 HR 1060 RFS ‘‘(d) DISCLOSURE FOR CHARITABLE MORTGAGE 1 LOAN TRANSACTIONS.—With respect to a mortgage loan 2 transaction involving a residential mortgage loan offered 3 at 0 percent interest primarily for charitable purposes, an 4 organization described in section 501(c)(3) of the Internal 5 Revenue Code of 1986 and exempt from taxation under 6 section 501(a) of such Code may use forms HUD–1 and 7 GFE (as defined under section 1024.2(b) of title 12, Code 8 of Federal Regulations) together with a disclosure sub- 9 stantially in the form of the Loan Model Form H–2 (as 10 depicted in Appendix H to part 1026 of title 12, Code 11 of Federal Regulations), collectively, in lieu of the disclo- 12 sure published under subsection (a) of this section.’’. 13 (c) REGULATIONS.—Not later than 180 days after 14 the date of the enactment of this Act, the Director of the 15 Bureau of Consumer Financial Protection shall issue such 16 regulations as may be necessary to implement the amend- 17 ments made by subsections (a) and (b). 18 (d) EFFECTIVE DATE.—The amendments made by 19 subsections (a) and (b) shall take effect on the date of 20 the enactment of this Act. 21 SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 22 The budgetary effects of this Act, for the purpose of 23 complying with the Statutory Pay-As-You-Go Act of 2010, 24 shall be determined by reference to the latest statement 25 VerDate Sep 11 2014 03:08 May 16, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1060.RFS H1060 pbinns on DSK79D2C42PROD with BILLS 4 HR 1060 RFS titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 1 Act, submitted for printing in the Congressional Record 2 by the Chairman of the House Budget Committee, pro- 3 vided that such statement has been submitted prior to the 4 vote on passage. 5 Passed the House of Representatives May 14, 2019. Attest: CHERYL L. JOHNSON, Clerk. VerDate Sep 11 2014 03:08 May 16, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H1060.RFS H1060 pbinns on DSK79D2C42PROD with BILLS