134 STAT. 5134 PUBLIC LAW 116–342—JAN. 13, 2021 Public Law 116–342 116th Congress An Act To provide regulatory relief to charitable organizations that provide housing assist- ance, 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 TRANS- ACTIONS.—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 sec- tion.’’. (b) RESPA AMENDMENT.—Section 4 of the Real Estate Settle- ment Procedures Act of 1974 (12 U.S.C. 2603) is amended by adding at the end the following: ‘‘(d) DISCLOSURE FOR CHARITABLE MORTGAGE LOAN TRANS- ACTIONS.—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 Regula- tions) 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.’’. Building Up Independent Lives and Dreams Act. 12 USC 2601 note. Jan. 13, 2021 [S. 371] VerDate Sep 11 2014 07:42 Mar 19, 2021 Jkt 019139 PO 00342 Frm 00001 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL342.116 PUBL342 dkrause on LAP5T8D0R2PROD with PUBLAWS 134 STAT. 5135 PUBLIC LAW 116–342—JAN. 13, 2021 LEGISLATIVE HISTORY—S. 371 (H.R. 1060): CONGRESSIONAL RECORD, Vol. 166 (2020): Dec. 21, considered and passed Senate. Dec. 31, considered and passed House. Æ (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. 12 USC 2603 note. VerDate Sep 11 2014 07:42 Mar 19, 2021 Jkt 019139 PO 00342 Frm 00002 Fmt 6580 Sfmt 6580 E:\PUBLAW\PUBL342.116 PUBL342 dkrause on LAP5T8D0R2PROD with PUBLAWS