United States 116th Congress ✓ Enacted · P.L. 116-342 1 R cosponsors

S 371 — BUILD Act

Last action — Became Public Law No: 116-342.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 07, 2019. Enacted.

Prognosis

Advancing 52% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 R).

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Building Up Independent Lives and Dreams Act or the BUILD Act This bill allows nonprofit organizations offering mortgage loans for charitable purposes to use certain alternative forms to satisfy disclosure requirements.

Bill Text

What changed in the latest version

25 added · 28 removed

Plain-language change summary

The amendment adds a reference to the Loan Model Form H-2 from Appendix H to part 1026 of title 12, Code of Federal Regulations, indicating that this form is an appropriate model for a specific regulatory purpose. This change clarifies the type of disclosure that can be used under the specified section. Overall, it provides additional guidance on compliance regarding housing assistance regulations.

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[Congressional Bills 116th Congress] [From the U.S.
[116th Congress Public Law 342] [From the U.S.
Government Publishing Office] [S.
Government Publishing Office] [[Page 134 STAT.
371 Engrossed in Senate (ES)] <DOC> 116th CONGRESS 2d Session S.
5134]] Public Law 116-342 116th Congress An Act To provide regulatory relief to charitable organizations that provide housing assistance, and for other purposes.
371 _______________________________________________________________________ AN ACT To provide regulatory relief to charitable organizations that provide housing assistance, and for other purposes.
<<NOTE:
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1.
Jan.
13, 2021 - [S.
371]>> Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, <<NOTE:
Building Up Independent Lives and Dreams Act.
12 USC 2601 note.>> SECTION 1.
(c) Effective Date.--The amendments made by subsections (a) and (b) shall take effect on the date of the enactment of this Act.
[[Page 134 STAT.
Passed the Senate December 21, 2020.
5135]] (c) <<NOTE:
Attest:
12 USC 2603 note.>> Effective Date.--The amendments made by subsections (a) and (b) shall take effect on the date of the enactment of this Act.
Secretary.
Approved January 13, 2021.
116th CONGRESS 2d Session S.
LEGISLATIVE HISTORY--S.
371 _______________________________________________________________________ AN ACT To provide regulatory relief to charitable organizations that provide housing assistance, and for other purposes.
371 (H.R.
1060):
--------------------------------------------------------------------------- CONGRESSIONAL RECORD, Vol.
166 (2020):
Dec.
21, considered and passed Senate.
Dec.
31, considered and passed House.
<all>
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How this bill changes current law

2 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill adds provisions for disclosure requirements specifically for charitable mortgage loan transactions under both the Truth in Lending Act and the Real Estate Settlement Procedures Act.

  • 15 U.S.C. 1604

    ``(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.''.

    This new subsection establishes specific disclosure requirements for charitable mortgage loan transactions under the Truth in Lending Act.

  • 12 U.S.C. 2603

    ``(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.''.

    This new subsection allows charitable organizations to use alternative disclosure forms for specific mortgage loan transactions.

Action History

  1. Signed by President.

  2. Signed by President.

  3. Became Public Law No: 116-342.

  4. Became Public Law No: 116-342.

  5. Presented to President.

  6. Presented to President.

  7. Considered by unanimous consent. (consideration: CR H9172)

  8. Mrs. Dingell asked unanimous consent to take from the Speaker's table and consider.

  9. Passed/agreed to in House: On passage Passed without objection.(text: CR H9172)

  10. On passage Passed without objection. (text: CR H9172)

  11. Motion to reconsider laid on the table Agreed to without objection.

  12. Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

  13. Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

  14. Measure laid before Senate by unanimous consent. (consideration: CR S7901-7902)

  15. Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.

  16. Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S7901-7902)

  17. Message on Senate action sent to the House.

  18. Received in the House.

  19. Held at the desk.

  20. Introduced in Senate

  21. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1135)

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

Show all 546 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 371 do?
Building Up Independent Lives and Dreams Act or the BUILD Act This bill allows nonprofit organizations offering mortgage loans for charitable purposes to use certain alternative forms to satisfy disclosure requirements.
Who sponsors S 371?
S 371 is sponsored by Fischer, Deb (Republican).
What is the current status of S 371?
This bill has been enacted into law. Introduced February 07, 2019. Enacted.
Where can I track S 371?
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