,,ii  #aafth ,,congress  #ast ,session  
,s4 #cga  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #g1       
#bjai,mrs4 ,fischer 7for herself and    
,mr4 ,van ,hollen7 introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to provide regulatory relief to
 charitable organizations that provide  
housing assistance1 and for other       
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,building ,up       
,independent ,lives and ,dreams ,act or 
the ,,build ,act4  #b4 ,mortgage loan   
transaction disclosure requirements  7a7
 ,,tila ,amendment ,section #aje of the 
,truth in ,lending ,act 7#ae ,u4,s4,c4  
#afjd7 is amended by inserting after    
subsection 7d7 the following3  7e7      
,disclosure for charitable mortgage loan
 transactions ,with respect to a        
mortgage loan transaction involving a   
residential mortgage loan offered at #j 
percent interest primarily for          

charitable purposes by an organization  
described in section #eja7;c77#c7 of the
 ,internal ,revenue ,code of #aihf and  
exempt from taxation under section      
#eja7;a7 of such ,code1 forms ,,hud-#a  
and ,,gfe 7as defined under section     
#ajbd4b7;b7 of title #ab1 ,code of      
,federal ,regulations7 together with a  
disclosure substantially in the form of 
the ,loan ,model ,form ,h-#b 7as        
depicted in ,appendix ,h to part #ajbf  
of title #ab1 ,code of ,federal         
,regulations7 shall1 collectively1 be an
 appropriate model form for purposes of 
subsection 7b7 of this section4  4  7b7 
,,respa amendment ,section #d of the    
,real ,estate ,settlement ,procedures   
,act of #aigd 7#ab ,u4,s4,c4 #bfjc7 is  
amended by adding at the end the        
following3  7d7 ,disclosure for         
charitable mortgage loan transactions   
,with respect to a mortgage loan        
transaction involving a residential     
mortgage loan offered at #j percent     
interest primarily for charitable       

purposes1 an organization described in  
section #eja7;c77#c7 of the ,internal   
,revenue ,code of #aihf and exempt from 
taxation under section #eja7;a7 of such 
,code may use forms ,,hud-#a and ,,gfe  
7as defined under section #ajbd4b7;b7 of
 title #ab1 ,code of ,federal           
,regulations7 together with a disclosure
 substantially in the form of the ,loan 
,model ,form ,h-#b 7as depicted in      
,appendix ,h to part #ajbf of title #ab1
 ,code of ,federal ,regulations71       
collectively1 in lieu of the disclosure 
published under subsection 7a7 of this  
section4  4  7c7 ,regulations ,not later
 than #ahj days after the date of the   
enactment of this ,act1 the ,director of
 the ,bureau of ,consumer ,financial    
,protection shall issue such regulations
 as may be necessary to implement the   
amendments made by subsections 7a7 and  
7b74  7d7 ,effective date ,the          
amendments made by subsections 7a7 and  
7b7 shall take effect on the date of the
 enactment of this ,act4