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Bill > S1344
US S1344
US S1344A bill to clarify that nonprofit organizations such as Habitat for Humanity can accept donated mortgage appraisals, and for other purposes.
summary
Introduced
05/14/2015
05/14/2015
In Committee
05/14/2015
05/14/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
A bill to clarify that nonprofit organizations such as Habitat for Humanity can accept donated mortgage appraisals, and for other purposes.
AI Summary
This bill clarifies that nonprofit organizations, like Habitat for Humanity, can accept donated mortgage appraisals without violating the Truth in Lending Act, a federal law designed to protect consumers in credit transactions. Specifically, it amends Section 129E(i)(2) of the Act to state that if an appraiser voluntarily provides their services for free, they will not be considered a "fee appraiser" in relation to that donated appraisal. This change aims to remove potential legal barriers for organizations that rely on such donated services to help individuals obtain housing.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 05/14/2015)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/114th-congress/senate-bill/1344/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-114s1344is/pdf/BILLS-114s1344is.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-114s1344is/pdf/BILLS-114s1344is.pdf.pdf |
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