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S. 310: A bill to clarify that nonprofit organizations such as Habitat for Humanity may accept donated mortgage appraisals, and for other purposes.

The text of the bill below is as of Feb 6, 2017 (Introduced).


II

115th CONGRESS

1st Session

S. 310

IN THE SENATE OF THE UNITED STATES

February 6, 2017

(for himself and Mr. Bennet) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To clarify that nonprofit organizations such as Habitat for Humanity may accept donated mortgage appraisals, and for other purposes.

1.

Exemption from Truth in Lending Act

Section 129E(i) of the Truth in Lending Act (15 U.S.C. 1639e(i)) is amended by adding at the end the following:

(4)

Rule of construction related to appraisal donations

For purposes of paragraph (1), if a fee appraiser voluntarily donates appraisal services to an organization described in section 170(c)(2) of the Internal Revenue Code of 1986, such voluntary donation shall be deemed customary and reasonable.

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