S. 1344 (Introduced in Senate) — To clarify that nonprofit organizations such as Habitat for Humanity can accept donated mortgage appraisals, and for other purposes.

Section 1 Exemption from Truth in Lending Act

Section 129E(i)(2) of the Truth in Lending Act is amended—

(1)

by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively;

(2)

by striking “For purposes of” and inserting “(A) In general.—For purposes of”; and

(3)

by adding at the end the following:

“(B) Rule of construction related to appraisal donations—In the case of an appraisal for which the appraiser voluntarily does not receive a fee, the appraiser is not, and shall not be construed to be, with respect to the donated appraisal, a fee appraiser for purposes of this section.”

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

Section 1 Exemption from Truth in Lending Act

Cite this provision

Incoming references