II
114th CONGRESS
1st Session
S. 1344
IN THE SENATE OF THE UNITED STATES
May 14, 2015
Mr. Portman 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 can accept donated mortgage appraisals, and for other purposes.
Exemption from Truth in Lending Act
Section 129E(i)(2) of the Truth in Lending Act is amended—
by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively;
by striking For purposes of
and inserting (A) In general.—For purposes of
; and
by adding at the end the following:
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.
.