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House Bill 2255
115th Congress(2017-2018)
HOME Act
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Passed House on Jan 29, 2018
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H. R. 2255 (Introduced-in-House)


115th CONGRESS
1st Session
H. R. 2255


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

IN THE HOUSE OF REPRESENTATIVES

April 28, 2017

Mr. Trott introduced the following bill; which was referred to the Committee on Financial Services

A BILL

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

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Housing Opportunities Made Easier Act” or the “HOME Act”.

SEC. 2. 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.”.